Catherine Hill (Macfarlanes) sets out a series of recommendations for businesses to mitigate adverse tax consequences following lockdown.
Many businesses have had no choice but to reduce operations or cease them entirely at various points during the coronavirus pandemic. In particular the latest lockdown has once again resulted in a pause in trading or a change in approach to trading for many.
This can have significant tax consequences and so businesses should be taking steps to mitigate these. The following questions can help determine what issues they should be thinking about and what can be done about them.
Has a trade ceased?
A pause in trading can be viewed as just that: a momentary break before normal activity resumes. It can also however be seen as the cessation of a trade followed by the later creation of a new trade. This can...
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Catherine Hill (Macfarlanes) sets out a series of recommendations for businesses to mitigate adverse tax consequences following lockdown.
Many businesses have had no choice but to reduce operations or cease them entirely at various points during the coronavirus pandemic. In particular the latest lockdown has once again resulted in a pause in trading or a change in approach to trading for many.
This can have significant tax consequences and so businesses should be taking steps to mitigate these. The following questions can help determine what issues they should be thinking about and what can be done about them.
Has a trade ceased?
A pause in trading can be viewed as just that: a momentary break before normal activity resumes. It can also however be seen as the cessation of a trade followed by the later creation of a new trade. This can...
If you or your firm subscribes to Taxjournal.com, please click the login box below:
If you do not subscribe but are a registered user, please enter your details in the following boxes:
