Mar 24

Useful information and links – COVID-19

Click here to download our leaflet dated 24/03/20  In times of great uncertainty, it can be difficult to know where to begin or how to plan to see your business through the coming days, weeks and months. As many of our clients will be facing the same difficulties, we have put together this help sheet […]

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Government Contracts during the Coronavirus outbreak

The government have reiterated their support to suppliers in their own supply chain to ensure they are getting paid in the current climate. The Cabinet Office has issued Action Note PPN 02/20 – Supplier Relief due to COVID -19. This states that public bodies will be able to use a range of measures to help […]

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Delay of the reforms to the off payroll workers rules in the private sector

Amidst the stress and unknown business climate we all now operate in, there is one small piece of good news for contractors. It was announced by HMRC that there has been a delay in the roll-out of the new and controversial off-payroll workers’ reforms. The reforms which will extend the IR35 legislation for off-payroll workers […]

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Review confirms off-payroll working rules to go ahead from April 2020

The government has confirmed that reforms to off-payroll working rules for the private sector will go ahead from 6 April 2020. The off-payroll rules have applied to the public sector since 2017 and the government has carried out a review of the roll-out to the private sector. The review has now concluded, and the changes […]

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Mar 19

IFS calls for Chancellor to raise taxes in upcoming Budget

The Institute for Fiscal Studies (IFS) has urged Chancellor Rishi Sunak to use the forthcoming Budget to raise taxes. The think tank stated that the Chancellor either needs to raise taxes or ‘break a fiscal rule’ in order to avoid day-to-day spending cuts beyond 2021. However, the Conservative Party’s election manifesto promised not to raise […]

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Mar 17

Tax relief on professional fees and subscriptions

Employees are allowed to claim tax relief on their annual professional fees or subscriptions to some HMRC approved professional organisations. The costs are tax deductible generally where the individual must have membership to do their job or it is helpful for their work. Where the fees are paid by the individual’s employer this will not […]

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Mar 13

New right to paid parental bereavement leave

The government has confirmed that parents who suffer the loss of a child will be entitled to two weeks’ statutory leave. Under the new entitlement working parents who lose a child under the age of 18 will get two weeks’ statutory leave and where they meet the necessary conditions a legal right to two weeks’ […]

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Mar 12

Coronavirus measure: Statutory Sick Pay from ‘day one’

The Prime Minister, Boris Johnson, has announced that employees will be entitled to Statutory Sick Pay (SSP) from day one when self-isolating rather than having to wait until day four under the SSP waiting days rules. The change will be included in a package of measures, to be introduced by emergency legislation, to deal with […]

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Mar 10

A decade of bizarre excuses and expense claims

Vengeful witches and pet hamsters feature in HMRC’s list of imaginative excuses and expense claims, which has been published in the run up to the self assessment deadline. HMRC has compiled a list of the weirdest unsuccessful excuses from the last decade. The list includes one taxpayer who claimed their mother-in law was a witch […]

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Mar 06

Changes to overdraft fees

The Financial Conduct Authority (FCA) has confirmed it will introduce new rules in April this year that it says will make the costs of overdrafts clearer and easier to compare. The rules will mean banks can only charge for overdraft users a simple annual interest rate – without additional fees and charges. According to the […]

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Mar 02

Scottish Budget

Minister for Public Finance and Digital Economy, Kate Forbes, delivered the 2020/21 Scottish Draft Budget on Thursday 6 February 2020, setting out the Scottish Government’s financial and tax plans. The current Scottish income tax rates and bands for 2019/20 and the proposed rates and bands for 2020/21 on non-savings and non-dividend income are as follows: […]

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Feb 25

Off-payroll working

HMRC has now published draft secondary legislation for the off-payroll working rules that are due to come into force in April this year. In 2017, HMRC introduced new off-payroll rules to the public sector, which saw some contractors’ net income cut significantly. HMRC also shifted the responsibility for compliance from individual contractors to public bodies […]

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Feb 21

Budget Day 11 March

Chancellor Sajid Javid announced, before his resignation,  that he will deliver the 2020 Budget on Wednesday 11 March 2020. The 2020 Budget will be the first to be delivered after the UK’s departure from the EU on 31 January 2020. It is also Mr Javid’s first Budget as Chancellor, following the cancellation of last November’s […]

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Feb 17

Brexit – transition period

The leaders of the UK and the European Union signed the Withdrawal Agreement, and the UK left the EU on 31 January 2020. However, the UK is now in the transition or implementation period during which time it is ‘business as usual’ as the UK is covered by EU rules until the end of the […]

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Feb 10

Minimum wage rates announced

The government has announced a 6.2% increase in the National Living Wage (NLW), which applies to workers aged 25 and over. From 1 April 2020 the NLW will rise from the current rate of £8.21 to £8.72 an hour, in the largest raise since it was introduced two decades ago. The government has confirmed that […]

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Feb 06

Guidance on Structures and Buildings Allowance

The latest HMRC Agent Update includes guidance on the Structures and Buildings Allowance (SBA). This capital allowance is designed to provide tax relief for businesses and to support investment in constructing new structures and buildings and improving existing ones. The SBA relieves the construction costs for new structures and buildings used for qualifying purposes and […]

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Feb 05

Selling a residential property – TAX is changing, and earlier payments are needed

Click here to download this newsletter Do you have a residential property that you are thinking of selling? If so, there are a few changes in the tax rules from April 2020 that may impact you: Selling any residential property other than your home: Selling a buy–to–let property or second home – you now have […]

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Feb 03

Chancellor commits to review of IR35

The Chancellor of the Exchequer, Sajid Javid has announced that the major review of all aspects of self-employment, promised in the Conservatives’ manifesto, will include the proposed extension of the Off-Payroll working rules to the private sector from April 2020. Speaking on Radio 4’s Money Box Election Special, Sajid Javid said that, as part of […]

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Review of theDisguised Remuneration Loan Charge blog

Jan 30

Review of the Disguised Remuneration Loan Charge

The government has announced it will make a number of changes to the loan charge rules, in response to Sir Amyas Morse’s independent review of the loan charge policy and its implementation. The government has announced the following key changes to the loan charge: the loan charge will apply only to outstanding loans made on, […]

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Jan 27

Retiring clinicians payments

The Secretary of State has confirmed that the commitments being entered into, to make payments to clinicians affected by annual allowance pension tax, will be honoured when clinicians retire. In a written statement Matt Hancock, Secretary of State for Health and Social Care stated: ‘I have agreed to support this proposal from NHS England and NHS […]

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