Making Tax Digital (MTD)

The government published an overview of Making Tax Digital. The big news is that all VAT registered businesses with VAT turnover below £85,000 will be required to follow MTD rules for returns filed on or after April 2022. That might sound a long way off, but we strongly recommend [...]

Stamp Duty Land Tax Holiday And Job Creation Measures

There is a temporary cut in Stamp Duty Land Tax (SDLT) from 8 July by raising the nil-rate band from £125,000 to £500,000 until 31 March 2021. The Treasury estimates that, as a consequence, around nine in 10 people buying a main residence will pay no SDLT. Further details can [...]

VAT – Reduced Rate Of 5%

The government made an announcement on 8 July 2020 allowing VAT registered businesses to apply a temporary 5% reduced rate of VAT to certain supplies relating to: hospitality hotel and holiday accommodation admissions to certain attractions. The temporary reduced rate will apply to supplies that are made between 15 July [...]

Entrepreneur Relief but not as we know it

The Spring Budget 2020 announced a significant restriction on future availability of entrepreneurs’ relief (ER) for individuals who dispose of all or part of their business, individuals who dispose of shares in their personal company, and trustees who dispose of business assets. Broadly, the lifetime limit of £10m is to [...]

Claiming the National Insurance employment allowance for 2020/21

The National Insurance employment allowance is available to eligible employers and can be set against the employer’s secondary Class 1 National Insurance liability. In the 2020 Budget, the Chancellor announced that the allowance would be increased to £4,000 for 2020/21. However, from 6 April 2020, it is only available [...]

Cars and vans – What’s new for 2020/21

There are a number of changes that apply from the start of the 2020/21 tax year that relate to the taxation of company cars and vans. new way of measuring CO2 emissions The way in which the level of a car’s CO2 emissions is determined changes from 6 April 2020. The [...]

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