Blog
Commentary and insight
Our team of experts keeps a close eye on developments in tax law and financial regulation. Our blog is where they interpret the ever-changing statutory landscape in plain English, highlighting what’s important and offering practical advice on what businesses can do to avoid pitfalls or seize the opportunities presented.
Coronavirus Job Retention Scheme Update
The CJRS grant claim changed again on 1 September. Please talk to us if you would like us to help estimate your claim. • From 1 September CJRS will pay 70% of usual wages up to a cap of £2,187.50 per month for the hours furloughed employees do not...
CBILS and BBL Update
Coronavirus Business Interruption Loan The government has given banks extra time to grant state-backed loans to medium-sized and larger businesses in an extension of Covid-19 support packages until 30 November. The original deadline for CBILS was...
Important Changes to Capital Gains Tax (CGT) on the Sale of Residential Property
Prior to 6 April 2020, taxpayers had between 10 and 22 months from the sale or disposal of a UK residential property to pay and report Capital Gains Tax (CGT) on property disposals. However, from 6 April 2020, new rules came into force - where CGT...
Government Job Retention Bonus
The government is introducing a new Job Retention Bonus to provide additional support to employers who keep on their furloughed employees in meaningful employment, after the government’s Coronavirus Job Retention Scheme ends on 31 October 2020. The...
Corporate Tax Planning in 2020/21: managing and planning during Covid-19
Even among those who follow good tax planning practice and maintain forecasts running several years forward, it is unlikely that many foresaw the dramatic end to the 2019/20 tax year. With the arrival of COVID-19 and the subsequent lockdown, the...
Chairs, Tables and Tax: working from home
The Coronavirus (COVID-19) has seen an upsurge in homeworking. For many people, there are questions on the tax on the equipment required. What If I Contribute to Employee Costs? You can look to reimburse some specified costs incurred by employees...
Tax Tip – Employing Family Members
Have you considered employing family members in your business? As long as you can justify their involvement, you can employ them in your business. In a limited company, they can be remunerated with a salary, receive benefits, and be included in...
Getting Up and Running After the Lockdown
As lockdown restrictions lift across the UK, businesses are preparing for a new working environment. The Chancellor may have begun winding down the schemes that have supported businesses through the pandemic, but government-backed loans and the...
New Plans Ensure Trade Between Each Part of the UK
The UK government has laid out plans to deliver on its manifesto commitment to ensure businesses across the whole of the United Kingdom will continue to enjoy seamless internal trade, as they have done for centuries, when we leave the Brexit...
How Different Circumstances Affect the Self-Employment Income Support Scheme
The Government has updated its page on the Self-Employment Income Support Scheme. If you are self-employed or a member of a partnership find out how your circumstances can affect your eligibility for the scheme. See:...
Companies House to Restart the Voluntary Strike off Process
In March 2020, Companies House (CH) introduced temporary easement measures to suspend voluntary strike off action in response to coronavirus (COVID-19) and they have reviewed these measures each month. Following the July review, this temporary...
HMRC Invites Hospitality Industry to Register for Eat Out to Help Out
Registrations for the Eat Out to Help Out Scheme commenced on 13 July 2020. Restaurants and other establishments serving food for on-premises consumption can now sign up to a new government initiative aimed at protecting jobs in the hospitality...
What we can do for you
Find out more about the full range of business and tax advisory services Horsfield & Smith offers to businesses and individuals across Greater Manchester and the North West of England and see how we can help you achieve your goals for growth.
