Tax Diary April/May 2020

1 April 2020 – Due date for Corporation Tax due for the year ended 30 June 2019. 19 April 2020 – PAYE and NIC deductions due for month ended 5 April 2020. (If you pay your tax electronically the due date is 22 April 2020). 19 April 2020 – Filing Read more…

Business rates changes

In England The government will increase the Business Rates retail discount to 100% for one year, expand it to the leisure and hospitality sectors and increase the rates discount for qualifying pubs to £5,000. Taken together with existing small business rate relief (which provides full relief for businesses using a Read more…

COVID-19 BUSINESS SUPPORT UPDATE

On Friday, the Chancellor went significantly further than in the history of this great county, with a series of unprecedented announcements in the Government’s support of businesses, employees and individuals. The range of measures for UK businesses is significant and now includes the following: a Coronavirus Job Retention Scheme deferring Read more…

Spring Budget 11 March 2020

In the face of Brexit uncertainties and the recent Coronavirus outbreak the new Chancellor, Rishi Sunak, was faced with falling economic indicators, the need to boost NHS services and was consequently limited in his options to spend on plans to improve business confidence and fund infrastructure projects. Interestingly, there were Read more…

Self-employed v Employed

Many employed persons are drawn to the idea of running their own business. This short article sets out a few of the pros and cons of this change in status. The advantages: One of the major advantages of being self-employed is the opportunity to secure more than one income stream. Read more…

Mis-selling of leasehold interests

The Competition and Marketing Authority has published information recently that points to evidence of potential mis-selling and unfair contract terms in the leasehold housing market. Their press release is reproduced below: As part of a probe into the industry, the Competition and Markets Authority (CMA) is concerned that leasehold homeowners Read more…

30 days or else

We have reported earlier this year that from 6 April 2020, residential property sales that are subject to capital gains tax will need to be reported to HMRC within 30 days of the sale. Any CGT due will also need to be paid in this 30 day period. Property sales Read more…

Tax Diary March/April 2020

1 March 2020 – Due date for Corporation Tax due for the year ended 31 May 2019. 2 March 2020 – Self assessment tax for 2019/19 paid after this date will incur a 5% surcharge. 19 March 2020 – PAYE and NIC deductions due for month ended 5 March 2020. Read more…