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Comments Off on COVID – 19 Update – 19/3/20

COVID – 19 Update – 19/3/20

COVID – 19 Update – 19/3/20

We’ll be sending out updates regularly – the information may change as the situation changes and government policy develops – so the detail on the loan scheme just isn’t there yet. We are hearing that banks are being more supportive of their clients who are adversely affected, of course whether that is just businesses which … Continued

Comments Off on COVID – 19 Update – 17/3/20

COVID – 19 Update – 17/3/20

COVID – 19 Update – 17/3/20

Guidance for our clients – Coronavirus (COVID-19) In these uncertain times we wanted to reach out to all out clients to let you know we are here to offer support and guidance over the next few months. Health and wellbeing are the most important things right now and we have made the decision that our … Continued

Comments Off on Structure and Buildings Allowance

Structure and Buildings Allowance

Structure and Buildings Allowance

Finance Act 2019 (s. 30) introduced a new Structural Buildings Allowance. Although this legislation has now been around for nearly 16 months (it was available from 29 October 2018), it remains an unfamiliar area. The Capital Allowances Act 2001 did not give any provision for relief to be claimed on the vast majority of structures … Continued

Comments Off on Non – UK resident companies carrying on UK property business

Non – UK resident companies carrying on UK property business

Non – UK resident companies carrying on UK property business

The rental profits of UK property businesses generated by non-UK resident companies currently fall within the UK Income tax (IT) regime, with profits charged at a rate of 20%. However, from 6 April 2020, such profits will fall within the UK Corporation Tax (CT) regime, which is currently charged at a rate of 19%. Generally, … Continued

Comments Off on Deadline to pay CGT on residential property reduced to 30 days!

Deadline to pay CGT on residential property reduced to 30 days!

Deadline to pay CGT on residential property reduced to 30 days!

Under the current self-assessment system, reporting property disposals and paying any resulting capital gains tax (CGT) is not due until the deadline for submitting a self-assessment form. For UK-residents and some non-residents, this can be up to 22 months after the disposal took place, whereas for most non-residents reporting, and settling any CGT due on, … Continued

Comments Off on Changes to Principal Private Residence Relief

Changes to Principal Private Residence Relief

Changes to Principal Private Residence Relief

Property owners disposing of a dwelling, which at some point of ownership was used as their only or main residence, are currently entitled to claim principal private residence relief (PPR) for the period of ownership as well as the final 18 months regardless of the use of the property. Several changes to PPR relief were … Continued

Comments Off on Rollout of Off-Payroll Rules to the Private Sector Gets The Green Light

Rollout of Off-Payroll Rules to the Private Sector Gets The Green Light

Rollout of Off-Payroll Rules to the Private Sector Gets The Green Light

The Government is to press ahead with extending the off-payroll rules to the private sector next month, following the publication of a controversial report. From April 2020, every medium and large private-sector firm in the UK will become responsible for setting the tax status of any contractor they use, as is the case in the … Continued

Comments Off on Millions to Get a Tax Cut as National Insurance Threshold Rises to £9,500

Millions to Get a Tax Cut as National Insurance Threshold Rises to £9,500

Millions to Get a Tax Cut as National Insurance Threshold Rises to £9,500

The Treasury is to raise the National Insurance threshold for 2020/21, saving the average employee around £104. According to legislation approved in Parliament back on 30 January 2020, the £8,632 threshold at which employees start paying class 1 national insurance contributions (NICs) will increase by more than 10% to £9,500. The same £9,500 threshold will … Continued

Comments Off on Scotland Freezes Income Tax Rates After Finance Secretary Resigns

Scotland Freezes Income Tax Rates After Finance Secretary Resigns

Scotland Freezes Income Tax Rates After Finance Secretary Resigns

The Scottish Government has decided to freeze all income tax rates, plus the higher and top-rate thresholds, for 2020/21. Assuming the personal allowance remains at £12,500, only the basic and intermediate thresholds in Scotland are set to rise in line with inflation. A starter-rate of 19% will apply on earnings between £12,501 and £14,585, while … Continued

Comments Off on Report spares taxpayers from last month’s loan charge deadline

Report spares taxpayers from last month’s loan charge deadline

Report spares taxpayers from last month’s loan charge deadline

An eagerly anticipated report into the controversial loan charge has provided respite for thousands of people. The Government revealed a string of concessions to lessen the severity of the policy, which seriously distressed those affected. Up to 50,000 people were paid through so-called disguised remuneration schemes dating back to 1999. Prior to the publication of … Continued