SME Tax News

Chancellor of the Exchequer, Rishi Sunak, made his Summer economic update on Wednesday 8 July 2020. We outline his new measures designed to assist in reviving jobs and the economy following the outbreak of the Coronavirus. With predictions that the world will suffer its worst-ever economic recession, the Chancellor anticipates that the UK's economy has shrunk by 25%. 

The Financial Reporting Council (FRC) has published ‘Objectives, outcomes and regulation’, outlining its plans to separate the UK’s Big Four accounting firms' audit operations by 2024. 

The UK government has launched a £200m Sustainable Innovation Fund in an effort to support new projects focusing on sustainable economic recovery from COVID-19. Round one funding is already open.

HM Treasury has published the result of its 2019 review of the Women in Finance Charter. It analyses data received from 187 firms and reviews their progress against their Charter commitments.


There are definitely signs that some elements of life are returning to normal although I do keep thinking of the scene in the film 'Joker' where Arthur says to his social worker "Is it me or is it getting crazier out there?" Everyday brings some new unexpected news. We have picked out the SME highlights for this week and we have updated some of our guides for those businesses that are now allowed to reopen and we feature a series of guides for those who are keen to invest in a new future.

In Anthony Ashbolt and Simon Arundell v HMRC & anor [2020] BTC 17, an application for judicial review over a decision that allowed HMRC to issue search and seizure warrants in respect of financial advisers who used a disguised remuneration scheme was denied. HMRC had good reason to issue the warrants due to the risk that that relevant evidence might be destroyed, concealed, fabricated, or that collusion might take place between the suspects and/or the scheme promoters.