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New redundancy protections for furloughed employees
29/07/2020 - More...
The government has unveiled an important new law that will protect furloughed workers who are made redundant. This will ensure that any employee who was furloughed under the Coronavirus Job Retention Scheme (CJRS) will receive their full basic statutory redundancy entitlement. This amount will be based on their normal wages, rather than

£50 bike repair voucher scheme launched
28/07/2020 - More...
The government has launched a new scheme - open to anyone in England - with a bike in need of repair. The Fix your Bike Voucher Scheme is a new initiative that has been championed by the Prime Minister, Boris Johnson, to help fix old bikes by offering a £50 bike repair voucher towards the total cost of repairs needed. The scheme

How elastic is demand for your products?
28/07/2020 - More...
Many will remember the empty shelves in supermarkets when lock-down commenced March 2020. In particular, the absence of toilet rolls… Compare this with supplies of TVs and other luxury goods where there was no noticeable absence of supply. These examples point to a basic economic theory; that a product with few substitutes

Business rates review
27/07/2020 - More...
The government has confirmed that the next business rates revaluation in England will be postponed until April 2023. The government has previously announced that the revaluation that was due in 2021 would be delayed due to the coronavirus pandemic but no date had been announced. The revaluation in April 2023 will be based on property

Beware £5,000 company fine
27/07/2020 - More...
As well as filing accounts with Companies House, there is an important requirement to check that the information Companies House has about your company is correct every year. This is facilitated by the filing of an annual company confirmation statement. The confirmation statement was introduced in June 2016 and replaced the annual return.

Customs declarations for exporters of goods from 1 January 2021
27/07/2020 - More...
The Brexit transition period is due to end 31 December 2020. The UK and EU have agreed there will not be any further extensions, although with the COVID-19 outbreak nothing appears certain. As things currently stand, no formal trade deal has been reached with the EU. Consequently, it seems likely that the process for exporting goods to

Are you due a tax refund?
27/07/2020 - More...
HMRC’s annual reconciliation of PAYE for the tax year 2019-20 is well under way. HMRC uses salary and pension information to calculate if you have paid the correct amount of tax. The calculation is usually generated automatically by HMRC’s computer systems on what is known as a P800 form. P800 forms are sent out from the end

New measures to tackle promotion of tax avoidance
27/07/2020 - More...
HMRC has published a series of a consultations together with details of proposed legislative changes to existing anti-avoidance regimes to strengthen HMRC’s ability to further clamp down on the market for tax avoidance. The proposals include: ensuring HMRC can effectively issue stop notices to promoters, under the Promoters of

HMRC to gain new civil information powers
27/07/2020 - More...
A new measure that will provide HMRC with additional civil information powers is expected to take effect when the Finance Bill 2020-21 receives Royal Assent. The new measure known as a Financial Institution Notice (FIN) will be used to require financial institutions to provide information to HMRC, when requested, about a specific taxpayer

VAT option-to-tax changes extended
27/07/2020 - More...
To accommodate coronavirus disruption HMRC temporarily changed the time limit from 30 to 90 days for notifying a VAT option-to-tax for land and buildings. This extension was set to expire on 30 June 2020 but has been extended to 31 October 2020. The option to tax rules allows businesses to make an election to standard rate the supply of

What are the maximum weekly working hours?
27/07/2020 - More...
There are working time limits that state the legal maximum weekly working hours that a person has to work. They should not exceed 48 hours a week on average. The maximum hours for under 18’s is fixed at no more than 8 hours a day or 40 hours a week. The average working hours are calculated over a 17-week period and includes

Why do customers buy from you?
27/07/2020 - More...
This may seem to be an odd question. They buy because you offer what they want at the right price? But is that the only consideration? For faceless organisations like the larger online retailers, customers benefit from the huge range of goods on offer, easy payment options and reviews from previous buyers. Competing on these terms is

Tax Diary August/September 2020
25/07/2020 - More...
1 August 2020 - Due date for Corporation Tax due for the year ended 31 October 2019. 19 August 2020 - PAYE and NIC deductions due for month ended 5 August 2020. (If you pay your tax electronically the due date is 22 August 2020) 19 August 2020 - Filing deadline for the CIS300 monthly return for the month ended 5 August 2020. 19 August

