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Reforming statutory sick pay

29/07/2021

Following its summer 2019 consultation entitled “Health is everyone’s business: proposals for reducing ill health-related job loss”, the government has now published its response which takes into account the impact of the coronavirus

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SEISS – more red tape

29/07/2021

Government support to the self-employed through the Self-Employment Income Support Scheme (SEISS) is due to end on 30 September 2021. A fifth and final grant covering the period May 2021 to September 2021 will be opened to claims from late July for

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Tax-free gains on gifts to spouse or charity

29/07/2021

In most cases, there is no Capital Gains Tax (CGT) to be paid on the transfer of assets to a spouse or civil partner. There is, however, still a disposal that has taken place for CGT purposes effectively at no gain or loss on the date of the

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Who pays Inheritance Tax?

29/07/2021

Inheritance Tax (IHT) is commonly collected on a person’s estate when they die but can also be payable during a person’s lifetime on certain trusts and gifts. The rate of IHT currently payable is 40% on death and 20% on lifetime gifts. IHT is

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Turnover defined for 5th SEISS grant

29/07/2021

HMRC has published new guidance to help the self-employed calculate their turnover for making a claim under the 5th Self-Employment Income Support Scheme (SEISS) grant. The final date for making a claim for the 5th grant will be 30 September 2021.

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Who counts as CIS contractor or sub-contractor?

29/07/2021

The Construction Industry Scheme (CIS) is a set of special rules that affect tax and National Insurance for those working in the construction industry. Businesses in the construction industry are known as 'contractors' and 'subcontractors' and will

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Continuous employment defined

29/07/2021

When a new employee is added to the payroll it is the employers' responsibility to ensure they meet the employees’ rights. One of the issues that must be considered is the employees’ length of continuous employment. Continuous employment is

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Updated working safely guidance to apply from 19 July 2021

22/07/2021

With England having moved to step 4 of the roadmap out of lockdown from 19 July 2021, the government has published updated guidance on working safely during coronavirus. The guidance, which is to be kept under review, has been re-categorised into the

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New COVID-19 vaccination guidance for employers

22/07/2021

Public Health England has published a new guide for employers on COVID-19 vaccination. The guide encourages employers to support the government’s COVID-19 vaccination programme and it covers the following subjects: why supporting vaccination of

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National Minimum Wage reminder for summer staff

22/07/2021

We would like to remind any students and seasonal staff that work part time, for example in a summer job, to ensure they are being paid the National Minimum Wage (NMW). All workers are legally entitled to be paid the NMW. This includes temporary

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Inheritance Tax Business Relief

22/07/2021

There are a number of reliefs available that can reduce liability to IHT if you inherit the estate of someone who has died. One of these reliefs is known as Business Relief and is a valuable tax relief for taxpayers with business interests, offering

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Tax if you divorce or separate

22/07/2021

If you are a couple that is getting separated or divorced, apart from the emotional stress, there are also tax issues that can have significant implications. Whilst this is unlikely to be uppermost in your mind it is important that the tax

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Income excluded from a property business

22/07/2021

HMRC publishes a list of income streams that are excluded from a UK property business. The list includes fishing concerns, hotels and guest houses, tied premises, caravan sites, lodgers and tenants in your own home, extra services to tenants and

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Rent-a-room: letting as office accommodation

22/07/2021

The rent-a-room scheme is a set of special rules designed to help homeowners who rent-a-room in their home. The current tax-free threshold of £7,500 per year has been in place since 6 April 2016. Homeowners using this scheme should ensure that rents

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Taxis: what is liable to VAT

22/07/2021

HMRC sets out specific guidance regarding the application of VAT if you are in the taxi and private hire car trade. VAT Notice 700/25 - How VAT applies to taxis and private hire cars - applies. Private hire cars include mini-cabs. The notice is

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Card security update

19/07/2021

VISA have issued information regarding changes to card processing security from September 2021. The idea is to reduce online fraud. The changes will apply across Europe. A key part of the new security arrangements is the requirement for Strong

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Stage 4 COVID roadmap implemented 19th July

15/07/2021

The Prime Minister, Boris Johnson, spoke to the nation and confirmed that the vaccines have significantly weakened the link between coronavirus cases and hospitalisations and deaths. This has allowed the government to confirm that many COVID

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VAT – what you can and cannot reclaim

15/07/2021

For most fully taxable businesses, VAT can be reclaimed on goods and services used in the business. This means that businesses must consider where there is personal or private use of goods or services bought for the business and can usually only

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Current Capital Gains Tax rates

15/07/2021

Capital Gains Tax (CGT) is normally charged at a simple flat rate of 20% and this applies to most chargeable gains made by individuals. If taxpayers only pay basic rate tax and make a small capital gain, they may only be subject to a reduced rate of

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OTS – making better use of third party data

15/07/2021

The Office of Tax Simplification (OTS) was established in July 2010, to provide advice to the Chancellor on simplifying the UK tax system. The OTS has recently published a new report titled ‘Making better use of third-party data: a vision for the

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Associated company rules

15/07/2021

As announced in the Budget earlier this year there will be two rates of Corporation Tax from 1 April 2023. When the new rules take effect, taxable profits up £50,000 will continue to be taxed at 19% under the new Small Business Profits Rate. Taxable

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IHT – settled and excluded property

15/07/2021

A trust is an obligation that binds a trustee, an individual or a company, to deal with the assets such as land, money and shares which form part of the trust. The person who places assets into a trust is known as a settlor and the trust is for the

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Tax credits renewal deadline reminder

08/07/2021

The 31 July 2021 is the reporting deadline for families and individuals that receive tax credits. By this date they will need to tell HMRC about any changes to their circumstances or income and to renew their tax credit application. As in previous

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Changes to furlough scheme from 1 July 2021

08/07/2021

The Coronavirus Job Retention Scheme (CJRS) commonly known as the furlough scheme is open to all UK employers to access support to continue paying part of their employees’ salary for employees that would otherwise have been laid off during this

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Latest News

Reforming statutory sick pay

29/07/2021 – Following its summer 2019 consultation entitled “Health is everyone’s business: proposals for reducing ill … More...

SEISS – more red tape

29/07/2021 – Government support to the self-employed through the Self-Employment Income Support Scheme (SEISS) is due to end on 30 … More...

Tax-free gains on gifts to spouse or charity

29/07/2021 – In most cases, there is no Capital Gains Tax (CGT) to be paid on the transfer of assets to a spouse or civil partner. … More...

 

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