Business Tax Archives - Page 2 of 3

March 15, 2021

Blog 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

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...

by Admin

March 1, 2021

Blog HMRC News Tax Investigation VAT

VAT Deferral New Payment Scheme: New online service

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...

by Admin

February 24, 2021

Blog HMRC News Tax Investigation VAT

Domestic VAT reverse charge updates

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 to...

by Admin

January 20, 2021

Blog Stamp Duty Tax Investigation

Tariff free trade deal: Brexit

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...

by Admin

January 13, 2021

Blog Corporation Tax HMRC News Income Tax Property Tax Tax Investigation

What if you can’t pay your tax bill on time?

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...

by Admin

December 24, 2020

Blog Coronavirus News HMRC News Tax Investigation

Self Assessment filing deadline: No relaxation

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...

by Admin

November 12, 2020

Blog Capital Gain Tax HMRC News Income Tax

Changes to Capital Gains Tax (CGT)

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...

by Admin

October 28, 2020

Blog Capital Gain Tax Corporation Tax HMRC News

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...

by Admin

October 16, 2020

Blog HMRC News Tax Investigation

Airbnb landlords may be investigated by HMRC

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...

by Admin

September 3, 2020

Blog Capital Gain Tax Coronavirus News Income Tax

UK Tax rises: Pay the cost of COVID-19

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...

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Business Tax

Finance Bill 2021: Details Published

VAT Deferral New Payment Scheme: New online service

Domestic VAT reverse charge updates

Tariff free trade deal: Brexit

What if you can’t pay your tax bill on time?

Self Assessment filing deadline: No relaxation

Changes to Capital Gains Tax (CGT)

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

Airbnb landlords may be investigated by HMRC

UK Tax rises: Pay the cost of COVID-19

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