The UK government has opened the £20 million SME Brexit Support Fund for applications from 15 March. This support fund will support small businesses with reforms to trade rules with the EU. Smaller businesses can apply for grants of up to £2,000 to help them adapt to new customs and tax rules when trading with […]
Tag Archives: Business Tax
Business News, Capital Gain Tax, Coronavirus News, Corporation Tax, HMRC News, Income Tax, Inheritance Tax, Loan Schemes, Property Tax, Stamp Duty, Tax Investigation, VAT
Finance Bill 2021: Details Published
15
Mar
Mar
The government has published the details of the Finance Bill 2021 on 11 March 2021. The Bill highlights the important law measures(announced in the recent 2021 Budget) set to come into legislation. Chancellor Rishi Sunak announced the following measures in his budget speech: an extension of the stamp duty holiday in England a super-deduction capital […]
01
Mar
Mar
HMRC has announced a new online VAT Deferral New Payment Scheme for the businesses that deferred VAT payments last year. Businesses can now pay in smaller monthly instalments. HMRC said that If businesses deferred VAT payments due between 20 March 2020 and 30 June 2020 and still have payments to make, they can: pay the […]
24
Feb
Feb
The domestic VAT reverse charge for construction services will come into effect on 1 March 2021, according to HMRC. It was initially scheduled to come into effect from 1 October 2019 but was postponed until October 2020. The VAT reverse charge for construction is an extension of the Construction Industry Scheme (CIS). It applies only […]
20
Jan
Jan
Just before Christmas, the U.K. and the EU have announced a historic agreement indicating tariff free trade deal. The agreement (termed a “Trade and Co-operation Agreement” (TCA)) meant how they’ll trade with one another after Brexit. TCA agreed between the UK and EU came into force at 11 pm on 31 December 2020. Why did […]
Business News, Corporation Tax, HMRC News, Income Tax, Property Tax, Tax Investigation
What if you can’t pay your tax bill on time?
13
Jan
Jan
Contact HM Revenue and Customs (HMRC) as soon as possible if you have missed your tax bill payment. How you contact HMRC depends on what you need to pay. You have to pay interest if you pay late. You may avoid penalties by contacting HMRC as soon as possible. If you cannot pay because of […]
Business News, Coronavirus News, HMRC News, Tax Investigation
Self Assessment filing deadline: No relaxation
24
Dec
Dec
HMRC has rejected requests from professional bodies (ACCA, CIOT, AAT, ICAEW and ICAS) to relax the Self Assessment filing deadline. HMRC will issue penalty notices as usual to all who file late but will allow more time to appeal. Many members contacted ICAEW in relation to the 31 January self assessment filing deadline. ICAEW wrote […]
12
Nov
Nov
The Office of Tax Simplification has revealed a new report on the policy design and core principles of CGT. The OTS has suggested some reforms for simplifying the design of Capital Gains Tax (CGT). In July 2020, the Chancellor asked the OTS to carry out a review of Capital Gains Tax to identify: the opportunities […]
Business News, Capital Gain Tax, Corporation Tax, HMRC News
Business Asset Disposal Relief (BADR)/ Entrepreneurs’ Relief (ER)
28
Oct
Oct
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 […]
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 […]
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