SME Tax News

Hello,

There are widespread rumours that the chancellor is planning tax rises. I would guess that everything is very much at the planning stage and any increase could yet affect all the main taxes. Conversely, some commentators suggest that a tax increase is possibly the worst thing one can do to stimulate the economy.

In Stirling Jewellers (Dudley) Limited v HMRC [2020] UKUT 0245, the Upper Tribunal found that changes to a company's trade and the appointment of a qualified accountant meant that the 'presumption of continuity' could not apply to record-keeping and business margins for earlier years. The case has been remitted back the First Tier Tribunal.

The government’s ‘Kickstart’ job creation scheme aims to help young unemployed people. It is now open for applications. 

In Guy Holland Bosworth v HMRC [2020] TC7811, the First Tier Tribunal (FTT) refused a claim of Entrepreneurs' Relief where the B shares sold did not meet the personal company conditions. The company articles clearly stated that the shares did not have voting rights.

HMRC's latest Trusts and Estates newsletter contains some useful information. Here is our enhanced version.

Hello

This week we have a mixed bag with a new guide for brewers, microbrewers and gin makers, updates to several of our capital allowance guides, some interesting cases and latest Coronavirus tax news.