SME Tax News

In John Walter Boulting & Others v HMRC [2020] EWHC 2207, a clearance for a purchase of own shares was declared void by HMRC. The company had valued the shares at "materially greater than market value" and not disclosed this. A claim for judicial review failed.

Important deadlines are approaching in relation to the government’s key COVID-19 support schemes.

HMRC consultation, ‘Tackling Construction Industry Scheme Abuse’ explores ways to tackle abuse of the CIS to prevent significant losses of tax. The feedback collected will be used by HMRC to inform draft legislation.

Hello,

This time’s tax highlights include updates to the government’s COVID-19 support packages, a reminder about PAYE Settlement Agreements (PSAs), and topical updates to many of our most popular guides.

Employers with a PAYE Settlement Agreement (PSA) in place should ensure their payment in respect of 2019/20 is made to HMRC by 22 October 2020 to avoid interest and late payment penalties.

COVID-19 Self-Employment Income Support Scheme (SEISS) Grant Extension was announced by the Chancellor on 24 September 2020 and further modified on 22 October 2020 and 3 November 2020.