Disputes over partnerships, goodwill, distributions and VAT were among some of this year’s key points of interest for SMEs, writes David Whiscombe (BKL).
One of the most significant changes for (some) SMEs came late in the year with the proposal to remove the ‘cash basis’ turnover limit and eliminate some petty restrictions thus both greatly extending the range of businesses eligible to use it and making it more attractive to do so. Announced as part of the Autumn Statement (but partly foreshadowed in the Spring Budget) the change is said in part to be a response to ‘the behaviour of many businesses that currently use the cash basis without officially electing to do so’ – an uncharacteristically coy euphemism! It’s an interesting approach to compliance: if enough people get it wrong we’ll change the rules to make wrong right. Wonder what other areas of law could benefit...
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Disputes over partnerships, goodwill, distributions and VAT were among some of this year’s key points of interest for SMEs, writes David Whiscombe (BKL).
One of the most significant changes for (some) SMEs came late in the year with the proposal to remove the ‘cash basis’ turnover limit and eliminate some petty restrictions thus both greatly extending the range of businesses eligible to use it and making it more attractive to do so. Announced as part of the Autumn Statement (but partly foreshadowed in the Spring Budget) the change is said in part to be a response to ‘the behaviour of many businesses that currently use the cash basis without officially electing to do so’ – an uncharacteristically coy euphemism! It’s an interesting approach to compliance: if enough people get it wrong we’ll change the rules to make wrong right. Wonder what other areas of law could benefit...
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