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We now have further details of the operation of the extension of Coronavirus Job Retention Scheme “furlough” grant that will apply from 1 November 2020 through to the end of March 2021.
Have you thought about a virtual Christmas party for your business? This year, all face to face meetings and events have been replaced by virtual meetings and events
Please see below for the diary of main tax events November/December 2020. As always, if you need help to reach these deadlines
The government will provide a voucher up to £5,000 that covers up to two-thirds of the cost of energy efficiency and low carbon heat improvements to your home. See which improvements are included in the scheme below.
If you sold your property after 6 April 2020 you must report and pay Capital Gains Tax within 30 days of selling property in the UK. You may have to pay interest and a penalty if you do not report gains on property within the time limit.
2018/19 tax returns can be amended by the taxpayer up until 31 January 2021. Where the omitted property income or gain relates to earlier tax years the taxpayer should consider disclosing using HMRC’s let property campaign.
In the March 2021 Budget, it was announced that CGT Entrepreneurs’ relief (ER) was replaced by CGT Business Asset Disposal relief (BADR) for disposals on or after 11 March 2020.
Those taxpayers who may have difficulty paying the tax due under self-assessment on 31 January 2021 can agree more time to pay with HMRC provided the amount outstanding is no more than £30,000.
You may have seen in the newspapers that Airbnb will share data with HMRC about the earnings of hosts (those who let out property) on its UK platform in the years 2017/18 and 2018/19.
A further update again for those who are self-employed – the next self-employed income support grant will increase from 55% to 80% of average profits – up to £7,500, covering November 2020 to January 2021. This is a new announcement made yesterday by the Chancellor.
Good news for the self-employed – the government announced yesterday it will increase support over the coming months with a Support Scheme Grant Extension. Please read below for more information.
With many of us now working remotely from home, making video conference calls, uploading documents and conducting business online, how can firms ensure that their data and systems are secure?
The Self-Employment Income Support Scheme (SEISS) is designed to provide support for self-employed individuals whose businesses have been adversely affected as a result of the coronavirus pandemic. The government is providing up to four taxable grants to those who meet the eligibility conditions. Claims for the first grant are now closed. If you want to claim the second grant you must make your claim on or before 19 October 2020.You need to consider whether your business has been adversely (negatively) affected before you apply for the SEISS grants. You need to confirm that your business has been adversely affected as part of the claim process.
Diary of main tax events October / November 2020 – 1/10: Corporation tax for year to 31/12/19, unless quarterly instalments apply
This scheme is for lower income earners who cannot work from home and have lost income as a result. This is an NHS Test and Trace Support payment of £500 and applies to employees who are required to self-isolate.
Advisory fuel rates: These are the suggested reimbursement rates for employees’ private mileage using their company car from 1 September 2020. Where there has been a change the previous rate is shown in brackets.
Considering an electric company car? There is currently a zero P11d benefit for the drivers of electric cars in 2020/21. The 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.
Leaving the European Union: The United Kingdom leaves the European Union at 11pm on 31 December 2020 when the transitional period ends. It is still unclear whether a trade deal will have been agreed with the EU by that date, and such an agreement is looking increasingly unlikely.
The Chancellor has announced a new 6 month Job Support Scheme to help businesses and employees survive the winter months. We are still awaiting full details of the scheme that will replace the current “flexible furlough” scheme but the main features are as follows:-
In the current challenging trading environment, many firms are asking more and more of their team. As such, having an effective reward strategy has never been more important.
Virtual meetings: Over the course of the past few months, we have all had to adapt to working remotely. Despite lockdown restrictions, many businesses have found ways to move their operations online, with all staff working remotely.