When moving into self-employment, many people take the route of working through a limited company, rather than becoming a sole-trader. One of the main reasons for this choice is liability. Sole traders are their own business, and therefore they are personally responsible for any outstanding debts. Limited companies are separate legal entities, and the business… Read more…

Taxpayers who have received CJRS or SEISS grants are urged to doublecheck their entitlement as the 90 day period to inform HMRC of any overclaimed amounts is now law. Finance Act 2020 includes legislation that the Coronavirus Job Retention Scheme (CJRS), Self-employment Income Support Scheme (SEISS), Coronavirus Statutory Sick Pay Rebate Scheme and coronavirus business… Read more…

Chancellor Rishi Sunak has asked the Office of Tax Simplification (OTS) to carry out a thorough review of capital gains tax (CGT). In a letter to the OTS, the Chancellor requested that the independent office review CGT and aspects of the taxation of chargeable gains in regard to individuals and small businesses. Mr Sunak requested… Read more…

On 27 July, the Welsh government reduced the rate of Land Transaction Tax (LTT) following the cuts made to SDLT and LTT across the rest of the UK. LTT is payable by the purchaser of residential or non-residential property occurring in Wales. From 27 July 2020, the starting threshold for residential LTT rose from £180,000… Read more…

On 15 July, the Scottish government reduced the rate of Land and Buildings Transaction Tax (LBTT) following a similar reduction to the rate of residential Stamp Duty Land Tax (SDLT) announced by Chancellor Rishi Sunak in the recent Summer Economic Update. LBTT is payable by the purchaser in a land transaction occurring in Scotland. SDLT… Read more…

On 1 August, the government’s Eat Out to Help Out scheme began operating at eateries across the country. The scheme was announced by Chancellor Rishi Sunak in his Summer Economic Update. It provides a 50% reduction of up to £10, for sit-down meals in participating cafes, restaurants and pubs across the UK from Monday to… Read more…

The government has published a call for evidence on the overhaul of the business rates system that applies in England. The government announced at the 2020 Budget in March that it would conduct a review of the business rates system in England. It is seeking views from businesses, business representative organisations, local authorities, rating agents,… Read more…

On 21 July, the Treasury set out the next steps in its plan to extend Making Tax Digital (MTD) to all businesses and those taxpayers that file self assessment returns. Currently, businesses above the VAT threshold of £85,000 are required to comply with Making Tax Digital for VAT (MTD for VAT). From April 2022, the… Read more…

HMRC has outlined the eligibility requirements for the Job Retention Bonus (JRB) that follows the furlough scheme as part of the government’s measures to support the economy through the COVID-19 lockdown. The government’s Coronavirus Job Retention Scheme ends on 31 October 2020 and the JRB aims to provide additional support to employers who keep on… Read more…

Completing your tax return can be a complex and time-consuming process. It’s for this reason why many individuals choose to employ the help of an experienced accountant. However, even with the help of an accountant, there are specific documents, records and evidence that must be collected by the company owner, throughout the working year. Your… Read more…