SME Tax News

HMRC have published a policy paper, 'Changes to the treatment of termination payments and post-employment notice pay for Income Tax'. This proposes to amend the rules for the calculation of Post-Employment Notice Pay on termination of employment from 6 April 2021.

Finance Bill 2020 received Royal Assent on 22 July 2020 and became Finance Act 2020, a day after the government issued the next draft Finance Bill for 2020-21. 

In Payne & Ors v HMRC [2020] EWCA Civ 889, the Court of Appeal found that the VW Kombis and Vauxhall Vivaro were cars and not vans for the purpose of assessing employee car benefits.

HMRC have issued a policy paper ‘Amendments to HMRC's civil information powers’ together with responses to their 2018 consultation ‘Amending HMRC’s Civil Information Powers’ and draft legislation which proposes introducing a new Financial Institution Notice (FIN).

The government has published a policy paper, ‘Income tax changes to the van benefit charge from 6 April 2021’. It proposes to reduce the Van Benefit Charge (VBC) to nil for zero-emission company vans which are provided to employees and available for their private use.

The government has published a policy paper, 'New tax checks on licence renewal applications', proposed for inclusion in Finance Act 2021. The new measure will require individuals and businesses applying to renew licences to drive taxis and private hire vehicles (PHV), operate a PHV business or deal in scrap metal in England and Wales to confirm their tax history with HMRC before their renewal application can be processed.