COVID-19 has caused economic chaos and as we look to 2021, the closure of many businesses and subsequent redundancies loom. One such case was discussed in the London and Croydon Tax Discussion Group and the tax implications are detailed in this article.
Tax and financial reporting
News from the London Accountant magazine, the official publication of the London and Croydon Societies of Chartered Accountants.
Tony Jenkins, member of the LSCA Taxation Committee, brings some recent high profile and interesting tax cases to the attention of London’s chartered accountants.
The issue of how to process the Tax Return of a Limited Company which had invested in a portfolio of securities formed the basis of an in-depth discussion for a local group of accountants, Andrew McKenzie-Smart reports.
David Hadley, member of the LSCA Taxation Committee, looks at how recent legislation will affect stamp duty on transfers between connected companies.
The question of how a client could receive royalties in a tax efficient way formed the basis of the discussion at this London tax forum, Andrew McKenzie reports.
The phrases ‘tax efficient’ and ‘cars’ do not normally sit comfortably together but this is changing due to new developments regarding ultra-low emission (ULE) cars, explains LSCA Taxation Committee member Pat Nown.
The issue of how to bring on board a new director with an existing company formed the basis of an in-depth discussion on how shareholders would change, CGT implications and whether the old company should be wound up, Andrew McKenzie-Smart reports.
Although the Budget has been overtaken by subsequent events, it is worth remembering the speech contained important announcements for both business and individuals. LSCA Taxation Committee chair Gay Jordan reports from the society’s post-Budget breakfast.
Victoria Walmsley, Managing Director at Morgan McKinley, weighs up the impact of a flexible workforce can have in financial services and how future changes in IR35 will cause unintended consequences despite the year’s delay in implementation caused by the Covid-19 crisis.
For the very latest pandemic news, including updates for businesses and workers, ICAEW’s coronavirus hub provides an invaluable source of information.