Non-resident SDLT surcharge now in effect
Since 1 April 2021, any non-UK resident purchasing UK residential property are liable to a 2% surcharge where the property is located in England or Northern Ireland, and cost more than £40,000. This...
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Following the Budget in early March, the current Finance Bill was published on 11 March 2021. Since that date, a number of amendments have been made. Of the most significant, the following stand out...
View ArticleJuly Key tax dates
1 - Due date for payment of Corporation Tax for accounting periods ending 30 September 2020 6 – Filing deadline for Form P11D 6 – Employment Related Shares return filing deadline 7 - Electronic VAT...
View ArticleJuly Questions and Answers
Q1. I own several restaurants which all sell English-style food. I am planning to sell two of these to separate buyers. The first intends to operate an Asian fusion restaurant, and the second...
View ArticleVAT registration - delays
Due to COVID19, some businesses are experiencing long delays in obtaining a VAT number after submitting the registration form. HMRC acknowledged the delays earlier this year and have asked businesses...
View ArticleProperty CGT - avoid reporting traps
Since April 2020, UK-resident taxpayers have been required to report gains on residential property, and make a payment on account of the tax due, within 30 days of completion. One of the key features...
View ArticleP11Ds for 2020/21 - COVID19 considerations
The P11D filing deadline for 2020/21 is 6 July 2021. Usually, this is a routine exercise in most cases. However, due to COVID19, some additional consideration may be required this time round. HMRC...
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The Finance Bill that was published on 11 March 2021 received Royal Assent on 10 June and can be viewed online here. COVID19 From 1 July the level of government support for the furlough scheme will...
View ArticleAugust Key tax dates
1 - Due date for payment of Corporation Tax for accounting periods ending 31 October 2020 | 2 – P46 (Car) deadline for quarter to 5 July 2021 | 7 - Electronic VAT return and payment due for quarter...
View ArticleAugust Questions and Answers
Q. My partner has been suffering with "long COVID" for several months, and unfortunately has had to leave her job as a result. As our son is in his second year of university, we can't really afford...
View ArticleTax-Free Childcare and summer activities
HMRC has issued a reminder to working parents that Tax-Free Childcare (TFC), the scheme the government phased in between 2017 and 2018, is not just for "traditional" childcare costs, such as regular...
View ArticleInvalid VAT invoices
One of the fundamental requirements for re-claiming input tax on a VAT return is the need to have a valid VAT invoice. A valid invoice must include certain requisite information, such as details of...
View ArticleInvestors' Relief - the forgotten CGT break?
Investors' Relief (IR) was introduced in April 2016 to complement what was then called entrepreneurs' relief. IR is intended to encourage outside investment into smaller entrepreneurial companies by...
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COVID-19 From 1 August the government contribution will fall to 60%, meaning the employer will need to pay 20% to ensure the employee receives their entitlement of 80% (subject to a £2,500 per month)....
View ArticleSeptember Key tax dates
1 - Due date for payment of Corporation Tax for accounting periods ending 30 November 2020 7 - Electronic VAT return and payment due for quarter ended 31 July 2021 14 – Claim deadline for employers...
View ArticleSeptember Questions and Answers
Q. I am an IT consultant that has just returned from Jersey where I was undertaking some work for the government. I want to raise my invoice now, but don't know whether to add VAT or not following...
View ArticleInheritance tax - why giving away money can mean more for the beneficiaries
In most cases, it doesn't make sense to simply give away money to save tax during a person's lifetime. For example, a higher rate taxpayer can claim tax relief to offset their income tax bill on...
View ArticleHMRC enquiries: is it in time?
The self-assessment system includes the right for HMRC to make enquiries to ensure the correct amount of tax is collected. However, these rights and the underlying time limits etc. are often a source...
View ArticleLoss relief for companies ceasing a trade
Companies are able to relieve losses for tax purposes, subject to certain restrictions. These restrictions have been relaxed slightly in recent years, e.g. allowing companies to claim trading losses...
View ArticleLatest news round-up
September is the final month of the furlough scheme, subject to any last-minute extension. Employers will need to top up the government's contribution, which is now 60% of wages (up to a maximum cap...
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