Suggested reimbursement rates for employees' private mileage using their company car from 01/09/20

Legislation for this change is included in Finance Act 2020 which also states that the benefit will be 1% of list price in 2021/22 and then 2% in 2022/23.

Half a million businesses who deferred their VAT bills will be given more breathing space through the New Payment Scheme.

Class 2 National Insurance Contributions (NICs) are currently paid at the rate of £3.05 per week by self-employed earners.

A recent tax tribunal has ruled against HMRC who were seeking to raise tax assessments for the High Income Child Benefit Charge (HICBC) for earlier years that had not been reported to HMRC.

There has been a lot of speculation in the Press that the Chancellor may introduce radical changes to capital gains tax to stat to repay the substantial Government borrowings…

Since 6 April 2020 where UK residential property is disposed of, the resulting capital gain needs to be reported and the capital gains tax paid within 30 days of completion of the disposal.

Thus, the rate of SDLT on a second home costing up to £500,000 is now 3%. Previously, the rate was 3% up to £125,000, then 5% up to £250,000 and then 8% up to £825,000.

Residential properties purchased between 8 July 2020 to 31 March 2021: only start to pay SDLT on the amount that you pay for the property above £500,000.

HMRC announced that they may allow limited companies to make claims for loss relief and tax refunds even though the current accounting period has not yet ended

Discretionary Grant Fund supports small and micro businesses that are not eligible for other grant schemes opened on the 8 June.

Despite the coronavirus lockdown HMRC have announced that they will still expect P11d forms reporting expenses and benefits to be submitted by the normal 6 July deadline.

A new system for reporting CGT on property disposal and payment on account was introduced for residential property disposals by UK resident taxpayers from 6 April 2020.

The latest Finance Bill includes important changes to CGT private residence relief that took effect from 6 April 2020.

There's rumours pension tax relief will change in the Budget, more likely as the new Government looks for additional tax revenue.