Taxation

Income Tax As part of the government’s support package for Covid-19 pandemic, Self Assessment payments on account that were due 31 July 2020 could be deferred to January 2021. In the Winter Economy Plan it was announced that taxpayers with up to £30,000 of Self-Assessment liabilities due on 31 January 2021 could make payment in… Read more

The Brexit transition period comes to an end on 31 December this year. After this date, the UK will no longer be in the EU Single Market or Customs Union and free movement will stop. This will have a profound impact on many businesses, especially those that trade with European customers or suppliers. There is… Read more

Leading York-based chartered accountancy and business advisory firm, Hunter Gee Holroyd, HGH Wealth Management Limited and Mole Valley Asset Management (MVAM), have joined forces to provide a community-focused investment and business advice package to local businesses and individuals. MVAM, a relationship-based investment company who offer innovative and bespoke investment services to private clients, SMEs and… Read more

On Thursday 24 September the Chancellor delivered his “Winter Economy Plan”, in lieu of the Autumn Budget which has been cancelled. This is not surprising, given that it is difficult for anyone, individuals, businesses, or countries to budget at the moment. His plan was very much business focused, and the main announcements are detailed below: Job… Read more

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

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