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So far Asif has created 206 blog entries.

Coronavirus Job Retention Scheme

2020-03-25T11:55:45+00:00March 25th, 2020|Categories: Blog, COVID-19|Tags: , , , |

The Government has announced its plans for financial assistance to help employers retain employees for an extended period of time, although offering no work, and avoid lay-offs. It is called the Job Retention Scheme and, while little information has been published as to how it will work, we have set out below what we do know, which will be updated as more details are released. What is the Job Retention Scheme? It involves employers placing their employees on “furlough”. This is a term which is typically used in the US and essentially means putting employees on temporary leave of [...]

Covid-19 – Support for UK Businesses – Important Update

2020-03-25T11:43:31+00:00March 20th, 2020|Categories: Blog, COVID-19|Tags: , , , , |

Since our blog post yesterday covering some of the key changes made by Government likely to affect UK businesses (you can access the blog post here) there have been several additional measures announced. Please see below for details. If a business is concerned about being able to pay their tax as a result of the Coronavirus crisis they can call HMRC on 0800 015 9559. Though please be aware that HMRC are experiencing heavy demand at the moment, so it may take some time to get through. Should you like to read the Chancellor’s full speech you can do [...]

Covid-19 – Support for UK Businesses

2020-03-25T11:43:47+00:00March 19th, 2020|Categories: Blog, COVID-19|Tags: , , , , , , |

The Chancellor has set out a package of measures to support public services, people and businesses through this period of disruption caused by COVID-19. This includes a package of measures to support businesses including: Statutory Sick Pay relief package for SMEs 12-month business rates holiday for all retail, hospitality and leisure businesses in England Small business grant funding of £10,000 for all business in receipt of small business rate relief or rural rate relief Grant funding of £25,000 for retail, hospitality and leisure businesses with property with a rateable value between £15,000 and £51,000 A Business Interruption Loan Scheme [...]

March 2020 Budget Update

2020-03-12T10:57:25+00:00March 12th, 2020|Categories: Budget Reports|Tags: , |

Just one month into his new role as Chancellor of the Exchequer, Rishi Sunak has delivered his first Budget Statement promising 'historic' investment in roads, railways, broadband and scientific research, as the government tries to deliver on its promise to level up the UK. Ahead of the Statement, the Chancellor said that it would be "a Budget for people right across the country - no region will be left behind." The Chancellor opened the Statement by addressing current coronavirus Covid-19 concerns. He said that there is likely to be a temporary disruption to the economy, but the government will [...]

Curtailment of letting relief

2020-03-10T12:12:24+00:00March 10th, 2020|Categories: Blog, Property|Tags: , , , |

Landlords have been hit with a number of tax hikes in recent years, and this trend shows no signs of abating. From 6 April 2020, lettings relief – a valuable capital gains tax relief which is available where a property which has at some point been the owner’s only or main residence is let out – is seriously curtailed. Now Under the current rules letting relief applies to shelter part of the gain arising on the sale of a property which has been let out as residential accommodation and which at some time was the owner’s only or main [...]

February 2020 Questions and Answers

2020-02-11T22:24:29+00:00February 17th, 2020|Categories: Questions & Answers|Tags: , , , |

Q. What items can be excluded from ‘taxable turnover’ for VAT registration purposes? A. When the 'taxable turnover' of a business reaches the VAT registration threshold, currently £85,000 per annum, it must register for VAT. Income that is not counted as 'taxable turnover' is excluded from the £85,000 turnover figure. There are several items that can be ignored when calculating 'taxable turnover' for VAT registration purposes. Any income that is 'exempt' from VAT is ignored. This commonly includes insurance, postage stamps or services; and health services provided by doctors or dentists. - Some goods and services are outside the VAT [...]

VAT and Brexit

2020-02-11T22:21:09+00:00February 16th, 2020|Categories: Blog, VAT|Tags: , , |

HMRC have not yet issued any guidance as to how imports and exports to the EU and out with the EU should be recorded for VAT return purposes after 31 January 2020, what happens with the reverse charge, and what should be recorded in boxes 8 & 9 of the VAT return. The last guidance given was in the case of a no deal Brexit and we are monitoring any new advice as it is issued. HMRC have said: - There will be NO requirement to complete an EC sales list for sales after 1 January 2021. - Intrastat returns [...]

Increased National Minimum Wage rates from April 2020

2020-02-11T22:17:18+00:00February 14th, 2020|Categories: Blog, PAYE|Tags: , , , |

Some three million workers are set to benefit from increases to the National Living Wage (NLW) and minimum wage rates for younger workers from 1 April 2020. The compulsory NLW is the national rate set for people aged 25 and over. The NLW is enforced by HMRC alongside the national minimum wage (NMW), which they have enforced since its introduction in 1999. Generally all those who are covered by the NMW, and are 25 years old and over, will be covered by the NLW. These include: - employees; - most workers and agency workers; - casual labourers; - agricultural [...]

CGT on Cryptoassets

2020-02-11T22:13:54+00:00February 11th, 2020|Categories: Blog, Taxation|Tags: , , , , , , , |

Cryptoassets are a relatively new type of asset that have become more prevalent in recent years. New technology has led to cryptoassets being created in a wide range of forms and for various different uses. Cryptoassets (or 'cryptocurrency' as they are also known) are cryptographically secured digital representations of value or contractual rights that can be: - transferred - stored - traded electronically While all cryptoassets use some form of Distributed Ledger Technology (DLT) not all applications of DLT involve cryptoassets. HMRC do not consider cryptoassets to be currency or money. They have identified three types of cryptoassets: - [...]

January 2020 Questions and Answers

2020-01-03T12:01:06+00:00January 10th, 2020|Categories: Questions & Answers|Tags: , , , , |

Q. I am the sole director and shareholder of a limited company, which has been trading for many years. Last year, I took an extended holiday and travelled around the world with my wife. We were away for twelve months in total. Whilst I was away the company continued to collect outstanding payments, but it did not receive any other income. Now that I am back, I have taken on another director/shareholder (50%) and company trading has resumed. Should I have informed HMRC that I was going away and how should the losses in the period of temporary non-trading [...]

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