HM Revenue & Customs (HMRC) has received more than 50,000 claims for tax relief for working from home since opening a new online portal on 1 October. Since the start of the current tax year on 6 April 2020, employers have been permitted to pay employees up to £6 a week in respect of the […]
IFS predicts tax rises of more than £40 billion a year by the middle of the decade
The Institute for Fiscal Studies (IFS) has predicted that taxes will need to rise by more than £40 billion a year by the middle of the decade to prevent Government debt from growing out of control. The widely-respected think tank issued the warning following the news that the Government’s Coronavirus response has cost more than […]
VAT after the Brexit transition
VAT is complex at the best of times, but the latest guidance on the Brexit transition makes the process of accounting for VAT on imports and services to and from the EU even more difficult, which is why we have summarised the main points for you. Import VAT Goods that move into the UK from […]
Government outlines new R&D tax relief PAYE cap
New draft legislation has been released by the Government that will look to introduce a PAYE cap on R&D tax credit claims. The cap was first announced in the 2018 Budget to prevent abuse of the R&D tax credit SME (small to medium-sized enterprise) scheme. Under the original proposal, the amount of payable tax credit […]
Temporary Annual Investment Allowance extended to January 2022
The temporary £1 million increase to the Annual Investment Allowance (AIA) has now been extended until 1 January 2022 to help businesses invest, the Government has announced. The increase to the AIA, which saw relief rise from £200,000 to £1 million for two years from 1 January 2019, was originally due to end in January […]
Official report recommends significant increases in Capital Gains Tax
The Office for Tax Simplification (OTS) has released a new report that recommends ministers consider bringing rates of Capital Gains Tax (CGT) in line with Income Tax or consider addressing ‘boundary issues’ between CGT and Income Tax. The extensive report, intended to simplify and improve the CGT system, also recommends: Wide-ranging reductions in reliefs and […]
Tax breaks for virtual staff parties and festive gifts
If you are planning on spreading some festive cheer for your employees through a virtual staff party this winter, you will need to be aware of the potential tax implications.
Business recovery planning: dealing with disruption
Disruption can be unforeseen and out of our control, and the coronavirus pandemic is a prime example of this. Many businesses have been significantly affected by the impact of the virus and the Government’s measures and the impact of exit from the EU single market are still unknown. Many businesses can face ‘disruption’, and there […]
Furlough scheme update – Publication of claims and employees serving notice
HM Revenue & Customs (HMRC) has confirmed that employees serving notice cannot be claimed for from the Coronavirus Job Retention Scheme (CJRS) from 1 December 2020 onwards. It has also confirmed further details of plans to disclose details of claims made by employers from December onwards. Notice periods The change means employers cannot claim furlough […]