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The new Winter Economy Plan - Summary of Measures

25/09/2020

The Chancellor, Rishi Sunak, has today delivered a statement to the House of Commons outlining plans to help protect jobs across the UK whilst the country faces a resurgence of coronavirus and a winter of uncertainty. The Chancellor was facing mounting pressure to reveal future changes as many of the schemes and reliefs previously...

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Venues required to record contact details

24/09/2020

It has become a requirement for premises and venues across England to have a system in place to record contact details of their customers, visitors and staff. This move is intended to help trace people should a venue be linked to a coronavirus outbreak. The government has said that further guidance and, where necessary, regulations will...

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Changes to duty free shopping

24/09/2020

The government has published the new rules for duty free and tax free shopping that will come into effect from 1 January 2021. The changes are wide ranging. For anyone who smokes or drinks there will be no duty charged on alcohol or tobacco products from January 2021. This will apply irrespective of whether you are travelling to an EU or...

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Claiming tax relief for work related expenses

24/09/2020

Employees who need to buy equipment to use as part of their employment may be able to claim tax relief based on the cost of the equipment acquired. In most cases you can claim tax relief on the full cost of this type of equipment as it usually qualifies for a type of Capital Allowance called annual investment allowance. Any tax relief...

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Removing your home address from the public register

24/09/2020

Company directors and other eligible people such as company secretaries, people with significant control (PSC) and LLP members can apply to remove their personal addresses from the UK’s official company register on Companies House. Company directors and others are still required to provide an alternative correspondence address if they...

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Companies in partnership

24/09/2020

A Partnership is a relatively simple way for two or more legal persons to set up and run a business together with a view to profit. Partnerships can take many forms. Legal persons other than individuals can also be partners in a partnership. For example, companies may form partnerships with other legal persons including individuals, other...

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Definition of a potentially exempt transfer

24/09/2020

The majority of gifts made during a person's life are not subject to tax at the time of the gift. These lifetime transfers are known as 'potentially exempt transfers' or 'PETs'. These gifts or transfers achieve their potential of becoming exempt from Inheritance Tax if the taxpayer survives for more than seven years after making the gift....

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When the cash basis is not available to a property business

24/09/2020

The cash basis scheme helps landlords, sole traders and other unincorporated businesses to benefit from a simpler way of managing their financial affairs. The scheme is not open to limited companies and limited liability partnerships. The entry threshold for the cash basis scheme is £150,000 and qualifying businesses can stay in the...

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Mothballing your business assets

23/09/2020

Mothballing as used in a business sense is usually defined as to stop using a piece of equipment or process, and then storing and preserving mothballed assets for later use. Many business owners are now faced with marshalling their resources in this way. There is a temptation to sell off assets that are under-utilised due to the present...

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Where is the silver lining?

23/09/2020

It is really difficult to maintain a sense of equilibrium and optimism in these difficult times. Even if you can embrace the notion that everything changes, and they do, the present restrictions on our daily business and home lives seem all consuming and never ending. Where is the silver lining, the light at the end of the tunnel? An...

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Tax Diary October/November 2020

23/09/2020

1 October 2020 - Due date for Corporation Tax due for the year ended 31 December 2019. 19 October 2020 - PAYE and NIC deductions due for month ended 5 October 2020. (If you pay your tax electronically the due date is 22 October 2020.) 19 October 2020 - Filing deadline for the CIS300 monthly return for the month ended 5 October 2020....

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Furlough Scheme changes September 2020

17/09/2020

As our readers will no doubt be aware, the Coronavirus Job Retention Scheme (CJRS) is closing on 31 October 2020. The scheme moved to a more flexible working arrangement from 1 July 2020 to allow employees to resume part-time working and to begin to ease employers away from their reliance on the scheme. These changes continued with...

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Companies with a 31 December year end

17/09/2020

For companies with taxable profits of up to £1.5 million the payment of any Corporation Tax is due 9 months and 1 day after the end of your accounting period. The accounting period is usually the financial year of your business but can be different especially in the first year of business. This deadline means that companies with the...

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Working from home tax claim

17/09/2020

If you do not receive compensation from your employer you can still claim tax relief for some expenses that result from home working. HMRC will usually allow you to claim tax relief if you use your own money for things that you must buy for your job and you only use these items for work. You must make a claim within 4 years of the end of...

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Video-witnessed wills

17/09/2020

The Ministry of Justice (MoJ) has confirmed that video witnessed wills in England and Wales will be made legal during the coronavirus pandemic. The change in law to introduce this measure is due to come into force later this month - the reforms will be backdated to 31 January 2020 - the date of the first confirmed coronavirus case in the...

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VAT on compensation payments

17/09/2020

HMRC has published a new Revenue and Customs Brief on the VAT treatment of early termination fees and similar compensation payments following recent judgments of the Court of Justice of the European Union (CJEU). HMRC has said that this will impact anyone who charges their customers to withdraw from agreements to supply goods or...

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Relief for self-employed trading losses

17/09/2020

There are a number of tax reliefs available for self-employed taxpayers that make a loss carrying on their trade, profession or vocation (collectively referred to as a ‘trade’) and for their share of trading loss for any partnerships they are involved with. For the 2020-21 tax year, trade losses can be relieved in a number of ways. This...

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Carry Corporation Tax losses back

17/09/2020

Corporation Tax relief may be available where your company or organisation makes a trading loss. The loss may be used to claim relief from Corporation Tax by offsetting the loss against other gains or profits of the business in the same accounting period. Where the amount of a trading loss exceeds the profits of the same accounting...

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