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.
Defer Your Self-Assessment Payment on Account Due to Covid19
Choose how and when you can delay making your second payment on account for the 2019 to 2020 tax year. You have the option to defer your second payment on account if you are: • registered in the UK for Self-Assessment; and • finding it difficult to...
VAT Reduced Rate of 5%
The government made an announcement on 8 July 2020 allowing VAT registered businesses to apply a temporary 5% reduced rate of VAT to certain supplies relating to: • hospitality • hotel and holiday accommodation • admissions to certain attractions...
Flexible Furlough Claims Now Open
Employers can now submit furlough claims for periods starting on or after 1 July. If you cannot maintain your workforce because your operations have been affected by coronavirus (COVID-19), you can furlough employees and apply for a grant to cover...
Trusts and Passing on Wealth – how to pass on wealth to the next generation
There are many ways to reduce or eliminate the inheritance tax payable on your estate without using trusts. But for some, especially if you are very wealthy, they may not be enough. For others, the control that trusts give over who benefits from...
More Firms Can Now Benefit from the Future Fund
More start-ups and innovative firms will be able to apply for investment from the government’s Future Fund from 30 June: • companies which have participated in accelerator programmes now eligible for the popular scheme; • more than 320 early-stage,...
National Insurance – what do the changes mean for you?
Changes to National Insurance contributions (NICs) limits and thresholds took effect from 6 April 2020. The Treasury says the ‘typical’ employee will pay around £104 less in NICs in 2020/21. Before the coronavirus crisis, there were plans to raise...
Businesses Need to Reinstate VAT Direct Debits
The deferral of VAT payments due to coronavirus comes to an end on 30 June and businesses need to take action to reinstate their direct debit mandates. The Institute of Chartered accountants in England and Wales (ICAEW) Tax Faculty has reminded its...
Entrepreneurs’ Relief – outlook changing
Before the Budget, there were fears that it might be scrapped altogether. It wasn’t. Entrepreneurs’ Relief (ER) lives on, but with a new name - Business Asset Disposal Relief - and a new, lower lifetime limit. ER, as we will call it for one last...
IR35 – Change on Hold
The IR35 rules had been set to take effect from 6 April 2020, however, they are now on hold until 6 April 2021. This is to help the business community cope with the impact of the coronavirus (COVID-19), and the government emphasises that it is a...
Capital Goods Scheme for VAT – how does it work?
How it works and interacts with capital allowances. The VAT capital goods scheme affects input VAT recovery relating to high-value capital assets. Input VAT is a tax incurred on most purchases made by VAT-registered firms, and they can usually...
Government Launches Statutory Sick Pay Rebate Scheme
Employers can now make claims through the Coronavirus Statutory Sick Pay Rebate Scheme. On 26 May 2020 the government announced a new online service for small and medium-sized employers to recover Statutory Sick Pay (SSP) payments they have made to...
The Coronavirus Job Retention Scheme (CJRS) is Changing
UK Chancellor Rishi Sunak outlined changes to the furlough scheme during the daily press briefing (29 May 2020). The Chancellor stated that in June and July the furlough scheme will continue as before, but employers will be asked to cover National...
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