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 […]
The Chancellor has announced plans to end the Furlough scheme on 31 October 2020, with Government contribution levels gradually reducing from 1 August. From 1 July 2020, businesses will be given the flexibility to bring furloughed employees back part time – this is a month earlier than previously announced. Employers will be able to decide […]
To date we have not been advised of any Covid-19 related extension covering the reporting of Employment Related Securities, however, we will advise if this situation changes. Therefore, where an employee or Director has received shares or share options in their employing company in the tax year to 5 April 2020, these will, in most […]
67,000 claims were made within 30 minutes of its opening. By the end of the day, 140,000 companies had applied for the scheme. The online system should be able to process 450,000 each hour, with approved claims being distributed by BACS within six working days. Jim Harra, Head of HMRC has indicated that employers who […]
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.
Small businesses may be wondering if the trading impact of the Coronavirus means now would be a good time to deregister from VAT. A business can deregister if it expects taxable sales in the next 12 months to be less than £83,000. However, HMRC will not allow you to cancel your registration if the reduction […]
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 […]
