The government has announced a one-year delay to controversial changes to IR35 due to the coronavirus pandemic. This gives businesses a further year to make the necessary changes. HMRC’s Announcement about IR35 changes: Changes to the off-payroll working regime will not take effect until April 2021 due to the coronavirus pandemic, HMRC confirms. In light...
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HMRC has recently announced changes to Capital Gains Tax payment for UK property sales. HMRC have reminded property owners who are selling a residential property in the UK about important deadline changes when paying Capital Gains Tax. The deadlines for paying CGT after selling property are changing from 6 April 2020. Property owners should understand...
Chancellor Rishi Sunak announced a cut in lifetime limit on entrepreneurs’ relief from £10m to £1m. This relief on capital gains tax (CGT) costs the Treasury £ 2.6bn an entrepreneurs’ year. Entrepreneurs’ relief, a tax break mostly benefits wealthy business owners. Rishi Sunak significantly scaled back the relief, which halves the capital gains tax paid...
New Chancellor, Sunak, has announced exceptional measures to support businesses and individuals who might suffer due to coronavirus outbreak in his first Budget a day ago. Undoubtedly, this was a coronavirus Budget, but it was also a post-Brexit Budget. He promised this Budget would help hard-working families keep more of their money. However, these measures...
The first Budget of UK’s Government as a non-EU state is just a day away. The new chancellor Rishi Sunak will deliver the financial statement on March 11. What are the expectations from The Budget 2020? Cash Protection Mr Sunak will commit to enshrining cash’s protection in law. So,Treasury will begin talks with industry and...
The UK’s new Chancellor, Rishi Sunak, guarantees that HMRC will not be “heavy-handed” in pushing its IR35 tax reforms. According to HMRC “Customers will not have to pay penalties for errors relating to off-payroll in the first year, except in cases of deliberate non-compliance”. Sunak has offered reassurance to contractors that HMRC will ensure a...
Non-Resident Landlords (companies) will start paying corporation tax rather than income tax on their profits from 6 April 2020. HMRC has released new guidance concerning this change. Key points to note from the guidance are that: HMRC is automatically registering non-resident landlords for corporation tax and issuing a corporation tax unique taxpayer reference (UTR). Companies should...
What is Let Property Campaign? HMRC’s Let Property Campaign gives an opportunity to landlords to bring their tax affairs up to date.Let property campaign is basically for the property landlords who have failed to disclose rental income. Let property campaign:A Voluntary disclosure: The landlords are supposed to tell HM Revenue and Customs (HMRC) about...
IR35 self-employed tax reforms may damage the U.K’s economy HM Revenue and Customs announced a slight delay to IR35 off-payroll working rule reforms. What is IR35? IR35 refers to the United Kingdom’s anti-avoidance tax legislation designed to tax disguised employment at a rate similar to employment. IR35 self-employed tax changes will come into effect...
BDO has recently revealed the football finance directors report for the year 2019. This accountancy firm interviewed the football finance directors to better understand the financial health and operations of football clubs across the English football leagues. This report also gives an insight into the top priorities and concerns of these football clubs. Moreover,...
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