Resources

Chancellor extends furlough scheme until October

The government’s Coronavirus Job Retention Scheme will remain open until the end of October. Coronavirus Job Retention Scheme will continue until end of Octoberfurloughed workers across UK will continue to receive 80% of their current salary, up to £2,500new flexibility will be introduced from August to get employees back to work and boost economy In…


Should I buy a rental property through a limited company?

Landlords hit by recent and forthcoming tax changes may wonder if it is better to buy a rental property through a limited company, rather than holding it personally.  Holding it personally Where a property is held by an individual, the property income tax rules apply. The profits of the property rental business are charged to…


Calculating taxable profits using the cash basis

Under the cash basis, small businesses are taxed on the basis of the cash that passes through their books, rather than being asked to spend their time doing calculations designed for big businesses. For 2018/19 onwards the annual turnover limit below which a business can use the cash basis is £150,000. The exit threshold above…


Deferring your state pension

If your contributions record is sufficient, you will be entitled to the state pension on reaching state pension age. The age at which you reach state pension age depends on when you were born.  To qualify for a full single tier state pension (set at £168.60 per week for 2019/20, rising to £175.70 per week…


Self-employed invited to get ready to make their claims for coronavirus (COVID-19) support

From today (Monday 4 May), HM Revenue and Customs (HMRC) will begin contacting customers who may be eligible for the government’s Self-Employment Income Support Scheme (SEISS). Check your eligibility here: https://www.tax.service.gov.uk/self-employment-support/enter-unique-taxpayer-reference It’s imperative that you have a government gateway account if you intend on claiming as your tax agent or adviser cannot make the claim for you….


VAT is scrapped for digital publications

Plans to scrap VAT on e-publications have been fast-tracked 7 months and come into force today (Friday 1st May 2020). move will potentially slash the cost of e-books and newspapers making reading more accessible as people stay at homenewspapers to receive up to £35 million additional government advertising revenue as part of coronavirus communications campaign…


New 100% government backed loan scheme for small businesses

businesses will be able to borrow between £2,000 and £50,000 and access the cash within daysloans will be interest free for the first 12 months, and businesses can apply online through a short and simple form Small businesses will benefit from a new fast-track finance scheme providing loans with a 100% government-backed guarantee for lenders,…


Changing a will after death

As long as certain conditions are met, it is possible to change a will after death. This is known as a post-death variation, and it can be a useful tax planning tool. A post-death variation can be made to: reduce the amount of tax payableto change who benefits under the willplace the assets of the…


Annual investment allowances

From January 2019, businesses considering investing more than £200,000 in plant and machinery may benefit from a change to the capital allowances rules, which should allow them to obtain tax relief at a much earlier time. Broadly, business profits, after any adjustments for tax purposes (for example depreciation of fixed assets), are reduced by capital…


Take advantage of interest-free loans

Employers can offer employees a tax-free cheap or interest-free loan of up to £10,000 per year. Subject to a few conditions, as long as the total amount outstanding on all loans from an employer to an employee does not exceed £10,000 at any time in the tax year, then the loans are ignored for the…