News
Furlough Scheme changes September 202017/09/2020 - More...
As our readers will no doubt be aware, the Coronavirus Job Retention Scheme (CJRS) is closing on 31 October 2020. The scheme moved to a more flexible working arrangement from 1 July 2020 to allow employees to resume part-time working and to begin to ease employers away from their reliance on the scheme. These changes continued with
Companies with a 31 December year end
17/09/2020 - More...
For companies with taxable profits of up to £1.5 million the payment of any Corporation Tax is due 9 months and 1 day after the end of your accounting period. The accounting period is usually the financial year of your business but can be different especially in the first year of business. This deadline means that companies with the
Working from home tax claim
17/09/2020 - More...
If you do not receive compensation from your employer you can still claim tax relief for some expenses that result from home working. HMRC will usually allow you to claim tax relief if you use your own money for things that you must buy for your job and you only use these items for work. You must make a claim within 4 years of the end of
Video-witnessed wills
17/09/2020 - More...
The Ministry of Justice (MoJ) has confirmed that video witnessed wills in England and Wales will be made legal during the coronavirus pandemic. The change in law to introduce this measure is due to come into force later this month - the reforms will be backdated to 31 January 2020 - the date of the first confirmed coronavirus case in the
VAT on compensation payments
17/09/2020 - More...
HMRC has published a new Revenue and Customs Brief on the VAT treatment of early termination fees and similar compensation payments following recent judgments of the Court of Justice of the European Union (CJEU). HMRC has said that this will impact anyone who charges their customers to withdraw from agreements to supply goods or
Relief for self-employed trading losses
17/09/2020 - More...
There are a number of tax reliefs available for self-employed taxpayers that make a loss carrying on their trade, profession or vocation (collectively referred to as a ‘trade’) and for their share of trading loss for any partnerships they are involved with. For the 2020-21 tax year, trade losses can be relieved in a number of ways. This
Carry Corporation Tax losses back
17/09/2020 - More...
Corporation Tax relief may be available where your company or organisation makes a trading loss. The loss may be used to claim relief from Corporation Tax by offsetting the loss against other gains or profits of the business in the same accounting period. Where the amount of a trading loss exceeds the profits of the same accounting
The private pensions’ annual allowance
17/09/2020 - More...
The annual allowance for tax relief on pensions has been fixed at £40,000 since 6 April 2014. The annual allowance is further reduced for high earners. Since 6 April 2020, the tapered annual allowance increased from £150,000 to £240,000. This means that anyone with income below £240,000 is no longer affected by the tapered annual
Free domestic abuse advice line for employers
17/09/2020 - More...
A new advice line for employers who are supporting employees experiencing or at risk of domestic abuse has been launched by domestic abuse charity Hestia. The Everyone’s Business Advice Line, which is being funded by the Home Office, will be a point of contact for employers, advising them on how to approach disclosures of domestic abuse
Coronavirus testing guidance for employers
17/09/2020 - More...
The government has published detailed new guidance for employers on the regulations and legal obligations relating to running internal workplace coronavirus (COVID-19) testing programmes, i.e. those which are outside of the NHS Test and Trace service. The guidance covers: legislation, regulations and best practice surrounding the
Green Homes Grants
15/09/2020 - More...
A reminder that home owners and landlords can now access funding to help pay for the cost of energy saving improvements. In a recent press release the Department for Business, Energy & Industrial Strategy said: Homeowners and landlords can, since Friday 28 August, see for themselves how the government’s new Green Homes Grant scheme
Cars – it’s all online
14/09/2020 - More...
If you have access to the internet there are a bewildering number of online resources that you can access to help you manage recurring tasks. This week we have listed a number of these with links to the relevant website pages. Book a theory test - https://www.gov.uk/book-theory-test Get vehicle information from DVLA -
New grants for businesses affected by local lockdowns
10/09/2020 - More...
New grant support was announced 9 September that offers businesses in areas subject to a local lockdown a measure of financial support. In a news story posted to the GOV.UK website HM Treasury said: Businesses in England required to close due to local lockdowns or targeted restrictions will now be able to receive grants worth up to
English plastic bag charge to double
09/09/2020 - More...
The single-use carrier bag charge came into effect in England on 5 October 2015. This introduced a minimum charge of 5p on single-use carrier bags supplied by large shops (with over 250 employees) in England. Since then single-use carrier bags are no longer given away free when buying goods from large shops. Shoppers who bring their own
Kickstart program opens in Wales
09/09/2020 - More...
Under the new £2 billion Kickstart scheme, employers will be able to offer young people on Universal Credit and at risk of long-term unemployment, state-subsidised work placements for six months. The Kickstart scheme is available to qualifying 16 - 24 year olds in England, Scotland and Wales. Commenting on the launch of the scheme in
Companies House has new bank account
09/09/2020 - More...
Companies House has announced that they have new bank details effective from 1 September 2020. This is due to a Companies House change in status from a trading fund to a central government organisation. This has necessitated the introduction of a different type of bank account which come under the Government Banking scheme. Any letters
Fast-tracking passport applications
09/09/2020 - More...
Due to coronavirus disruption, it is currently taking up to six weeks to renew or replace a passport online. It can take even longer if you apply by post or if applying for a first adult passport. Passport offices and the premium and fast track services are currently closed. However, you may be able to get a passport urgently to travel
Time to Pay
09/09/2020 - More...
Back in March 2020, as the coronavirus pandemic was just starting the government announced new emergency measures to help those businesses and self-employed people affected by COVID-19 through the Time To Pay service. A dedicated COVID-19 helpline opened on 11 March 2020 and remains available via webchat and phone. HMRC has made up to
Taxation of grants
09/09/2020 - More...
A wide variety of grants or subsidies are available to businesses and can be received in addition to the ordinary business income. It is important to identify these and to establish whether they are capital or revenue in nature so that they are dealt with correctly for tax purposes. Amounts received towards revenue expenditure, such as
Nominating a principal private residence
09/09/2020 - More...
There is usually no Capital Gains Tax (CGT) due on a property which has been used solely as the main family residence. Conversely, an investment property which has never been used as a private residence will not qualify for relief. This relief from CGT is commonly known as private residence relief. There are a number of issues taxpayers
