Latest Business Tax

24th September 2020 Corporation Tax due soon: Not necessarily.

Companies with 31 December 2019 year ends will be due to pay their corporation tax on 1 October 2020. If that company is expecting to suffer a loss during the 2020 financial year, perhaps due to COVID-19 related reasons, it should be possible to carry that loss back one year and claim a refund of…

Read More »

28th August 2020 Contactless Payment and VAT – What documentary evidence do you need to reclaim VAT?

When it comes to knowing what paperwork is required to successfully reclaim VAT on expenditure, there can be some confusion, especially in these times of ever increasing electronic and paperless transactions. HMRC’s VAT guidance says you must have the appropriate documentary evidence in order to support a VAT claim. But what is appropriate? In this…

Read More »

10th August 2020 Covid-19 – VAT complexity of Eat Out to Help Out Scheme

  From 3 to 31 August 2020 businesses that offer a discount under the The Eat Out to Help Out Scheme are able to claim the discounted amount back from the Government.   Whilst on the face of it you might expect VAT only to be payable on the discounted amount, in-fact VAT is payable…

Read More »

9th July 2020 VAT savings for the hospitality and tourism industries

As part of the Government’s measures to try to stimulate the economy, the Chancellor has announced a reduction in the rate of VAT payable by the hospitality and tourism industries.   From 15‌‌‌ ‌July 2020 until 12‌‌‌ ‌January 2021, the rate of VAT will be reduced to 5% on any eat-in or hot takeaway food…

Read More »

8th June 2020 COVID-19: Missed VAT Deferral – Opportunity to claim refund

In March 2020 HMRC announced that businesses had the option to defer VAT payments falling due between 20 March 2020 and 30 June 2020 until 31 March 2021.  An important step in taking  advantage of this easement is to cancel your Direct Debit.  Where you have failed to do this and your VAT payment has…

Read More »

20th April 2020 COVID-19: Capital Gains Tax (CGT) 30 day reporting changes

When UK resident individuals, trustees and personal representatives dispose of residential property it is important to be aware of the Capital Gains Tax (CGT) reporting changes now with us where the unconditional contract is signed after 6 April 2020, usually this is the date of exchange.   Generally a return in respect of such a…

Read More »

17th April 2020 COVID-19: July POAs

With an increasing pressure on the government to provide financial support to UK taxpayers during the COVID-19 pandemic, amongst other proposals, the government announced the option for taxpayers to defer the payment of their second payment on account for 2019/20. Provided the required payment is made before 31 January 2021, no interest charges will be…

Read More »

14th April 2020 Home Working: What expenses can employees reclaim?

As a consequence of the Covid-19 lock down, most employees who are able to work from home, and who have not been furloughed, are now working from their private study, spare bedroom, dining room table, etc. So what home expenses can these employees reclaim, tax free, from their employer:   Supply of a mobile phone…

Read More »

7th April 2020 COVID-19 – Furlough for IR35 Workers in the Public Sector

The Government has issued guidance notes to clarify the extent to which the Furloughing arrangements can be offered to all public sector workers including contingent workers being paid under PAYE, through an umbrella or their own personal service company.  This means that the scheme can be offered to those individuals who:   work through a…

Read More »

30th March 2020 Coronavirus Related VAT Deferral: Cancel DD with Bank

It is fairly well publicised now that as part of the Government’s financial support package for businesses during this Coronavirus outbreak, these businesses can, if they wish, defer their next VAT payment(s) (those due between 20 March and 30 June 2020). Interest and penalties will not be charged on such a deferral. What was not…

Read More »