Author Archives: Rhea Fegan

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July 08, 2020

Card tax payments to incur charges

When making tax payments to HMRC, you are currently only charged a fee if you pay by business credit card, while payments by personal credit card are not permitted. However, from 1 November 2020, payments made using a business debit card will also attract a fee.
June 29, 2020

HMRC pauses inheritance tax investigations

HMRC’s recent suspension of IHT investigations during the Covid-19 crisis opens up a brief opportunity for executors to get their IHT accounts in order. HMRC normally investigates around 5,500 IHT cases every year, around 25% of the estates for which IHT is payable, recovering an average of £50,000 extra tax each time.
June 22, 2020

Insolvency bill to help businesses

A new Corporate Insolvency and Governance Bill, introduced on 20 May, will amend insolvency and company law to support businesses in distress from the impact of the COVID-19 pandemic. The Bill, to be fast-tracked through Parliament, includes some measures which have been previously announced, but are now being enshrined in law.
June 16, 2020

VAT in the Construction Industry – Inverse Charging – Further Delays

On 5th June 2020 HMRC announced a further 5 month delay to the implementation of inverse charging for VAT in relation to construction industry type services. The measures were originally announced in 2018 and scheduled to be implemented from 1st October 2019.
June 15, 2020

Deferring July’s income tax payment

HMRC is allowing your second self-assessment payment due on 31 July 2020 on account for the tax year 2019/20 to be deferred, due to the Covid-19 pandemic. This means no interest or penalties will be charged on the deferred payment provided it is paid by 31 January 2021.
June 10, 2020

Alternative Audit Methadologies

With the Global Pandemic going on around us, auditors have had to adapt to the changing work place in line with our clients.  Whilst we would have previously had an audit team out onsite at our client’s premises, we have now been carrying out our audit work remotely with information passing securely via online portals.
June 09, 2020

Top Tax Tips 2020 

We hope that you are managing to stay well during this difficult time and that you will contact us should you need any advice. As government restrictions are gradually released many of us will need to change our business model to conform to the new normality.
June 08, 2020

Furlough planning thoughts and redundancy

As an update to our blog earlier last week, I wanted to emphasise the importance of planning with regards to possible future redundancies. Most of you will now know, the covid job retention scheme (CJRS) is changing again such that: Employers will start contributing to furlough wages from 1st August.
June 03, 2020

CJRS – employers have until 10 June to bring employees into scheme

Last Friday, HM Government announced the outline of how the Coronavirus Job Retention Scheme (“CJRS”) will develop following the initial 4-month period. The scheme will become more flexible from 1 July, allowing businesses to bring back employees on a part-time basis, while receiving CJRS grant support for the employees’ normal days not worked.
June 01, 2020

COVID-19: Government Help for the Self-Employed – extended on 29 May 2020

On 26th March 2019, Chancellor Rishi Sunak announced assistance for the self-employed, intended to be analogous to the help already announced for furloughed employees. The basics of what has been announced are set out below. The scheme is referred to as the Self-Employed Income Support Scheme (“SEISS”).
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