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Important Update On VAT Returns Submissions

Following the original implementation of Making Tax Digital in April 2019, initially for VAT-registered businesses over the VAT threshold, it has been fairly quiet especially after the postponement by a year of further implementations was announced in the summer. The next wave of businesses required to register and comply with MTD are the remainder of […]

Read more November 19th, 2020

The Off-Grid Day

Blocking out a whole day once a month can work wonders for your productivity. Time management courses, books and best practice all suggest carving out some time each day to focus on being productive and working towards your goals and personal business objectives. However this often conflicts with the emails, notifications, calls and reminders that […]

Read more November 19th, 2020

Diversity In Leadership

The business case for diversity is clear – diverse teams produce better solutions to complex problems. Diversity can boost innovation and employee engagement. Businesses with greater gender and racial diversity tend to be more successful and perform very well financially. However, progress within the business community has been slow and there is still a lack […]

Read more November 18th, 2020

Details Of The Extended CJRS

What you need to do for Coronavirus Job Retention Scheme (CJRS) claims – for periods from 1 November (from HMRC announcement on 10 November) The key facts are: The CJRS is being extended until 31 March 2021. The government will review the scheme in January 2021. 30 November 2020 is the last day employers can […]

Read more November 12th, 2020

Rent Covered By Rent A Room Relief

For many property owners, the rental income will be tax free if it is within the £7,500 rent a room relief and will not even need to be reported. This applies where room(s) in the taxpayer’s main residence are rented out, typically to lodgers. Where the house is owned jointly, they would qualify for £3,750 […]

Read more November 12th, 2020

AirBNB Reporting Property Rental Details To HMRC

You may have seen in the newspapers that Airbnb will share data with HMRC about the earnings of hosts (those who let out property) on its UK platform in the years 2017/18 and 2018/19. It is anticipated that HMRC will use this data to open enquiries into the tax affairs of individuals who have not […]

Read more November 12th, 2020

CGT Business Asset Disposal Relief Lifetime Limit Just £1 Million

In the March 2021 Budget, it was announced that CGT Entrepreneurs’ relief (ER) was replaced by CGT Business Asset Disposal relief (BADR) for disposals on or after 11 March 2020. It was also announced that the 10% CGT rate would only apply to the first £1 million of qualifying gains in the taxpayer’s lifetime and […]

Read more November 11th, 2020

More Time To Pay Tax Due On 31 January 2021

Those taxpayers who may have difficulty paying the tax due under self-assessment on 31 January 2021 can agree more time to pay with HMRC provided the amount outstanding is no more than £30,000. The government have already agreed that amounts due under self-assessment on 31 July 2020 could be deferred until 31 January 2021, but […]

Read more November 11th, 2020