Chancellor Rishi Sunak has announced further measures to support businesses covering three main areas: The new Job Support Scheme means that for six months from 1 November the Government will top up the wages of those workers on reduced hours. Employees must work at least 33% of their regular hours, for the remaining hours not […]
With the higher end UK residential property market beginning to fizz again, don’t forget Stamp Duty nuances! There are a range of statutory reliefs from Stamp Duty Land Tax (SDLT), which have long been misunderstood by house purchasers and their legal teams, meaning that SDLT is often overpaid. One such relief (Multiple Dwellings Relief – MDR) […]
The Covid-19 outbreak has had a huge impact on the economy, and in many cases has caused business owners to fall into a loss position. As a result, HMRC have now acknowledged that, in exceptional circumstances, claims for repayments of corporation tax for prior periods based on anticipated losses before the current accounting period has […]
The second and final round of grants under the self-employed income support scheme (SEISS) open this month, offering a smaller lump sum grant. From 17 August 2020, self-employed individuals who meet the scheme requirements will be able to access HMRC’s online service and claim up to £6,570 to cover three months’ of profits. The lump […]
Income tax self assessment second payments on account are usually due by the 31 July 2020. HM Revenue & Customs are, however, allowing taxpayers to defer making their second payment on account if they would find it difficult to pay by 31 July 2020 due to the impact of coronavirus. This is an automatic offer […]
HM Treasury’s Office of Tax Simplification (OTS) has been instructed to carry out a review of capital gains tax (CGT) to identify simplification opportunities, and “ensure the system is fit for purpose”. The Chancellor of the Exchequer’s scoping document suggests its ostensible purpose is to identify which aspects of CGT are particularly complex and hard […]
The Treasury has announced that it plans to expand the Making Tax Digital (MTD) reporting regime to all VAT-registered businesses from April 2022. At present, it only applies to those with a taxable turnover of £85,000 and above. From 2023, it will also extend to cover income tax reporting for all unincorporated businesses and landlords […]
Today the Chancellor delivered a summer statement in the Commons presenting a financial package to support young people, help the housing market and improve the country’s struggling hospitality sector. Key points included: A job retention bonus, whereby businesses will be paid £1,000 for every eligible furloughed employee they bring back to work. A kickstart job […]
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 […]
