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Recent Measures Announced By The Chancellor

October 26, 2020

The temporary 5% rate of VAT for the hospitality sector, accommodation and attractions will be extended to 31 March 2021. Businesses that have deferred their VAT payments will be able to pay back the deferred amount over 11 months. The “Bounce-back” and CBILS loans can be repaid over 10 years instead of 6 years.

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Introducing Owen to our Team

October 23, 2020

We’d like to introduce and welcome Owen to the Cowley Holmes Team. Owen is studying an apprenticeship to work his way towards his qualification to be a Level 4 Professional Accounting Taxation Technician. Check out our Meet the Team page at https://cowleyholmes.co.uk/become-a-client/meet-the-team/owen-cowley/ to see Owen’s profile.

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Congratulations to Pauline on 20 years service at Cowley Holmes!

October 5, 2020

A big thank you to Pauline on her 20th year anniversary at Cowley Holmes. Here’s to the years of… loyalty and dedication; moments of joy and frustration; hard work and ideas; laughs and tears; training and mentoring; learning and developing; contributions to success; straight talking and finesse; work ethic and leadership; companionship and friendship; and…Read More

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MTD for VAT to be extended to all VAT Registered Businesses in 2022

September 14, 2020

Since 2019, the vast majority of VAT-registered businesses with a taxable turnover above the VAT threshold (£85,000) have been mandated to keep digital VAT records and send returns using Making Tax Digital (MTD)-compatible software. From April 2022 these requirements will apply to all VAT-registered businesses. It has also been announced that MTD for Income Tax…Read More

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Vat Definition of “Motor Car”

September 10, 2020

For VAT purposes the definition of a motor car has been amended several times over the years. The current definition states:   “Motor car” means any motor vehicle of a kind normally used on public roads which has three or more wheels and either: a)    is constructed or adapted solely or mainly for the carriage…Read More

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Company Vans Were Motor Cars

September 7, 2020

The Court of Appeal have now ruled on the tax status of certain vehicles provided to employees of Coca Cola. The court has upheld the HMRC view that vans with windows and a second row of seats behind the driver are not goods vehicles but motor cars for benefit in kind purposes. Consequently, the income…Read More

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Reporting Property Gains Within 30 Days

August 28, 2020

Since 6 April 2020 where UK residential property is disposed of, the resulting capital gain needs to be reported and the capital gains tax paid within 30 days of completion of the disposal. There have been a number of teething problems with the new online reporting system and HMRC stated that there would be no…Read More

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Claim now available for second Self Employed Income Support Grant

August 17, 2020

The government recently announced an extension to the Self Employed Income Support Scheme (SEISS). The first grant covered a three month period to 13 July 2020. The second grant will cover the three months commencing 14 July 2020, and is available to claim now. Those eligible for the first quarter must have claimed SEISS by…Read More

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Second Home Buyers and Buy-To-Let Landlords Welcome SDLT Cut

August 14, 2020

Although the temporary increase in the Stamp Duty Land Tax (SDLT) threshold to £500,000 was aimed at those buying their main residence, it also benefits those buying a second or subsequent property where there is a 3% supplementary charge. Thus, the rate of SDLT on a second home costing up to £500,000 is now 3%.…Read More

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CHANGES TO CJRS “FURLOUGH” CLAIMS

August 5, 2020

Note that for the month of August the Government will continue to pay 80% of employees’ regular pay for hours that they are furloughed but will no longer pay the associated employer NICs and pension costs. The government support then reduces to 70% in September and 60% in October. Contact us if you need help…Read More

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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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