SME Tax News

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The Chancellor gave his Spending Review this week. The UK's borrowing is heading towards 100% of Gross Domestic Product (GDP). It sounds as if taxes may well be going up. Although not for a year or two.

In Kamran Qurban v HMRC [2020] TC07935, appeals against late filing penalties for five tax returns were partly successful. Of the three different accountants engaged by the taxpayer over the five year period, only the death of one was found to be reasonable excuse.

The Chancellor, Rishi Sunak has made his Autumn 2020 spending review today. The UK's spending on the Coronavirus has reached £280bn to date.

HMRC have published new advisory fuel rates for company car drivers which apply from 1 December 2020. Most remain unchanged from the rates applicable for the previous three months.

HMRC have updated their guidance regarding the joint election required for Capital Gains Tax (CGT) Holdover Relief in light of the current Covid-19 restrictions.

In University of Southampton Students’ Union (USSU) v HMRC [2020] TC07896, the First Tier Tribunal (FTT) held that the USSU’s sales of hot food and coffee did not fall within the exemption for the provision of education and VAT was payable.