In HFFX LLP & Ors v HMRC [2021] TC8023, the First Tier Tribunal found that a LLP scheme to reallocate profits via a corporate vehicle using allocations of special capital failed to work and those allocations were chargeable to Income Tax on individual partners.
SME Tax News
In the 2021 Budget, the Chancellor announced that the rate of Corporation Tax would change with effect from 1 April 2023. This was legislated in Finance Act 2021.
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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.
The Budget 2021: at a glance. A summary of key budget announcements together with items published without announcement.
At Budget 2021 the Chancellor announced additional measures to relieve trading losses for sole traders and partnerships.
Budget 2021 introduced a new Super-deduction of 130% and a 50% first-year allowance for plant and machinery expenditure incurred by companies between 1 April 2021 and 31 March 2023.
Penalties and interest: key measures included in Budget 2021.
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.
Key measures affecting employers that are included in Budget 2021 are as follows: