Taxation

Reporting and payment of capital gains tax (CGT) on the sale or disposal of residential property were introduced by HMRC on 6 April 2020.  The CGT changes were previously reported in our blog earlier in the year. We have set out below the main points to note on 30-day reporting as a reminder. CGT reporting and… Read more

The government has recently announced Making Tax Digital legislation will extend MTD to low turnover businesses and eventually to the realm of income tax. Presently, only businesses with an annual turnover in excess of £85,000 must file returns using approved software and keep a digital record of transactions. However, from April 2022, all VAT registered… Read more

The Chancellor’s Summer Statement on 8 July was a bit of good news for some of the sectors that have been hardest hit by COVID-19.  Rishi Sunak announced that from 15 July 2020 until 12 January 2021 certain supplies of hospitality, accommodation and admission to attractions will be subject to VAT at 5% rather than… Read more

Are you struggling to keep track of all the different funding schemes and Covid reliefs?  We have pulled together a handy reference guide to remind you of key dates and deadlines over the next 8 months, to ensure that you don’t miss out on any of the available reliefs. View the full Coronavirus Financial Support… Read more

Relief for corporation tax losses your company has made in a year can provide it with a refund of corporation tax. The outbreak of Covid-19 has presented companies with a unique set of challenges. Chief among them is how to manage cash flow. Where your company has been adversely affected by the pandemic, it could… Read more

There has been a lot of speculation over recent weeks regarding the contents of Rishi Sunak’s summer budget. Many anticipated changes to VAT and stamp duty but there were some complete surprises. For property investors, the reduction to stamp duty creates some significant savings too. Here are the details of the announcements: VAT The VAT… Read more

The deferral of VAT payments due to Coronavirus will end on 30th June and businesses need to take action to reinstate their direct debit mandates.  The VAT payment deferral means that all UK VAT-registered businesses have the option to defer VAT payments due between 20 March and 30 June 2020 until 31 March 2021. However,… Read more

The scheme the Chancellor has announced is expected to cover around 95% of current self-employed business people, but there are a number of self-employed who will not be covered. Who can claim You can claim if you’re a self-employed individual or a member of a partnership and: you traded in the tax year 2018 to… Read more

If your employees are working from home due to the coronavirus lockdown, there are important tax compliance issues to consider before reimbursing expenses. Our tax team explains what to look out for: 1. Supply of one mobile phone and sim card per employeeThe supply of one mobile phone per employee is non-taxable.  There is no need… Read more

Businesses participating in Making Tax Digital for VAT have until 1 April 2021 to meet the requirement to have ‘digital links’ within their recordkeeping in light of the coronavirus pandemic. To ease the burden on businesses during the COVID-19 crisis, HMRC has confirmed that it is allowing more time for participants in MTD for VAT to… Read more