Category Archives: Uncategorised

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.
May 29, 2020

Covid-19 classified as life event for salary sacrifice

HMRC has declared that the Covid-19 pandemic counts as a life event for salary sacrifice scheme purposes given that an employee’s financial circumstances might have significantly altered. This means an employee can change previously agreed salary sacrifice arrangements. Although it sounds simple enough, it is best to obtain professional advice before making any decision.
May 26, 2020

Help for off-payroll workers and loan charge taxpayers

HMRC has confirmed that public sector contractors within the scope of the off-payroll working (IR35) rules are eligible for the 80% furlough scheme. There has also been clarification for loan charge taxpayers who want to claim under the Covid-19 support scheme for the self-employed.
May 22, 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.
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