Monthly Archives: August 2020

Claiming the Job Retention Bonus

As readers will no doubt be aware the present Coronavirus Job Retention Scheme is due to cease at the end of October 2020. However, there is a bonus claim that certain employers can make next year if they retain employees beyond the present 31 October 2020 deadline.

The Job Retention Bonus (JRB) is subject to its...

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Windfall for thrifty teenagers

Thrifty teenagers, or rather teenagers with thrifty parents, will soon gain access to their Child Trust Fund (CTFs) savings, and some, may not even know it is there…

 

CTFs were originally set up for children born between 1st September 2002 and 2nd January 2011, with a live Child Benefit claim. Parents and guardians received a...

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Clearing myths on student loans

Students grappling with the latest A level results will no doubt be faced with decisions regarding student loans to finance their time at university if they chose that option. There are a number of myths surrounding this source of funding and in a recent news story government attempted to dispel some of these myths. They...

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Contractors urged to go green

The government is keen to sell its Green Home Grant policy to the building trade. In a recent press release Business Secretary, Alok Sharma, said:

Tradespeople across England are urged to step forward and sign up to be able to offer services through the government’s new Green Homes Grants scheme – as over 1,000 businesses across...

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The authorities are not asleep

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...

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Tax Diary August/September 2020

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 return for...

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Changes to Capital Gains Tax underway?

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 opportunities to...

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Keep an eye on the numbers

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 side,...

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VAT changes

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 2020 and 12...

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Stamp duty changes- residential property

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 regional changes...

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