In England and Northern Ireland the purchase of a second home is subject to an additional amount of Stamp Duty Land Tax (SDLT) equating to 3% of the purchase price. Where the second home is a replacement home, but there is a delay in selling the original home, a refund of the additional SDLT can […]
Early in July, the Chancellor of the Exchequer will make some announcements intended to promote a post-coronavirus recovery. The emergency measures introduced by the Government to help workers during the coronavirus crisis is said to be costing the treasury around GBP14 billion each month, and according to the Office of Budget Responsibility will increase public […]
HM Revenue & Customs (HMRC) updated its guidance on the Coronavirus Job Retention Scheme (CJRS) to include details on how the scheme will change from 1 July to include flexible working For June and July, the Government will pay 80% of wages up to a cap of £2,500 for the hours the employee is on […]
HM Revenue & Customs (HMRC) will no longer accept payment of inheritance tax (IHT) by cheque, and will not issue repayments by cheque any longer. The change in approach has been prompted by coronavirus but appears to be a permanent change. In order to receive a repayment, payee details must be sent to HMRC in […]
Whilst many property transactions may unexpectedly have been put on hold in recent weeks, UK resident individuals and trustees disposing of UK residential property need to be mindful of HMRC’s new reporting requirements. If any CGT is due on the disposal, it needs to be reported to HMRC and the CGT paid within 30 days […]
We have a great deal of experience in assisting clients in securing funding, and are currently working hard to help businesses to access the various Government schemes. Please click here to read our summary of help available to you.
The Government has announced that the expansion of the off-payroll working rules, known as IR35, will be delayed in the light of the COVID-19 pandemic. As reported previously, the rules are designed to ensure that an individual who works like an employee, but through their own limited company, pays Income Tax and NI contributions as […]
Anyone can opt to defer! VAT payments are deferred for 3 months, applicable from 20 March 2020 until 30 June 2020 – all UK businesses are eligible. This is an automatic offer with no applications required. Businesses will not need to make a VAT payment during this period. Taxpayers will be given until the end […]
Soon after announcing the new Coronavirus self-employed income support scheme, the Government has now set out further guidance for Employers on the Job Retention Scheme (or ‘Furlough’ scheme to take its familiar name!) The further guidance is helpful, in that it helps ensure compliance and gives a better practical understanding of how the grant funding […]
The Chancellor has this evening announced a new self-employed income support scheme. The Government will pay self-employed people a taxable grant of 80% of their average monthly trading profit over the last three years, capped at £2,500 a month. The scheme is open to people who make the majority of their income from self-employment, and […]
