What is available? A second grant has been made available for eligible self-employment individuals after applications for the first self-employment grant closed in July 2020. Under this second grant scheme, self-employed individuals may be able to claim a cash grant of 70% of their average monthly profits over three tax years. This will be payable […]
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Coronavirus: Calculating the second self-employment grant
What is available? The second grant provides an amount of 70% of average monthly profits for 2016/17, 2017/18 and 2018/19. The grant covers three months’ worth of average profits. The maximum amount that can be claimed is £6,570. Profits must be less than £50,000 and more than half of total income for 2018/19, or for […]
How to sign up for Eat Out to Help Out
There’s a huge amount of information out there about the Eat Out to Help Out scheme, much of it confusing. Here’s a summary of what you actually need to know: What is it, am I eligible and how do I sign up? The scheme starts on 3 August, and you cannot offer the discount if […]
Stamp Duty Holiday
On 8th July 2020 Rishi Sunak announced a temporary stamp duty land tax holiday that will last until 31st March 2021. What do I need to know? This only applies to residential properties. This only applies in England and Northern Ireland; Scotland and Wales have their own versions of the tax which are not affected […]
Summer Economic Statement: 8 July 2020
Rishi Sunak has presented his newly named ‘Plan for Jobs’ today; we still await further details, but following is a summary of the main policies announced today. Employers and Employees Job retention bonus of £1,000 for employers for each furloughed employee remaining employed until January 2021. Employees must earn more than £520 per month to […]
Self-employment grant update
Original Grant Scheme This was announced towards the end of March and provides a grant of 80% of three-months average trading profits for those eligible to make a claim, capped at £7,500 in total For more details about this scheme and how to claim please see my blogs: Coronavirus: self employment grant and Coronavirus: calculating self employment grant […]
Furlough scheme updates
The Coronavirus Job Retention Scheme, better known as the furlough scheme, is changing from 1 July 2020. Although the scheme will remain in place until the end of October a number of key changes are being made: Withdrawal of scheme from new entrants From 1 July employers will only be able to furlough employees that […]
Coronavirus: calculating the self-employment grant
UPDATE: This first self employment grant scheme has now closed. For details of how to calculate the grant for the second scheme please see my blog Coronavirus: Calculating the second self-employment grant. What is available? A cash grant of 80% of average monthly profits for 2016/17, 2017/18 and 2018/19. Initially a grant will be available covering […]
Coronavirus: self employment grant
UPDATE: This first self employment grant scheme has now closed. For details of the second scheme please see my blog Coronavirus: Second self-employment grant. What is available? Self-employed individuals may be able to claim a cash grant of 80% of their average monthly profits over three tax years, up to £2,500 per month. The grant […]
Coronavirus support for the self-employed
UPDATE 15 APRIL 2020: HMRC have published more details about the grant and how average profits will be calculated. See Coronavirus: self employment grant and Coronavirus: calculating self employment grant The Chancellor has finally announced measures to financially support self-employed individuals through the Coronavirus crisis. Few details are available at the moment and we only […]
Coronavirus support for employers
Updated 26 March 9pm Also see Furlough Scheme Updates, published on 8 June 2020 Statutory Sick Pay Ordinarily employers cannot reclaim any statutory sick pay (SSP) paid to employees. Legislation is to be introduced to allow employers to reclaim up to two weeks SSP for each employee who has been off work due to the […]
Coronavirus support for businesses: help with tax payments
Updated 26 March 9pm HMRC are delaying the payment due date for some VAT and income tax payments: VAT All UK businesses can delay VAT payments falling due between 20 March 2020 and 30 June 2020. Businesses will then have until the end of their VAT financial year to settle these payments. For most businesses […]
Coronavirus support for businesses: loans
Business Interruption Loan Scheme From this week, UK businesses with a turnover of less than £45 million will be able to access a Coronavirus Business Interruption Loan Scheme, delivered by the British Business Bank. The government will provide lenders with an 80% guarantee on each loan and cover the first 12 months interest payments. In […]
Coronavirus support for retail, hospitality and leisure businesses: rates holiday and cash grants
12-month business rates holiday All retail, hospitality and leisure business in the UK will receive a business-rates holiday for the 2020 to 2021 tax year regardless of their size. The types of businesses that qualify is widely defined and would include those providing goods and services such as: Food shops – butchers, grocers etc Stationery […]
Do I have to fill in a Tax Return?
The answer to this is quite simple: if one is issued to you, then yes; if one is not issued to you, then no. Do I have to notify HMRC? You have an obligation to notify HMRC if you haven’t received a Tax Return but you do have a tax liability. This could be because: […]
Changes to Property Capital Gains Tax
Three changes to capital gains tax on residential property disposals are being introduced with effect from 6 April 2020 which could have a significant impact on the amount and timing of tax liabilities. Private residence relief At the moment, if you sell a property that’s been your main residence throughout your ownership then private residence […]
11 ways to reduce Inheritance Tax
Inheritance tax often seems to be Britain’s most hated tax, a reputation that may be a little harsh given that it is paid by less than 5% of estates each year. For those who are affected by inheritance tax (IHT) it is a serious issue as of course we would all like to leave as […]
Summary of the OTS Inheritance Tax report
The Office of Tax Simplification (OTS) report into simplifying the design of Inheritance Tax (IHT) makes for interesting reading, but at 107 pages it’s a long one! Here’s a bullet-point summary of the main points: Lifetime gifts Currently a donor must survive for seven years before a gift falls out of their estate for IHT. […]
Bitcoin
Bitcoin If you mine, or buy and sell Bitcoin or other cryptoassets you may be generating taxable income or capital gains which should be disclosed to H M Revenue & Customs. Income tax If you are mining Bitcoin, then the value of any Bitcoin that you successfully mine is subject to income tax, most likely […]
When is a time limit not a time limit?
A quirky capital allowance case with a surprising result. Businesses obtain tax relief for expenditure on capital assets such as machinery or office equipment by claiming capital allowances. In general, these claims must be made on a Tax Return and for companies, this means the time limit for making a claim is two years after […]