HMRC reminder that you can defer tax
21/07/2020 - More...
HMRC has issued a press release to remind Self-Assessment taxpayers of the opportunity to defer Income Tax payments due on 31 July 2020. This opportunity is available to taxpayers due to make their second payment on account for the 2019-20 tax year that is ordinarily due at the end of this month. Taxpayers who take up this offer will see

Final reminder to renew tax credit awards
21/07/2020 - More...
Friday 31 July 2020 is the deadline day for families and individuals that receive tax credits to tell HMRC about any changes to their financial circumstances. As in previous years, there is likely to be a huge last-minute rush and it may be difficult to contact HMRC by phone. Claims can be renewed by post, phone or online. Once the

Theatres can reopen from 1 August 2020
21/07/2020 - More...
The Prime Minister, Boris Johnson, has announced the gradual reopening of indoor theatres and other live performance venues from 1 August 2020. The venues will need to follow strict social distancing measures and perform to a limited audience. This announcement marks the move to stage 4 of the government’s 5-stage road map for the

Eat Out to Help Out scheme
21/07/2020 - More...
The Eat Out to Help Out scheme to help encourage the struggling restaurant sector was announced as part of the Chancellor’s Summer Economic Update earlier this month. The scheme is designed to help restaurants recover from the effects of the lockdown. The scheme officially launches on 3 August 2020 and will be available every

Making Tax Digital next steps
21/07/2020 - More...
HM Treasury has confirmed the extension of Making Tax Digital (MTD) to cover businesses with a turnover below the VAT threshold and for certain individuals who file Income Tax Self-Assessment tax returns. This announcement provides much-needed clarity of the way forward for this scheme. MTD started in April 2019 (for VAT purposes only)

Students working summer jobs
21/07/2020 - More...
We would like to remind students that work part time, for example in a summer job, that they are entitled to claim back any tax overpaid. Students (and other temporary workers) are not required to pay any Income Tax if their earnings are below the tax-free personal allowance, currently £12,500. However, employers are required to

Review of CGT on the cards?
21/07/2020 - More...
The Chancellor, Rishi Sunak has written to the OTS (Office of Tax Simplification), asking the OTS to undertake a review of Capital Gains Tax (CGT) and aspects of the taxation of chargeable gains in relation to individuals and smaller businesses. In response to the request, the OTS has published a scoping document for the review, together

Local authorities to receive £500m additional support
21/07/2020 - More...
The government has confirmed allocations for individual councils in England from the £500 million of additional support for Coronavirus-related spending pressures. This further injection sees a total of £4.3 billion in direct funding to councils to help with issues caused by the Coronavirus pandemic. The money is being

Who pays Inheritance Tax?
21/07/2020 - More...
Inheritance Tax (IHT) is levied on a person’s estate when they die and can also be payable during a person’s lifetime on certain trusts and gifts. The rate of Inheritance Tax payable is 40% on death and 20% on lifetime gifts. IHT is payable at a reduced rate on some assets if an individual leaves 10% or more of the 'net

Draft legislation published for Finance Bill 2020-21
21/07/2020 - More...
The government has published the draft legislation for Finance Bill 2020-21, along with accompanying explanatory notes, tax information and impact notes. The consultation on draft clauses is intended to make sure that the legislation works as intended. The consultation will close on 15 September 2020. The Finance Bill will contain the

Trading online
19/07/2020 - More...
High Street retailers will have watched with dismay as competitors take their market share – not by businesses in their local business community – but globally, as consumers in the UK switch their attention from shopping trips to online retailers. In the coming months, and perhaps longer term, footfall is unlikely to increase

Latest News

New redundancy protections for furloughed employees
29/07/2020 - More...
The government has unveiled an important new law that will protect furloughed workers who are made redundant. This will

£50 bike repair voucher scheme launched
28/07/2020 - More...
The government has launched a new scheme - open to anyone in England - with a bike in need of repair. The Fix your Bike

How elastic is demand for your products?
28/07/2020 - More...
Many will remember the empty shelves in supermarkets when lock-down commenced March 2020. In particular, the absence of