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New System For Reporting CGT On Property Disposal Started 6 April 2020

A new CGT reporting and payment on account system was introduced for residential property disposals by UK resident taxpayers from 6 April 2020. The new system as originally announced required the disposal to be reported and any CGT on the disposal to be paid on account within 30 days of completion. HMRC have now announced […]

Read more April 24th, 2020

CGT Private Residence Relief Changes Go Ahead

The latest Finance Bill includes important changes to private residence relief that took effect from 6 April 2020. The first change is to limit to just 9 months the period prior to disposal that counts as a period of deemed occupation and thus exempt from CGT even though the owners are not living in the […]

Read more April 24th, 2020

Impact On The High-Income Child Benefit Charge

With many employees and the self-employed being furloughed, being made redundant or making lower profits their income for 2020/21 may well fall below the £50,000 limit at which child benefit starts being taxed. The charge is 1% for every £100 that adjusted net income exceeds £50,000 multiplied by the child benefit claimed in respect of […]

Read more April 24th, 2020

More Details On Self-Employed Grant Scheme

Like the CJRS scheme for employers the initial HMRC guidance on the grant scheme to support the self-employed and members in partnerships was also very sketchy. In outline the Self-Employed Income Support Scheme (SEISS) allows the self-employed to claim 80% of their average profits for the period up to 2018/19 limited to £2,500 a month, […]

Read more April 24th, 2020

New “Furlough” System For Employee Wages Up And Running

The Coronavirus Job Retention Scheme (CJRS) claims portal opened on Monday 20 April. Early indications are that it seems to be working smoothly but with a few teething problems as you would expect from a brand-new system. In the run-up to the start of the system, there was limited detail from HMRC on what could […]

Read more April 24th, 2020

Government Expands Loan Scheme For Large Businesses

Chancellor Rishi Sunak unveils the final details of the Coronavirus Large Business Interruption Loan Scheme. The Chancellor announced a UK government-backed loan scheme for large businesses affected by coronavirus has been expanded to cover all viable companies. The details are: All viable businesses with turnover of more than £45m will be able to apply for […]

Read more April 23rd, 2020

Cocooning Your Business

The purpose of this guidance is to give an overview of what, why and how a business might be cocooned (or mothballed) in response to the change in trading environment arising from Covid-19. We have recorded a webinar about cocooning your business, or you can read the guide directly below. What is Cocooning? Cocooning, or […]

Read more April 21st, 2020

Help To Claim – Coronavirus Job Retention Scheme

HMRC have issued an important update about changes to the Coronavirus Job Retention Scheme (CJRS) including changes regarding employee eligibility. They state: “you can claim for employees that were employed as of 19 March 2020 and were on your PAYE payroll on or before that date; this means that you will have made an RTI […]

Read more April 17th, 2020

Changes To Furlough

Government announces changes for who you can furlough and claim for. You can only claim for furloughed employees that were on your PAYE payroll on or before 19 March 2020 and which were notified to HMRC on an RTI submission on or before 19 March 2020. This means an RTI submission notifying payment in respect of that […]

Read more April 16th, 2020

The Department For International Trade Offers Support To Exporters And Investors

The Department for International Trade (DIT) has outlined support available to 160,000 exporters and UK businesses are now eligible to secure export insurance cover to major international markets. See: https://www.gov.uk/government/news/coronavirus-dit-offers-support-to-exporters-and-investors Guidance on how to help secure export finance to keep trading during the coronavirus outbreak has been set out by the government in direct communication […]

Read more April 15th, 2020

Delaying Import Duty And VAT Payments Due To Covid-19

Many businesses that import goods into the UK from outside the EU operate deferment accounts, which allow payment of import duty and VAT to be delayed for 15 days after the month in which the goods are brought into the country. See Gov.uk – How to set up a deferment account: https://www.gov.uk/guidance/setting-up-an-account-to-defer-duty-payments-when-you-import-goods What are HMRC […]

Read more April 15th, 2020

HMRC Time To Pay

Along with the various government schemes to provide income support for businesses and individuals, HMRC offers a Time To Pay Scheme. This is currently available for Self Assessment Tax, Corporation Tax, VAT and PAYE. In order to arrange a deferral of a tax payment which is not already covered by a specific scheme, such as […]

Read more April 14th, 2020

Government To Provide Cash Grants For Frontline Charities

Charities across the UK will receive a £750 million package of support to ensure they can continue their vital work during the coronavirus outbreak. Tens of thousands of charities will benefit from direct cash grants to ensure they can meet increased demand as a result of the virus, as well as continuing their day-to-day activities […]

Read more April 9th, 2020

Support For Nursery Businesses Business Rates

The Government is introducing a business rates holiday for nursery businesses in England for the 2020 to 2021 tax year. Nurseries are eligible for the business rates holiday if: The business is based in England Properties that will benefit from the relief will be: occupied by providers on Ofsted’s Early Years Register wholly or mainly […]

Read more April 9th, 2020

Increase In Working Tax Credits

The government has announced that Working Tax Credits payments will be increased from 6 April 2020. As part of a number of measures to support the country during the COVID-19 pandemic, the basic element of Working Tax Credit has been increased by £1,045 to £3,040 from 6 April 2020 until 5 April 2021. The amount […]

Read more April 8th, 2020