Coronavirus Job Retention Scheme – What are furloughed workers?
Under the Coronavirus Job Retention Scheme, all employers in the UK will be able to access support to continue paying part of employees’ salaries who would otherwise have been laid off during the ongoing health crisis. Furloughed workers are those whose employers cannot cover staff costs due to coronavirus, and as such they have been […]
MAJOR ECONOMIC MEASURES TO HELP BUSINESSES AND INDIVIDUALS TO DEAL WITH THE CORONA VIRUS CRISIS
Chancellor Rishi Sunak has announced some major economic measures to help businesses and individuals deal with the Corona Virus crisis. We have set out below the headlines of what was said including links to relevant articles, help sheets and support lines. Please note that some of the HMRC/Government portals have not yet been updated. We […]
Pensions for Olim: The impact of the new tax treaty between Israel and the United Kingdom
As part of the Israeli Ministry of Finance’s policy to sign new tax treaties with central governments of countries that are members of the OECD, a new treaty was signed last year between Israel and England in order to avoid double taxing. The original treaty was signed in 1962 and had not been amended since […]
HOW TO GET MORE FROM EIS (KNOWLEDGE INTENSIVE COMPANIES)
EIS offers investors in qualifying companies a range of generous tax benefits, including income tax relief, loss relief and exemption from capital gains tax. To encourage long-term investment, the shares must be held onto for a minimum length of time, typically three years, before the tax reliefs can be claimed. Normally, companies can raise up […]
New EU VAT rules for E-commerce Traders
If your business sells goods online to customers based in the EU, there are big changes to VAT which you need to be aware of. These changes will affect businesses that are located in- and outside an EU country. The coming changes focus on cross-border e-commerce B2C transactions, such as any online sales of clothes, […]
TAX RETURN DEADLINES FOR THE COMING YEAR
Figures from HM Revenue & Customs (HMRC) show that over 2M people have completed their tax returns online so far in January 2020, 17.4% of the current annual total with more than 3M customers still to file. The deadline for completing the tax returns online is 11.59pm on 31 January, and those who miss it […]
Tax relief on pension contributions
A pension scheme is essentially a type of savings plan to help you save money for later life. It also has a favorable tax treatment compared to other forms of savings. This blog will discuss how putting money into a pension is a tax-efficient form of saving. When you save into a pension, the government […]
USING ALPHABET SHARES IN A SME BUSINESS
Alphabet shares refer to shares issued by a limited company that have different rights attached to them as set out in the company’s articles of terms of issue. The shares are listed by a letter (‘A’, ‘B’ etc) and hence called alphabet shares. Businesses issue this type of share for various reasons. Typically, a limited […]
ARE YOU LOSING OUT ON A TAX REBATE? FILE YOUR TAX RETURN TO FIND OUT
Most people associate tax returns with watching money trickle out of their bank account. However, more often than not, submitting your Self Assessment could actually result in the process of a tax rebate.Often this is the case when if your circumstances have changed. Below are some of the instances in which you might be entitled […]
Are you ready for April 2020 UK tax changes?
Now that the certainty of Brexit has been determined, perhaps now is a good time to think about the tax changes coming into effect in April 2020. The Chancellor of the Exchequer is expected to deliver his post-election Brexit budget in the early part of 2020. Company taxes The corporation tax rate was due to […]