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August CJRS Update

As the Coronavirus Job Retention Scheme (CJRS) continues to wind down, from 1 September you will need to do the following: From 1 September CJRS will pay 70% of usual wages up to a cap of £2,187.50 per month for the hours furloughed employees do not work. You will still need to pay your furloughed […]

Read more August 24th, 2020

Rumours Of CGT Increases

There has been a lot of speculation in the Press that the Chancellor may introduce radical changes to capital gains tax to start to repay the substantial Government borrowings to support businesses and employees affected by the Coronavirus pandemic. It has been suggested that the current £12,300 CGT annual exemption will be reduced and the […]

Read more August 10th, 2020

High Income Child Benefit Charges Not Valid

A recent tax tribunal has ruled against HMRC who were seeking to raise tax assessments for the High Income Child Benefit Charge (HICBC) for earlier years that had not been reported to HMRC. HICBC is a special tax charge that applies where one member of a couple in receipt of child benefit receives income in […]

Read more August 10th, 2020

Reporting Property Gains Within 30 Days

Since 6 April 2020 where UK residential property is disposed of, the resulting capital gain needs to be reported and the capital gains tax (CGT) paid within 30 days of completion of the disposal. There have been a number of teething problems with the new online reporting system. HMRC stated that there would be no […]

Read more August 6th, 2020

Second Home Buyers And Buy-To-Let Landlords Welcome SDLT Cut

Although the temporary increase in the Stamp Duty Land Tax (SDLT) threshold to £500,000 was aimed at those buying their main residence, it also benefits those buying a second or subsequent property where there is a 3% supplementary charge. Thus, the rate of SDLT on a second home costing up to £500,000 is now 3%. […]

Read more August 6th, 2020

More Details On Hospitality VAT Reduction

When the Chancellor announced a temporary cut in the rate of VAT for the hospitality sector and attractions in his Summer Statement on 8 July there were a number of areas that needed clarification. The reduction applies to supplies made between 15 July 2020 and 12 January 2021. HMRC have now set out more details […]

Read more August 4th, 2020

If You Have Claimed The Wrong Amount From CJRS

The government reminds employers that the 31 July is the last day that they can submit Coronavirus Job Retention Scheme (CJRS) claims for periods ending on or before 30 June. Employers can now submit claims for periods starting on or after 1 July. See: https://www.gov.uk/guidance/claim-for-wage-costs-through-the-coronavirus-job-retention-scheme If you have claimed too much or not enough from […]

Read more July 30th, 2020

New Plans Ensure Internal UK Trade

The UK government has laid out plans to deliver on its manifesto commitment to ensure businesses across the whole of the United Kingdom will continue to enjoy seamless internal trade, as they have done for centuries, when we leave the Brexit transition period at the end of the year. From 1 January 2021, powers in at least 70 policy areas previously […]

Read more July 20th, 2020

CJRS – Individuals You Can Claim For Who Are Not Employees

The Government has issued further updates to the Coronavirus Job Retention Scheme (CJRS) regarding individuals you can claim for who are not employees. From 1st July “Flexible Furlough” was introduced and the calculations and time recording of full-time, part-time and fully furloughed employees has become more complicated. Changes are occurring regularly as the Government and […]

Read more July 15th, 2020

Eat Out To Help Out

HMRC has opened registrations for the Eat Out to Help Out Scheme from 13 July 2020. Restaurants and other establishments serving food for on-premises consumption can now sign up to a new government initiative aimed at protecting jobs in the hospitality industry and encouraging people to safely return to dining out. The Eat Out to […]

Read more July 14th, 2020

5% Reduced VAT Rate

Reduced VAT rate for hospitality, holiday accommodation and attractions. The government made an announcement on 8 July 2020 allowing VAT registered businesses to apply a temporary 5% reduced rate of VAT to certain supplies relating to: hospitality hotel and holiday accommodation admissions to certain attractions The temporary reduced rate will apply to supplies that are […]

Read more July 14th, 2020

Residential Rates On Purchases From 8 July 2020 To 31 March 2021

There is a temporary cut in Stamp Duty Land Tax (SDLT) from 8 July by raising the nil-rate band from £125,000 to £500,000 until 31 March 2021. The Treasury estimates that, as a consequence, around nine in 10 people buying a main residence will pay no SDLT. Further details can be found on SDLT changes […]

Read more July 13th, 2020

Summer Economic Update

On Wednesday 8th July, the Chancellor Rishi Sunak made a speech entitled “Summer Economic Update” where he unveiled further Government supports and he unveiled the Government’s plan for jobs which he described as the “Second phase in the Government’s economic response to the crisis.” Here are the highlights and we will update you on the […]

Read more July 9th, 2020

Paying Coronavirus Job Retention Scheme Grants Back

The Government has provided guidance on how to pay all or some of your grant back if you’ve overclaimed through the Coronavirus Job Retention Scheme (CJRS). If you have overclaimed through the Coronavirus Job Retention Scheme, you can either: correct it in your next claim make a payment to HMRC (only if you are not […]

Read more July 3rd, 2020

Statutory Sick Pay Due To Coronavirus Update

Changes have been made to the guidance regarding sick pay due to Coronavirus (COVID-19). It now includes information about employees who have transferred under the TUPE regulations. This scheme is for employers. You can claim back up to 2 weeks of SSP if: you have already paid your employee’s sick pay (use the SSP calculator […]

Read more July 3rd, 2020