Cash grants will be available to all businesses with property that are required to close during the recently announced national lockdown. Businesses in England that are required to close due to the new restrictions will be eligible for cash grants based on the properties rateable value at the following rates: For properties with a rateable…
Category Archives: Blog
20
Oct
Oct
You’ve got a brilliant idea for a new business and having been thinking about it for a while. But with everything going on, is now the best time to start a new business? The answer is YES! Now is as good a time as any to start many new businesses. A great idea A good…
The United Kingdom leaves the European Union at 11pm on 31 December 2020 when the transitional period ends. It is still unclear whether a trade deal will have been agreed with the EU by that date, and such an agreement is looking increasingly unlikely. HMRC have started writing to businesses alerting them to important changes…
There is currently a zero P11d benefit for the drivers of electric cars in 2020/21. The legislation for this change is included in Finance Act 2020 which also states that the benefit will be 1% of list price in 2021/22 and then 2% in 2022/23. The zero taxable benefit also applies to hybrid cars emitting…
29
Sep
Sep
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…
22
Sep
Sep
Class 2 National Insurance Contributions (NICs) are currently paid at the rate of £3.05 per week by self-employed earners. A person who is liable to Income Tax on the profits arising from the receipt of property rental income will only be a self-employed earner for NICs purposes if the level of activities carried out amounts…
18
Sep
Sep
HMRC have changed its guidance in relation to VAT on early termination fees and compensation payments following a recent judgement in the CJEU. This change will affect any businesses that charge cancellation fees to customers when they withdraw from agreements for the supply of goods or services. Previously these charges were considered to be compensation…
Blog
How specialist IHT advice helped Mr Greenwood pass his property onto his children and save £84,000 in tax
16
Sep
Sep
Mr. Greenwood has recently retired and was concerned about the potential inheritance tax liability on his Estate, currently estimated to be worth approximately £2 million. Mr Greenwood wanted his family to receive the maximum amount possible from his estate. He was happy to pay the tax he owed, but like many of our clients, he…
28
Aug
Aug
If you are able to demonstrate a 40 per cent loss of income, caused by the pandemic, between March and June compared with the same period in 2019. You might be able to apply for a grant from £1,000 to £5,000 to cover the cost of buying-in specialist advice to address your immediate needs in…
17
Aug
Aug
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…
