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 […]
Tag Archives: Business Tax
16
Oct
Oct
Online lettings firm Airbnb agreed to provide HMRC with details of its hosts’ income, which may increase tax investigations. The Grunberg & Co has warned Airbnb landlords that HMRC may be investigating them following the agreement a decision by the short lets platform to share data with HM Revenue & Customs. The Grunberg & Co accountancy […]
Capital Gain Tax, Coronavirus News, HMRC News, Income Tax, Uncategorized
UK Tax rises: Pay the cost of COVID-19
03
Sep
Sep
The leading economists have warned that the UK will likely face “substantial” tax rises in the coming years, as the government seeks to pay for the cost of its COVID-19 response and public services. Some top economists told parliament’s Treasury Select Committee on Tuesday that tax rises were likely, although they said increases would likely […]
Business News, Coronavirus News, Corporation Tax, HMRC News, Income Tax
Repayments of Corporation Tax: Updated Guidance
28
Aug
Aug
HMRC have issued an update to their guidance on repayments of corporation tax. They have now acknowledged that, in exceptional circumstances, claims for repayments of corporation tax for prior periods based on anticipated losses before the current accounting period has concluded will be considered. Angela Clegg, technical manager in the ICAEW tax faculty, which had raised […]
22
Aug
Aug
HMRC has started off its compliance activity on Coronavirus Job Retention Scheme (CJRS) grants. They are writing letters to 3,000 employers who may need to repay some or all of their claim. HMRC has been already evaluating Coronavirus Job Retention Scheme (CJRS) applications critically. Therefore, they are now starting the next phase of its compliance […]
28
Jul
Jul
HMRC has introduced changes to the VAT on imported goods from 1 January 2021. The government will introduce a new model for the VAT treatment of goods arriving in Great Britain from outside of the UK. The changes will ensure to treat goods from EU and non-EU countries in the same way. They will also […]
Business News, HMRC News, Income Tax, Tax Investigation, VAT
UK Tax System: OTS recommended measures to simplify VAT
25
Jul
Jul
The Office of Tax Simplification (OTS) has outlined a range of measures intended to help simplify the UK tax system. The OTS stated that the UK tax has become ‘highly complex’, and has ‘not kept pace with changes in society’. As such, in its report, the OTS has recommended 23 measures intended to simplify VAT. […]
11
Jul
Jul
The Institute of Fiscal Studies says the economy will remain in a “support and recovery” phase for some time, but higher taxes are inevitable. They have warned that the government will need to raise taxes in order to pay for the economic support measures announced by Chancellor in his summer statement on Wednesday 8 July. […]
28
Jun
Jun
If someone wants to gift a house to his children, he needs to consider the following tax consequences regarding the gifted house. Capital Gain Tax (CGT): There will be a Capital Gains Tax (CGT) and the proceeds will be deemed to be the market value of the property at the date of the gift. […]
28
Jun
Jun
There are tough times where tough choices are being made by the businesses. Many directors have been deferring or waiving some or all of their remuneration. Few things to consider: You have to irretrievably give up your rights to the remuneration prior to the payment date. Employers must remember that the payment of a salary, […]
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