Victoria Price and Tom Evennett explain the importance of trading to the tax rules.
The gradual easing of lockdown restrictions has meant that businesses are now adapting to a world beyond the COVID-19 pandemic. Some will have seen significant changes to the way in which they interact with customers, the amount of staff they employ and even the products that they sell. Coupled with restrictions on activities that could be undertaken during lockdown, what do these changes mean for a business’s trade for tax purposes? Why might it matter?
As part of its COVID-19 communications, HMRC has published guidance (at BIM48000) that looks at a number of scenarios and sets out how HMRC would apply legislation and case law to them. There is no suggestion of new law or concessions and instead the guidance simply sets out HMRC’s view of existing principles.
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