HMRC have published their Employer Bulletin for April 2021. We summarise the key content for you, with links to our detailed guidance on the topics covered.
SME Tax News
In Daarasp LLP & Betex LLP v HMRC [2021] UKUT 0087, the Upper Tribunal (UT) dismissed a claim for losses resulting from capital allowances. The conclusions in the closure notices issued by HMRC were not inconsistent with the losses being reduced to nil.
HMRC have updated their Self-Employment Income Support Scheme (SEISS) guidance to reflect the fourth grant which will become available later this month.
The SME Brexit Support Fund is now open. It offers up to £2,000 to help with training or professional advice to meet customs, excise, import VAT or safety and security declaration requirements following Brexit.
Guidance for Senior Accounting Officers (SAOs) has been updated by HMRC following the First Tier Tribunal's (FTT's) dismisal of an appeal in the Castlelaw case. The guidance has been relaxed in relation to reporting obligations for dormant companies and penalties for late certificate filing.
HM Treasury has issued a new call for evidence about the Enterprise Management Incentive (EMI) scheme.
Happy New Tax Year!
The start of the new tax year often provides the impetus for new business start-ups. This year, it may be more a case of re-starting if you have been forced into COVID-19-induced hibernation. If you are re-starting or just planning, the government has just published details of its new range of restart grants and recovery loan funding.
US President Joe Biden's new tax administration has shown its hand on the future of the taxation of multinational companies: a minimum international corporate tax rate in exchange for a national sales tax.
The government intends to have large businesses notify HMRC when uncertain tax treatments have been adopted within a tax return. The consultation is now closed and a summary of the responses has been published.
In HMRC v Comtek Network Systems (UK) Ltd [2021] UT 008, the Upper Tribunal (UT) allowed HMRC’s appeal against the First Tier Tribunal (FTT) decision allowing an appeal against Follower Notice (FN) penalties.