June 2020 Newsletter

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NEWSLETTER June 2020 Self-employed grants If you are self-employed and your business has been adversely affected by COVID-19 you may be eligible to claim a grant from HMRC of up to £7,500. To qualify for this self-employed income support scheme (SEISS) you must meet all of these conditions: you traded…

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Budget Newsletter 2020

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NEWSLETTER Budget 2020 Surcharge on home purchases Stamp duty land tax (SDLT) is payable on the purchase of property in England and Northern Ireland; Scotland and Wales levy their own taxes for property purchases in those countries. The UK government wants to tackle the perceived problem of overseas buyers acquiring…

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February 2020 Newsletter

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NEWSLETTER February 2020 Pay capital gains tax in 30 days If you are planning to sell a residential property this year be prepared to pay any capital gains tax (CGT) due within 30 days of the completion date. CGT has normally been payable by 31 January after the end of…

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December 2019 tax update

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TAX BRIEFING December 2019 Gains from off-plan homes If you bought your home brand new and ‘off-plan’ you may realise a significant capital gain when you sell that property. This is not a problem if you occupied the property as your main home for your entire period of ownership. In…

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September 2019

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TAX BRIEFING September 2019 Trading and miscellaneous income Most businesses start small with a few occasional sales. Only once the trader is convinced that they can deliver the product or service effectively do they launch their business properly. The issue is deciding when trading officially began for tax purposes: was…

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Newsletter June 2019

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TAX BRIEFING June 2019 Paying the right NIC Your workforce may include people of all ages from school leavers to those past state pension age, with some working part time or holding down two jobs concurrently. The national insurance contributions (NICs) payable differ, so it is important to get the…

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First stage of Making Tax Digital (MTD)

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The first stage of MTD comes into effect in April 2019. All businesses that have registered for VAT will need to use software that files the VAT return directly to HMRC. The option of logging into HMRC’s website and manually inputting the VAT figures will no longer be available. All…

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Lifetime ISA

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It’s not very often that free money comes along but from 6th April 2017 the Government will introduce the Lifetime ISA. If your child is somewhere between 18 and 40 and hasn’t yet purchased their first home then any savings into this new scheme will attract 25% additional funds from…

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Trivial benefits

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There is no longer a need to report trivial benefits for staff to HMRC (Benefits up to £50). An employer can now pay a benefit to an employee where it is no more than £50, as many times in the tax year as they wish. However, this must not be…

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Removal of wear and tear allowance

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From 6th April 2016 the wear and tear allowance will be removed and replaced by the actual expenditure. For those landlords who have furnished property this is likely to mean an increase in their tax payments from 31st January 2018. Planning for this cost could be critical where the rents…

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