Despite the coronavirus, the effect on SMEs of tax changes in 2020 has in many cases been barely noticeable, writes David Whiscombe (BKL).
Compared with coronavirus the effect on SMEs of tax changes in 2020 has in many cases been barely noticeable. But changes there have been; and further changes there certainly will be in future.
The year started well. In December 2019 the government had announced its package of changes to the controversial ‘loan charge’ following the Morse review. Key revisions included the removal of the charge in relation to loans made before 9 December 2010 and to loans made before 6 April 2016 where HMRC had not launched a timeous enquiry despite ‘reasonable disclosure’ having been made. The position continues to develop: as recently as 19 November HMRC confirmed that it would until the end of the year accept late elections to spread the charge over the...
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Despite the coronavirus, the effect on SMEs of tax changes in 2020 has in many cases been barely noticeable, writes David Whiscombe (BKL).
Compared with coronavirus the effect on SMEs of tax changes in 2020 has in many cases been barely noticeable. But changes there have been; and further changes there certainly will be in future.
The year started well. In December 2019 the government had announced its package of changes to the controversial ‘loan charge’ following the Morse review. Key revisions included the removal of the charge in relation to loans made before 9 December 2010 and to loans made before 6 April 2016 where HMRC had not launched a timeous enquiry despite ‘reasonable disclosure’ having been made. The position continues to develop: as recently as 19 November HMRC confirmed that it would until the end of the year accept late elections to spread the charge over the...
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