Tax Considerations For Employees Working From Home

:: in October 30, 2020 :: in Blog, Uncategorized :: Comments Off on Tax Considerations For Employees Working From Home

Did you send your employee home to work?  If so, HMRC have issued guidance which can be found here https://www.gov.uk/guidance/check-which-expenses-are-taxable-if-your-employee-works-from-home-due-to-coronavirus-covid-19 Generally, where expenses payments are made to, or benefits-in-kind are provided for, an employee they are deemed to have been made or provided by reason of that employment and are…

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Getting Your Tax Relief on Commercial Buildings

:: in October 21, 2020 :: in Blog, Uncategorized :: Comments Off on Getting Your Tax Relief on Commercial Buildings

If you are a company that will buy or construct a commercial property for use in your business then the Government has increased the yearly allowance.  The scheme is known as ‘The Structures and Buildings Allowance (SBA)’, and you can now obtain a flat 3% rate per year thereby obtaining…

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Chancellor announces new Job Support Scheme and package of business support measures

:: in September 26, 2020 :: in Blog, Uncategorized :: Comments Off on Chancellor announces new Job Support Scheme and package of business support measures

The Chancellor, Rishi Sunak, has announced a new job protection scheme and a range of new business support measures. Announcing his Winter Economy Plan at a hastily arranged statement in the House of Commons, Mr Sunak said: “Our task now is to move to the next stage of our economic…

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Reporting Disposals of Second Homes and Rental Properties

:: in September 9, 2020 :: in Blog, Uncategorized :: Comments Off on Reporting Disposals of Second Homes and Rental Properties

Due to COVID-19, HMRC introduced a ‘soft landing approach’ and did not issue late penalties for any transactions completed between 6 April 2020 and 30 June 2020, provided the gain was reported and any tax due paid by 31 July 2020. From the 1 July 2020 onwards, a seller has…

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September 2020 Newsletter

:: in September 3, 2020 :: in Newsletter :: Comments Off on September 2020 Newsletter

NEWSLETTER September 2020 Is it a car or a van? Whether your business buys a car or a van can make a big difference to the tax relief given on the cost of the vehicle and to the tax payable by the driver who uses it for private journeys. In…

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Tax Geared Penalties

:: in August 26, 2020 :: in Blog, Uncategorized :: Comments Off on Tax Geared Penalties

Last year HMRC imposed a significant number of penalties on taxpayers for failing to get their tax returns correct.  The most serious type of penalty is for ‘deliberate errors’ and the fine for this is between 20% to 100% of the tax underpaid.  The other type of tax error is…

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What we can expect in the early part of next year

:: in August 7, 2020 :: in Blog, Uncategorized :: Comments Off on What we can expect in the early part of next year

HMRC have just released a bit more information on what we can expect in the early part of next year. Job Retention Bonus Employers will be able to claim a one-off payment of £1,000 for every employee they have previously received a grant for under the Coronavirus Job Retention Scheme…

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June 2020 Newsletter

:: in June 4, 2020 :: in Newsletter :: Comments Off on June 2020 Newsletter

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

:: in March 16, 2020 :: in Newsletter :: Comments Off on Budget Newsletter 2020

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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