SME Tax News

Happy New Year.

We start the new decade with lots of exciting news and developments.

The Fifth EU Anti-Money Laundering Directive (5MLD) imposes new duties on accountants to not only check beneficial ownership of client companies and trusts for both direct and indirect tax advice but also to report any discrepancies found at Companies House.

Missed our SME Tax Web-updates in December? Here is a summary of the month.

In HMRC v Duncan Hansard [2019] UKUT 0391, the Upper Tribunal (UT) dismissed a late filing and late payment penalty appeal by HMRC in respect of re-calculated penalties that had been assessed but had not been properly notified.

The Treasury has announced a review of the 'Off-payroll working rules to determine what can be further done to ease implementation in April 2020.

The Chancellor of the Exchequer, Sajid David, has set Wednesday 11 March 2020 as the date for the first budget of the new parliament. He told the BBC that there will be an 'infrastructure revolution'. We might speculate that this means extra government spending in certain areas and more details as to the fate of High Speed 2 (HS2). In terms of direct tax, this may indicate more increases in capital allowances and possible changes to enterprise zones.