Over the weekend, Prime Minister Boris Johnson announced a second lockdown and with it, further economic help for those affected by Covid-19. In summary: Help for businesses Furlough extension The Coronavirus Job Retention Scheme (CJRS or more commonly the Furlough scheme) is extended until December and will mirror amounts available in August. The Job Support Scheme which was due to … Read More
Why is HMRC investigating more IHT-paying estates?
The tax year 2019/20 saw a significant rise in HMRC queries into IHT-paying estates, with one quarter of estates under investigation. The average IHT yield rose to £50,000 with a total of £274m recovered during the year. This represents a significant increase in IHT investigations and comes after years of lobbying for simplification of this notoriously complex area of tax. … Read More
The Winter Economy Plan – further help announced
Help beyond furlough – the ‘Winter Economy Plan’ Last week Chancellor Rishi Sunak delivered his Winter Economy Plan, outlining financial help for businesses and individuals for the months ahead. (Note the Autumn Budget has been postponed to early 2021) The key measures are outlined below: Furlough’s replacement – the ‘Job Support Scheme’ The furlough scheme winds down at the end … Read More
Small Business Recovery Grant – claim by 18 Sep ’20
Small Business Recovery Grants worth up to £5,000 Depending on location, Government has made available £20m in extra grant funding for small and medium sized businesses worth between £1,000 & £5,000. The non-contributory grant is aimed at smaller businesses in England to help them recover from the effects of the coronavirus pandemic. Eligible applicants will use the funding to adapt … Read More
Advisory fuel rates from 1 September 2020
The advisory fuel rates for claiming back mileage in a company car from 1 September 2020 are as follows: Engine size Petrol – amount per mile LPG – amount per mile 1400cc or less 10 pence 7 pence … Read More
Why deferring your second tax payment on account may be a bad idea
Deferral of second payment on account for those affected by Covid-19 Back in March, Chancellor Rishi Sunak announced that he was deferring the second tax payment on account to January 2021 for those affected by Covid-19. Most taxpayers within the Self-Assessment system (SA) pay tax in two instalments known as ‘payments on account’ (‘POA’), the first due in July following … Read More
What the mini Budget means for you & what it should have included
VAT, Stamp Duty and the Job Retention Bonus – what the ‘mini Budget’ means for you In last week’s ‘mini Budget’ Chancellor Rishi Sunak unveiled further help to kick start the UK economy which included cuts to VAT and Stamp Duty. Here’s what the changes mean for you and what we think of them: VAT – The rate of VAT … Read More
Refund claims for overpaid IHT more than double
One of the effects of the Covid-19 pandemic is the fall in value of investments, particularly shares and property. Executors and beneficiaries dealing with the estates of the recently deceased have been particularly affected as IHT is based on the value of the estate at death, not on sale of the assets. Many taxpayers who paid Inheritance Tax (IHT) on … Read More
Advisory fuel rates from 1 June 2020
The advisory fuel rates for claiming back mileage in a company car from 1 June 2020 are as follows: Engine size Petrol – amount per mile LPG – amount per mile 1400cc or less 10 pence 6 pence … Read More
P11D forms are due in July
Now that the 2019-20 tax year has come to an end, expenses and benefits forms P11D need to be completed for each employee and director who received expenses and benefits during the 2019-20 tax year, and the overall amount of Class 1A National Insurance contributions (NICs) has to be declared and paid by the employer. All these forms must be … Read More