Weekly tax brief | 18 March 2020

Things will get hard, but support is available
George Bull, Graham Busby, Sarah Halsted                                                             
We review support which is currently available and suggest practical steps which businesses can take now.

Making the best of a bad situation – tax relief on capital losses
Andrew Robins
Stock market losses are not tax losses until you sell. What are your options to offset losses if you need to dispose of assets?

Maximise your end-of-year tax allowances
Elaine Shiels and Rachael Brown
It will not be at the forefront of minds but, as the 2019/20 tax year draws to a close, it’s worth thinking about whether you’ve made the most of your personal tax allowances for the year. We provide a handy reminder of the most common allowances. 

Bye-bye booze cruise?
Sarah Halsted
HMRC considers reinstating ‘duty-free’ limits for travellers carrying alcohol, tobacco and other goods between the UK and the EU. 

There is case law to stop outright profiteering from toilet rolls
Sheena McGuinness 
There will always be those who try to turn a profit in times of panic and crisis, but a 1929 tax case concerning one million toilet rolls means any upselling should be taxable as trading income and not capital gain.