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Coronavirus Self-Employment Income Support Scheme Update

Help for the Self-Employed Chancellor Rishi Sunak has announced measures to support the self-employed and partnerships. The scheme is called the Coronavirus Self-employment Income Support Scheme (CSEISS). If you have suffered a loss in income, a taxable grant will be paid to the self-employed or partnerships, worth 80% of profits up to a cap of […]

Read more March 27th, 2020

COVID-19 Business Support Update 23 March

Key Government Resources Links You can find an updating list of official resource links here. Who is a keyworker? The current list of keyworkers includes the following: Health and Social care (doctors, nurses, social workers, care workers, etc.) Education and Childcare (teachers, social workers, childcarers, etc.) Key Public Services (staff in the justice system, religious […]

Read more March 23rd, 2020

Key Government Resources Links

We have compiled a list of key webpages from the Government website that can be of assistance to you during the current Coronavirus outbreak. Below are some key Government websites where you can access the latest information: Government action plan: https://www.gov.uk/government/publications/coronavirus-action-plan Guidance on social distancing and stay at home: https://www.gov.uk/government/topical-events/coronavirus-covid-19-uk-government-response Travel advice: https://www.gov.uk/guidance/travel-advice-novel-coronavirus Support for […]

Read more March 19th, 2020

Support Available For Businesses During COVID-19

Support for businesses who are paying sick pay to employees: The Government will pass legislation shortly to allow small and medium-sized businesses and employers to reclaim Statutory Sick Pay (SSP) paid for sickness absence due to COVID-19. The eligibility criteria for the scheme will be as follows: this refund will cover up to 2 weeks’ […]

Read more March 19th, 2020

Budget Summary Spring 2020

Chancellor Rishi Sunak presented his first Budget on Wednesday 11 March 2020. In his speech, he stated that ‘We are at the beginning of a new era in this country. We have the freedom and resources to decide our own future’. He also said ‘It is a Budget of a Government that gets things done’. […]

Read more March 12th, 2020

Tax Investigations Continue To Rise

During 2019 HMRC opened 300,762 investigations into self-assessment tax returns and collected an additional £1.2bn in extra tax as a result during the 2018/19 tax year. HMRC continues to come down hard on taxpayers that make mistakes on their tax returns. Taxpayers should always file complete and accurate tax returns as errors can lead to […]

Read more February 26th, 2020

Changes To Disguised Remuneration Loan Charge

The independent loan charge review, conducted by Sir Amyas Morse, was published on 20 December, having been delayed due to the general election. The loan charge was introduced to collect tax from individuals who had benefited from schemes devised to avoid PAYE and National Insurance. The date that the loan was made to the individual […]

Read more February 10th, 2020

Review Of Off-Payroll Working Rules

In January the Government launched a four-week review of the changes to IR35 “off-payroll” working rules scheduled to come into force in April, as the result of mounting criticism about the way they will operate. The review is scheduled to conclude by mid-February and will see the Government hold a series of meetings with stakeholders […]

Read more February 10th, 2020

Early Electronic Payment Deadline For PAYE

In December the electronic payment deadline for PAYE falls on Sunday 22nd. To make sure your payment reaches HMRC in time, you need to have cleared funds in HMRC’s account by the 20th December, unless you are able to arrange a Faster Payment. It is your responsibility to make sure payments are made on time […]

Read more December 11th, 2019

Using The Cycle To Work Scheme

The Government has recently announced that the previous £1,000 limit on the cost of a bicycle provided under the “Cycle to Work” scheme has been removed. This will apply where the employer uses a firm authorised by the Financial Conduct Authority (FCA) to hire out cycles to employees who use them to commute to work. […]

Read more December 9th, 2019

Collected Unpaid Tax For 2018/19 Through Your PAYE Coding

Under certain circumstances, it is possible to arrange the collection of unpaid tax through your PAYE coding rather than making a balancing payment on 31 January. This will depend upon the amount outstanding and the amount of income taxable under PAYE. There is a further condition that the return is submitted to HMRC online before […]

Read more November 11th, 2019

Keep Details Of Your Director’s Loan Account, And Keep It In Credit

In a recent Tax Tribunal case the judge agreed with HMRC that a detailed breakdown of directors loan account transactions is required, including dates. The significance is that where the loan account is overdrawn (debit balance) there may be a possible P11d benefit on the director and also a tax charge on the company. A […]

Read more November 11th, 2019

Apply For More Time For MTD Digital Links

For VAT periods starting on or after 1 April 2020 (or 1 October 2020 for deferred businesses) your accounting systems must use digital links for any transfer or exchange of data between software programs, products or applications used as functional compatible software. That is the end of the current 12 month “soft landing” extension. Businesses […]

Read more November 11th, 2019

Reduced Rate VAT Eligibility

The key time where the reduced VAT rate becomes useful for most property investors is when they are converting a property from one use to another. For example, a single dwelling is being converted into a multiple dwelling property (a HMO). The complete information can be found in VAT Notice 708 Buildings and Construction which […]

Read more October 14th, 2019

Making Tax Digital Delayed For Landlords

Over the last few months, HMRC has made an announcement that they will not be introducing any additional tax requirements in 2020. This does not mean that the Making Tax Digital changes will not happen. HMRC has been clear that it will. It is merely a matter of a further delay to the implementation for […]

Read more October 9th, 2019