SME Tax News

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This week we have Budget 2021 coverage. The freeview guides provide all the essential information, with more detailed guidance for subscribers. As usual we will be drilling down into more detail and bringing out some CPD in the coming weeks.

Under measures included in Finance Bill 2021, the renewal of certain licences, to drive taxis and private hire vehicles or deal in scrap metal, will be conditional on applicants confirmation that they are appropriately registered for tax.

Land and Property measures including Stamp Duty Land Tax (SDLT),  Annual Tax on Enveloped Dwellings (ATED) and Business Rates included in Budget 2021 are as follows:

GreaIn Roger Preston Group Limited v HMRC [2021] TC08025, the First Tier Tribunal (FTT) upheld the appellant's appeal to have the amortisation of its intangible asset allowed for corporation tax purposes.

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This week we bring some good news if you were unable to settle your 31 January Self Assessment liability by 28 February. There'll be no 5% late-payment penalty as long as you pay by 1 April 2021. We have another warning on more phishing emails, new VtaxP toolkits, updates for landlords (including non-resident landlord companies), and a review of what's been happening in the courts.

HMRC have published ‘Self-Employment Income Support Scheme statistics: February 2021’. It shows that 2.2 million (65%) of the potentially eligible self-employed population had claimed on the Scheme.

 

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