Blog
All the latest changes to tax legislation- important tax dates and deadlines, Help-Sheets on managing your personal finances, business news & opinion, as well as updates on what’s happening at Rawcliffe’s.
Returning From Furlough
As employees begin returning from furlough, business owners and managers need to consider both the practical and emotional aspects of returning to “normal”
High Income Child Benefit Charges
A recent tax tribunal has ruled against HMRC who were seeking to raise tax assessments for the High Income Child Benefit Charge (HICBC) for earlier years that had not been reported to HMRC.
Rumours of CGT Increaases
There has been a lot of speculation in the Press that the Chancellor may introduce radical changes to capital gains tax to stat to repay the substantial Government borrowings…
Reporting Property Gains Within 30 Days
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.
Buy-to-Let Landlords Welcome SDLT Cut
Thus, the rate of SDLT on a second home costing up to £500,000 is now 3%. Previously, the rate was 3% up to £125,000, then 5% up to £250,000 and then 8% up to £825,000.
More Details on Hospitality VAT Reduction
When the Chancellor announced a temporary cut in the rate of VAT for the hospitality sector in his Summer Statement on 8 July there were some areas that needed clarification.
New Plans for UK Internal Trade
From 1 January 2021, powers in at least 70 policy areas previously exercised at an EU level will flow directly to the devolved administrations in Edinburgh, Cardiff, and Belfast for the first time.
Voluntary Strike Off Process
In March 2020, CH introduced temporary easement measures to suspend voluntary strike off action in response to coronavirus (COVID-19); they have reviewed these measures each month.
Register for Eat Out To Help Out
Establishments serving food for on-premises consumption can now sign up to a new government initiative aimed at encouraging people to safely return to dining out.
CJRS: Claiming for Non Employees
From 1st July “Flexible Furlough” was introduced and the calculations and time recording of full-time, part-time and fully furloughed employees has become more complicated.
VAT – Reduced Rate of 5%
The government made an announcement on 8 July 2020 allowing VAT registered businesses to apply a temporary 5% reduced rate of VAT to certain supplies.
Residential Rates 07/20 to 03/21
Residential properties purchased between 8 July 2020 to 31 March 2021: only start to pay SDLT on the amount that you pay for the property above £500,000.
The Green Homes Grant
Grant introduced September which will provide at least £2 for every £1 homeowners and landlords spend to make their homes more energy efficient, up to £5,000 per household.
Summer Economic Update 2020
Chancellor Rishi Sunak presented the Summer Economic Update against a backdrop of economic uncertainty caused by coronavirus (COVID-19) lockdown.
“Flexible Furlough” started 1st July
From 1 July the new CJRS “Flexible furlough” grant scheme started, which allows employers to gradually bring their furloughed employees back to work part-time.
Second SEISS Grants paid in August
The eligibility criteria remain broadly the same as the first grant claim. Self-employed profits in 2018/19 must not exceed £50,000 and must be more than 50% of your total income.
HMRC May Allow Tax Refunds for Anticipated Losses
HMRC announced that they may allow limited companies to make claims for loss relief and tax refunds even though the current accounting period has not yet ended
UK- Relaxed Rules To Help Businesses during COVID-19
The Department for Business, Energy & Industrial Strategy have published a list of the rules that have been temporarily relaxed…