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Tax

VAT: temporary reduced rates for tourism and hospitality-related activities

VAT: temporary reduced rates for tourism and hospitality-related activities As announced in the Government’s Economic Statement on 8 July 2020, the rate of VAT applied on most tourism and hospitality-related activities will be cut from 20% to 5%. The Government
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Tax

VAT registration in the UK – What is VAT registration?

VAT registration in the UK – What is VAT registration? What exactly is VAT registration? VAT registration in the UK is legally required when your taxable turnover is more than £85,000. Do I need to register for VAT? In the
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Personal, Tax

Tax Rates and Allowances

With changes in the tax system now an ever-present feature, our up-to-date experience is available to ensure clients” tax liabilities are planned to be at a minimum. The main changes announced for 2019/20 are: Personal allowance increases to £12,500 Basic-rate
Tax issues with crowdfunding explained (questions and answers)
Tax

Tax issues with crowdfunding explained (questions and answers)

Crowdfunding tax issues explained (questions & answers) Questions My limited company client’s normal business activity is the design, build and installation of seasonal in-store displays for retailers. They are unable to work in this field because of the Covid-19 restrictions.
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Tax

Step-by-step navs on importing and exporting from 1 January 2021

Step-by-step navs on importing and exporting from 1 January 2021 HMRC have launched two step-by-step navs to help businesses prepare to import and export goods to and from Great Britain from 1 January 2021. The navs are: • Prepare to
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Tax

Significant lack of awareness around gifting rules for IHT

A new report published by the National Centre for Social Research (NatCen) and the Institute for Fiscal Studies (IFS) has revealed a worrying lack of awareness about the Inheritance Tax (IHT) benefits of making a gift. Its study found that
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Personal

Separation and divorce

Allowances The married couple’s allowance is only available to couples in which at least one spouse or civil partner was born before 6 April 1935. The allowance will cease at the end of the tax year in which separation occurs.
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Tax

Second Self-Employment Income Support Scheme (SEISS) claim opens.

Second Self-Employment Income Support Scheme (SEISS) claim opens. Despite government claims that 2.7 million self-employed workers have benefited from £7.8 billion in SEISS grants, support is still not available for those that fall through the cracks. The government today (17
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Tax

Making Tax Digital to be extended

Making Tax Digital to be extended HMRC’s Making Tax Digital programme is to be gradually extended. At present, businesses above the VAT threshold of £85,000 are covered by the system, which requires them to keep digital records and provide VAT
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Tax

HMRC update UK-Austria double tax treaty information

CJRS claims guidance for employers updated HMRC have updated their guidance on claims under the Coronavirus Job Retention Scheme (CJRS) to highlight that from 25 August 2020, files uploaded to claim a grant containing the details of 100 or more
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Tax

HMRC update post-Brexit import declaration guidance

HMRC update post-Brexit import declaration guidance HMRC have updated their guidance on declaring goods brought into Great Britain from the EU from 1 January 2021. The guidance has been updated to clarify that authorisation to make simplified declarations for imports
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Tax

HMRC update negligible value claims and agreements guidance

HMRC update negligible value claims and agreements guidance HMRC have updated their guidance on negligible value claims and agreements for capital gains tax purposes. The date in the section ‘Negligible value agreements and claims for previously quoted companies’ has been