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June 26, 2020
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
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
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
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
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.
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
February 14, 2020
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
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
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
January 6, 2020
December 23, 2019
The recovery of VAT on most business entertainment is blocked but there are some instances when you can get it back. When is this the case, and how can you trigger the rules in your favour to enable recovery? Business entertainment The recovery of VAT on business entertainment is normally blocked by the legislation, but…Read More
December 20, 2019
Q. I am the finance director of a large company and have just learned that hotel bills we pay for in relation to our sales staff working away from home are always made out to the individual employee and not the company. Does this create an input tax problem? A. The two challenges with input…Read More
December 16, 2019
OTS. The Office of Tax Simplification (OTS) has completed a report on tax problems that can arise as a result of major turning points in life. The report (see link below) looks at the tax implications of events like starting work, changing jobs or multiple jobs; saving for and drawing pensions; tax education; helping others with tax. https://www.gov.uk/government/publications/ots-life-events-review-simplifying-tax-for-individuals HICBC. The high income child benefit charge (HICBC) applies if either partner in a…Read More
December 13, 2019
Cowley Holmes Christmas Tombola has taken off to a good start with Joe of Happyfones Ltd in St Cuthberts Arcade winning a Santa Hamper Sack! Following on from this, further clients throughout the week have enjoyed receiving all sorts of festive gifts to get us all into the Christmas spirit.
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