SME Tax News

The COVID-19 pandemic may have transformed our attitudes to work and commuting. The lockdowns of 2020 highlighted the impact we can have on the environment. As business re-starts, we can evaluate a new normal. What can you do and, what tax incentives are currently on offer, to assist you in running a more climate-friendly business?

HMRC have acknowledged that Notices to File Self Assessment returns for 2020-21 have incorrectly been issued to some Non-Resident Corporate Landlords (NRCL). The issue came to light after a number of advisers complained to the Chartered Institute of Taxation (CIOT).

The Public Accounts Committee (PAC) has published a report criticising HM Treasury (HMT) and HM Revenue & Customs (HMRC) on their lack of a clear plan as to how tax revenues will help the government achieve its environmental objective of having net zero emissions by 2050.

In Boston Khan v HMRC [2021] EWCA Civ 624, the Court of Appeal agreed that a company purchase of its own shares was not part of a wider arrangement whereby the taxpayer acquired a controlling interest in the company. The conditions for capital treatment were not met and the repurchase was a distribution.

HM Treasury has published 'Residential Property Developer Tax (RPDT): Consultation on policy design', a new tax that forms part of its Building Safety Package ahead of its inclusion in the 2021-22 Finance Bill. This measure targets only the largest developers.


We have been gripped by accounting and IT stories in the news this week.


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