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The UK subsidiary audit exemption for EEA Parents

Are you impacted by the recent Brexit changes to the parent company guarantee audit exemption?

For period’s commencing on or after 1 January 2021, UK subsidiaries of a parent company registered in the European Economic Area (‘EEA’), will no longer be able to take advantage of the parent company guarantee to exempt the UK subsidiary from an audit.

Side hustle. Tax?

Perhaps you had space to branch out during lockdown: perhaps you need to advise a family member. What’s the position with tax?

Trading loss. Cash flow gain?

Temporary change to the rules on carrying back trade losses was announced in Budget 2021. Unlocking such tax relief could be a considerable cash flow plus for businesses hit by the pandemic.