Tag Archives: Budget 2020

Business Asset Disposal Relief (BADR)/ Entrepreneurs’ Relief (ER)

Business Asset Disposal Relief (BADR) previously known as Entrepreneurs’ Relief (ER)   Business Asset Disposal Relief was known as Entrepreneurs’ Relief before 6 April 2020.   BADR/ER provides a beneficial 10% Capital Gain Tax rate on the first £1 million of eligible gains per individual (which is tested on a lifetime basis). The Budget 2020 […]

Coronavirus Statutory Sick Pay Rebate Scheme is ready to launch

The government is ready to launch an online service (portal) for employers to claim under the Coronavirus Statutory Sick Pay Rebate Scheme. Under the scheme, employers can claim the payments they have made to their employees during the coronavirus (COVID-19) pandemic. The portal for claiming under the SSP rebate scheme will open on 26 May. […]

No Late Filing Penalties for CGT Payment

HMRC has confirmed it will not charge late filing penalties for capital gains tax (CGT) payment on disposals of UK residential property by UK residents made by 31 July 2020. The announcement came in a question and answer factsheet shared with ICAEW’s Tax Faculty. The gov.uk has not published the information yet but HMRC has […]

Making Tax Digital for VAT

HMRC has revealed guidance to check when a business must follow the rules for Making Tax Digital for VAT. HMRC has announced that due to coronavirus (COVID-19), the businesses can delay (defer) any VAT payments due between 20 March 2020 and 30 June 2020. If they choose to defer a VAT payment, they will have […]

Coronavirus Business Interruption Loan Scheme (CBILS)

  Rishi Sunak has taken further action to support firms affected by Coronavirus. He has revised the Coronavirus Business Interruption Loan Scheme (CBILS) and announced a new scheme for larger companies. The expanded CBILS will be offered by lenders from Friday 3 April 2020 and operational from Monday 6 April 2020. Friday, 3 April, Chancellor […]

Employment Allowance Changes

  Employment Allowance was introduced in 2014 in order to reduce the NIC’s liability for small to medium businesses by £3,000. The eligibility rules for an employer claiming the EA will change from April 2020. This measure increases the maximum EA by £1,000 to £4,000 from April 2020. This means eligible businesses and charities will […]

Coronavirus Wage Bailout Fund

  Chancellor Rishi Sunak has announced an extraordinary Coronavirus wage bailout fund to support UK workers hit by Coronavirus crisis. The government will pay up to 80%, or £2,500, of the salaries of British workers affected by Covid-19 in a major wage bailout. Mr Sunak stated in a speech: “Employers will be able to contact […]

Covid-19: Latest Business Friendly Measures by The Chancellor

Last night, the Chancellor announced a far-reaching package of measures to allow businesses in this country to stand by their employees at a time of Covid-19 national emergency. Such practical business advice to keep people in employment is a really good start. Governemt is still working on much of the detail and we expect more […]