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HMRC MAY ALLOW TAX REFUNDS FOR ANTICIPATED COMPANY LOSSES

July 9, 2020

HMRC have recently announced that they may allow limited companies to make claims for loss relief and tax refunds even though the current accounting period has not yet ended and the corporation tax return has not been submitted. This will be available to companies of all sizes but they will be required to provide evidence…Read More

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VAT construction industry scheme delayed again

July 8, 2020

Double delay. The introduction of the VAT reverse charge for the construction industry, already put back by one year to 1 October 2020, has been further delayed until 1 March 2021 because of the coronavirus crisis. The construction industry, like many others, has been badly affected by the lockdown and the scheme would affect cash flow at a time when…Read More

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More time to claim SDLT refunds

June 26, 2020

Additional SDLT. The additional stamp duty land tax (SDLT) rate of 3% is payable by purchasers of second or subsequent dwellings, e.g. a second home. It applies even where the second property is the buyer’s new home and they intend to sell the other property. There are similar charges for the equivalent taxes in Scotland and…Read More

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CAN WE “FURLOUGH” THE COMPANY CAR?

During the lockdown period many employees and directors have not been using their company cars and it has been sitting on their driveway. You might think that means that the benefit of having a company car does not apply but unfortunately HMRC do not agree. HMRC have recently confirmed that there continues to be a…Read More

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SELF-EMPLOYED INCOME SUPPORT GRANTS ALSO EXTENDED

Sole traders and members of partnerships started making claims under the Self-Employed Income Support Scheme on Wednesday 13 May and many have already received their grant. Unfortunately, unlike the CJRS furlough scheme, claims could not be made by agents on behalf of clients although we can of course check that you have received the correct…Read More

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JOB RETENTION “FURLOUGH” SCHEME EXTENDED TO OCTOBER

Chancellor Rishi Sunak announced on 12 May that the CJRS scheme will be extended until the end of October. The scheme will continue in its current form until the end of July with the Government paying 80% of employees wages up to £2,500 a month. For accounts purposes the amounts received should be credited to…Read More

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Marriage Allowance Question

March 17, 2020

Q. I work part time and don’t earn enough to pay tax, but my husband earns £35,000 a year from his full time job. I have been told that I can transfer some of my personal allowances to my husband so he can save some income tax. Is this true? A.Claiming the marriage allowance can save…Read More

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Inheritance Tax Question

March 4, 2020

Q. I am thinking of transferring ownership of a rental property to my daughter to help reduce the value of my estate for inheritance tax (IHT) planning purpose. There will be no cash consideration given. What value is used for the gift and what are the CGT implications? A. For CGT purposes, you are deemed to transfer…Read More

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Congratulations STS!

March 2, 2020

We dropped in to see Seb & Tina of STS Wheel Alignment Centre & Mechanical Repairs Ltd with champagne and flowers to congratulate them in 30 years in business.

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Save Tax before 5th April 2020

February 17, 2020

Now is a good time to start planning your tax affairs before the end of the tax year on 5th April. An obvious tax planning point would be to maximise your ISA allowances for the 2019/20 tax year (currently £20,000 each). You might also want to consider increasing your pension savings before 5 April 2020…Read More

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Don’t be late in paying your personal tax bill

February 7, 2020

Individual’s 2018/19 income tax, CGT, class 2 and 4 NIC liabilities should have been paid by 31 January 2020. Note that if the balance is still unpaid at the end of February 2020 a 5% surcharge penalty is added in addition to the normal interest charge unless a time to pay arrangement has been agreed…Read More

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Finance Bill should now proceed

February 3, 2020

Now that the General Election is out of the way, the tax changes in the draft Finance Bill scheduled to take effect from April 2020 are now more likely to go ahead. The key tax measures “in limbo” until legislated in Finance Act 2020 are: – Extending the “off-payroll” working rules to the private sector…Read More

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Tax Scam Warning!

January 24, 2020

The deadline for the Self Assessment Tax Return, 31 January, is fast approaching, which also means that the number of HMRC related scams tends to surge at this time of year. HMRC states it received 900,000 reports of attempted fraud in the 2018/2019 tax year, a staggering figure given that most people don’t bother to…Read More

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