Up-to-date articles, insights and news from our office and the wider accountancy industry. Learn how changes in tax regulations and working practices might be affecting you.
Expenses you can claim working from home. With the outbreak of coronavirus, many businesses have been advised to work from home if they can. For others, working at home has become a norm due to self-isolation or shielding measures as advised by NHS because they are at severe risk of illness or have an underlying
Mini Summer Budget 2020 Yesterday’s budget by the Chancellor of the Exchequer outlined plans to support, protect and create jobs. The government plans to do this by focusing on assisting workers to find work and gain experience, raising demand in the hospitality sectors and increasing infrastructural development to create more jobs. We have put together
The Bounce Back Loan was introduced by the government to help small businesses access financing easily during the Coronavirus. It is a 100% state backed loan where businesses and self employed workers can access up to £50,000 loan, and the first 12 months of its receipt, it is interest free and the business owners are
Self-employment Income Support Scheme The government introduced the Self-employment Income Support Scheme to help self-employed workers cope with the impact of Coronavirus on their businesses. The government has pledged to pay up to 80% of the average monthly trading profit to the maximum of £2500 per month over three months starting from March 2020,
Coronavirus Job Retention Scheme To help businesses cope with the effects of the coronavirus on businesses, the government introduced the Coronavirus Job Retention Scheme (Furlough). Here, instead of businesses letting go of staff, they are able to claim up to 80% of their employee’s gross salary from HMRC. The scheme will be closed to new
IR35 Private Sector Deferment As you may be aware that the government has now postponed the IR35 to the Private sector until next year in response to COVID-19. Close to the time, we would let you know if there are any further changes. For more information, please click the link below: https://www.gov.uk/government/news/off-payroll-working-rules-reforms-postponed-until-2021 The Government Support
Are you ready for the new VAT Reverse Charge for Construction Industry? The new domestic reverse charge being introduced From O1 October 2020., the aim is to prevent VAT fraud in the building and construction industry sectors. The changes will result in business making payment for construction services now responsible for self-accounting for VAT return.
Probate, Inheritance Tax and Residence Nil Rate Band Before submitting probate application to the probate office, Executor and personal representative of the deceased will have to complete Inheritance Tax return application forms to HMRC. When completing the Inheritance Tax Return application, you can claim relief on Residence Nil Rate Band (RNRB). RNRB was introduced by
Your IR35 position HMRC implemented new rules in April 2017. These changed how contractors were able to offset expenses against earnings to lower their tax exposure. Here, we summarise what this meant for people working in the public or private sector. IR35 and the Public Sector The IR35/public sector rules were enacted in the Finance Act
How to save tax on rental income with careful tax planning Whether letting out one property or a hundred, individuals operating a home rental business have to pay tax on rental income received. This is 20% for basic rate taxpayers, and 40% tax if you fall into the higher rate tax band. Furthermore, with recent changes