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Tax

Self Assessment Second Payments

For those taxpayers who will be requested to make a second payments on account of the 2019/20 tax liability, the date that was to become payable was 31 July 2020. However, HMRC have announced that this instalment can be deferred until 31 January 2021 without incurring any interest charge. The deferral is automatic and does […]

Read more July 3rd, 2020

Which Expenses Are Taxable For Employees Working From Home

Find out what equipment, services or supplies are taxable if your employees are working from home due to coronavirus (COVID-19). Who is not affected? Furloughed workers who are eligible for the Coronavirus Job Retention Scheme. Type of equipment, service or supply Mobile phones and SIM cards (no restriction on private use) If you provide a […]

Read more June 16th, 2020

Self-Employed Deferment Of Second Payment On Account

Option for self-employed to defer their second payment on account due 31 July 2020. Choose how and when you can delay making your second payment on account for the 2019 to 2020 tax year. You have the option to defer your second payment on account if you are: registered in the UK for Self-Assessment and […]

Read more May 18th, 2020

Covid-19: Personal Affairs Guide

This is a guide for families and individuals on how to financially survive or manage through the Pandemic. It is a tough time for many of us and the idea of this guide is to help people who may have reduced employment income and increased uncertainty about their future. The aim of this guide is […]

Read more May 4th, 2020

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

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

Self-Assessment Tax Payment Deferral

HMRC have now clarified the position regarding those entitled to defer the self-assessment tax payment falling due on 31 July 2020. The original indication was that this would only apply to those whose self-assessment liability was generated by self-employment income. HMRC have now expanded this to cover all self-assessment liabilities. Whether it has been caused […]

Read more April 1st, 2020

Coronavirus Video Resources

We’ve compiled all the recordings for our Coronavirus webinars on this one page for ease of use. Please be aware that some things may have changed since the release of the videos. If you have any questions about any of the content, please contact us. Disclaimer: The information provided by Shapcotts Accountants in this video […]

Read more March 31st, 2020

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

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

Don’t Lose your Personal Allowance!

For every £2 that your adjusted net income exceeds £100,000 the £12,500 personal allowance is reduced by £1. Pension contributions and Gift Aid can help to reduce adjusted net income and save tax at an effective rate of 60%. The restriction applies between £100,000 and £125,000 adjusted net income. Another way that you could avoid […]

Read more March 12th, 2020

Consider Other Tax Efficient Investments

If you are looking for investment opportunities, have you considered the Enterprise Investment Scheme (EIS)? These investments in certain qualifying companies allow you to set off of 30% of the amount invested against your income tax bill as well as the ability to defer Capital Gains Tax (CGT) until the shares are sold. An even […]

Read more March 12th, 2020