Taxation

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

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

The Chancellor Rishi Sunak presented his first Budget on Wednesday 11 March 2020. In his speech he stated ‘we are at the beginning of a new era in this country. We have the freedom and the resources to decide our own future’. It is a Budget of a government that gets things done’. Our summary… Read more

The Government is extending £1m annual investment allowance cap for a further year, in a bid to stimulate investment. The Annual Investment Allowance (AIA) offers 100% tax relief to businesses that need to purchase business equipment. It allows your business to deduct the total amount spent on qualifying equipment from your taxable profits. On 1… Read more

It’s a pretty basic question; “What can I claim, for working from home?” The answer is straightforward only when you recognise the variations in practice. The self employed have different rules compared to employees, so here we explain what tax relief each can claim. For help and advice, get in touch with our tax team… Read more