Temporary stamp duty land tax changes
The Chancellor, Rishi Sunak, has announced that for those who complete the purchase of a house or flat between 8 July 2020 and 31 March 2021, the first £500,000 of your acquisition price is exempt from stamp duty land tax. This applies whether or not the property is your first property. This has therefore opened […]
New Job Support Scheme in place from November 2020
The Chancellor of the Exchequer has announced a new economic package to support jobs including a new Job Support Scheme which will apply from November. The Job Support Scheme is designed to protect viable jobs in businesses who are facing lower demand over the winter months due to Covid-19, to help keep their employees attached […]
30 days to report capital gain claims
This blog will discuss changes recently implemented by HMRC regarding Capital Gains Tax reporting requirements. As of 6 April 2020, a UK resident who disposed of a residential property in the UK making a gain which is liable to CGT only has 30 calendar days from the date of completion to tell HMRC and pay […]
Non-resident company landlords – the changes from 6 April 2020
From 6 April 2020 non-UK companies owning UK property became subject to UK corporation tax (CT) rather than income tax regime. This has several technical and tax consequences for Non Resident Landlords (NRL) which I will address in today’s blog. Practical changes in filing requirements One big practical change is that unlike income tax, CT […]
Covid Mini-Budget 2020
As expected, the Chancellor announced several measures to try and jump start the economy in his Summer Statement last Wednesday (8 July 2020). Here we summarise the key points. As always, the devil will be in the detail and this is expected to emerge over the next few days. The initiatives put in place are […]
July 2020 tax payments – do you need to pay them?
On 31 July each year, many individual and trustee taxpayers are used to making an income tax payment on account. Early in the COVID-19 pandemic, Rishi Sunak announced that these payments would not be payable in July 2020, instead being deferred and added to the 31 January 2021 payment. HMRC have been issuing statements recently […]
Companies house Extend Filing Dates
Companies House has announced that it will now automatically extend the deadlines for certain key statutory filing events, such as the filing of company accounts. This is a temporary measure on account of the Coronavirus outbreak. A three-month filing extension was announced from 25 March 2020 which had to be claimed in advance. This has […]
Working On Your Holiday – Allowed For Tax?
Now that lock-down has eased and countries are slowly reopening the borders we all need and deserve a holiday. Nevertheless, you might still choose to use this opportunity to meet a client or join a conference during your vacation. The basic rule for an expense to be tax allowable it needed to be incurred wholly […]
Can I claim VAT on my entertainment related expenses?
There are many questions that we receive from VAT registered clients regarding the types of expenses that can be included in their VAT returns. A frequently asked question concerns entertainment expenses and whether these are reclaimable from a VAT perspective. This blog will highlight the factors which need to be considered when determining what kind […]
Government’s Self-Employment Support Scheme extended
Some good news for the self-employed – Chancellor Rishi Sunak has announced at the Government’s daily briefing on Friday 29 May that the Self-Employment Income Support Scheme will be extended and will pay out another single grant covering three months. He also said this will be the final grant from the self-employment scheme. Those eligible […]