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...
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...
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,...
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...
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...
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 public liability insurance...
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 that...
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 to do...
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.
The...
Many businesses in vulnerable sectors may have slipped into a loss making position following lock-down. Some of those businesses may have availed themselves of government backed “soft” loans to provide them with the cash-flow to survive the process.
Even with rigorous planning to reduce costs, furlough employees and benefit from other COVID related grants, businesses that...