It is tempting to assume that government departments are drawing back from exercising their powers to challenge taxpayers due to COVID disruption, but it would be unwise to assume this is the case. For example, in a recent legal action undertaken by the Insolvency Service, a construction boss was banned from running companies for nine […]

1 August 2020 – Due date for Corporation Tax due for the year ended 31 October 2019. 19 August 2020 – PAYE and NIC deductions due for month ended 5 August 2020. (If you pay your tax electronically the due date is 22 August 2020) 19 August 2020 – Filing deadline for the CIS300 monthly […]

In an update to the GOV.UK website recently the following post appeared: The Chancellor has written to the OTS (Office of Tax Simplification), to ask the OTS to undertake a review of Capital Gains Tax and aspects of the taxation of chargeable gains, in relation to individuals and smaller businesses. As well as looking at […]

Recent economic forecasts for 2020 published by H M Treasury will do little to inspire business confidence. In their comparison of independent forecasts published last month, the unemployment rate is estimated to rise to 8% and in the same period, GDP falls by 9%. The only good news is that inflation remains on the low […]

In an attempt to address the financial difficulties of businesses in the hospitality and tourism industries, Rishi Sunak also announced a range of VAT reductions on selected supplies for these sectors. Summary of the changes are set out below: Hospitality When you supply food and non-alcoholic beverages for consumption on your premises, between 15 July […]

In his recent Summer Statement, Rishi Sunak announced changes to the nil rate band of Stamp Duty Land Tax (SDLT) to be applied in England and Northern Ireland. This was followed by announcements from the Scottish and Welsh regional assemblies who set the rates in Scotland and Wales. Here is a brief summary of the […]

A Fix your Bike Voucher Scheme has been launched by the Department for Transport as an incentive to encourage the numbers of people using their bikes to commute and for leisure purposes. How the scheme works Bike repairers must be located in England. Bike repairers must meet certain eligibility criteria including the possession of valid […]

New legislation applies from 31 July 2020 to ensure that furloughed employees receive statutory redundancy pay based on their normal wages, rather than a reduced amount based on their furloughed pay. Business owners who are considering their options – to bring back furloughed staff or consider redundancy – are now obliged to consider new legislation […]

We have been waiting for some time for government to announce an extension to its Making Tax Digital (MTD) program; this they did last week. What is MTD? HMRC are keen to digitise the collection of information to calculate your tax liabilities. At present they are reliant on you submitting a variety of tax returns […]

It seems fairly likely that we are heading for a no-deal exit from the EU, 1 January 2021. Many smaller businesses that presently import or export goods from and to the EU will need to deal with a complex raft of customs and VAT issues if they continue trade with the EU after this date. […]