Support for businesses paying tax: Time to Pay Service

UPDATED 22nd March “All businesses and self-employed people in financial distress, and with outstanding tax liabilities, may be eligible to receive support with their tax affairs through HMRC’s Time To Pay service. These arrangements are agreed on a case-by-case basis and are tailored to individual circumstances and liabilities. Eligibility You are eligible if your business:...

BUDGET 2020

Following the UK’s departure from the EU, Chancellor Rishi Sunak presented the 2020 Budget against a backdrop of economic uncertainty caused by the spread of the coronavirus.   Our Budget 2020 Summary provides an overview of the key announcements arising from the Chancellor’s speech. Measures for businesses include a capital gains tax reduction in the...

YEAR END PLANNING & USING YOUR ALLOWANCES

    YEAR END CGT PLANNING Have you used your 2019/20 £12,000 annual capital gains exemption? Consider selling shares where the gain is less than £12,000 before 6 April 2020. Also, if you have any worthless shares consider a negligible value claim to establish a capital loss. You may even be able to set off...

YET ANOTHER CHANCELLOR – BIG CHANGE IN THE BUDGET?

It will be nearly 18 months since the last Budget. In the meantime, we will have had three different chancellors following the unexpected resignation of Sajid Javid. The early years of a new Parliament are a good time to make radical changes. Many are predicting significant tax announcements on March 11th and big change in...

CHANGES TO DISGUISED REMUNERATION LOAN CHARGE

  The independent loan charge review, conducted by Sir Amyas Morse, was published on 20 December, having been delayed due to the general election.   The  loan charge was introduced to collect tax from individuals who had benefited from schemes devised to avoid PAYE and national insurance. The date that the loan was made to...

REVIEW OF OFF-PAYROLL WORKING RULES

  In January the government launched a four-week review of the changes to IR35 “off-payroll” working rules scheduled to come into force in April, as the result of mounting criticism about the way they will operate.   The review is scheduled to conclude by mid-February and will see the government hold a series of meetings...

CHANGES TO PAYING CGT ON RESIDENTIAL PROPERTY FROM 6 APRIL

  From 6 April 2020 there is a major change in the reporting and payment of CGT on residential property disposals.   From that date, it will be necessary to report the disposal of the property within 30 days of completion of the disposal and pay CGT on account to HMRC. This will be a...

WILL INHERITANCE TAX BE SIMPLIFIED?

  Another announcement to listen out for in the Spring Budget is whether the Chancellor acts on the recommendations of the Office of Tax Simplification (OTS) regarding inheritance tax (IHT).   As reported in an earlier blog post, the OTS suggested simplifying IHT on lifetime gifts including reducing the period of potential exemption from 7...

Sajid Javid confirms next Budget will be held on Wednesday 11th March 2020.

  The Chancellor of the Exchequer, Sajid Javid, announced that The Budget will take place on Wednesday 11 March 2020.   The Chancellor of the Exchequer, Sajid Javid, said: “People across the country have told us that they want change. We’ve listened and will now deliver.” “With this Budget we will unleash Britain’s potential –...

DON’T FORGET THERE MAY BE TAX TO PAY ON YOUR DIVIDENDS IN JANUARY

The rules for taxing dividends changed radically from 6 April 2016 with the removal of the 10% notional tax credit and the introduction of new rates of tax on dividends.   For many taxpayers that means more tax to pay on dividends on 31 January each year. If you are a higher rate taxpayer and...