Property owners given just 30 days to pay CGT

New rules have come into force that mean property owners must pay Capital Gains Tax (CGT) much faster than they have been used to. As of Monday 6 April 2020, property owners must inform HMRC of any CGT liabilities using an online service and pay amounts due within 30 days of selling the property. Previously

Read More

Coronavirus (COVID-19) helpline From HMRC

Online COVID-19: support for businesses Guidance for employers and businesses on coronavirus (COVID-19) COVID-19: guidance for employees All businesses and self-employed people in financial distress, and with outstanding tax liabilities, may be eligible to receive support with their tax affairs through HMRC’s Time To Pay service. These arrangements are agreed on a case-by-case basis and

Read More

Problems paying tax because of COVID-19?

HMRCs are continuing to follow government advice and are regularly reviewing their processes to make sure they are supporting customers. If your clients are concerned about being able to pay their loan charge or disguised remuneration settlement because of COVID-19, or any other reason, we can agree instalment arrangements with them. We agree these on

Read More

Self-employed but unable to work due to covid-19

If you are “normally” self-employed but are unable to work due to covid-19 you can take a temporary job AND still claim the self-employed grant as long as you meet all the conditions below;  Please note this does NOT apply to directors who have furlonged themselves.  Guidance on states:  Who can apply You can

Read More

UHY Hacker Young urges HMRC to be more flexible

Tax authority should make its flexibility over loan charge payments ‘clear to worried taxpayers’ Source – Accountancy Today By signing up for our newsletter you agree that we can send you our news briefings and that we may send you promotions on behalf of our partners from time to time. We promise to not use

Read More

Universal Credit: Get the details right

Victoria Todd gives a brief outline of how Universal Credit works particularly for self-employed people who need to make a claim. 7th Apr 2020 – Source Accounting Web The current coronavirus situation means that some self-employed individuals have seen a significant fall in income with many unable to work at all at the present time.

Read More

Latest news from HMRC

COVID-19 guidance on GOV.UK  All HMRC COVID 19 guidance is included on GOV.UK as part of the Government’s response to COVID 19 at  Specific guidance for businesses and employers is at:  Digital links We’re providing MTD businesses with more time to put in place digital links between all parts of their functional compatible software. It is important for businesses to note that despite this

Read More

COVID-19: Latest Financial Support Flowchart (v.3) plus Other Sources of Support

Source – Sixforward These documents have been updated as at 09 April 2020 (in-line with the Chancellor’s latest announcements) to make sure that we’re providing you with the most relevant and up-to-date information. DOWNLOAD: COVID-19 Financial Flowchart (v.3) DOWNLOAD: Other Sources of Support Available The latest updates include: Details of the Business Support Helpline for England,

Read More

The self-employed income support scheme (SEISS) was announced on 26 March, and now we have more details of how this scheme will work in practice.

Source: Rebecca Cave Tax Writer  Taxwriter Ltd  2nd Apr 2020 HMRC will pay a taxable grant to self-employed individuals and partners equivalent to 80% of their average trading profits for three months, capped at £2,500 per month.   Who gets what? It is difficult for HMRC to determine how much self-employed individuals earn in real time, in

Read More

Changes to some tax and National Insurance rates and bands

Some of the rates and bands have been frozen, while others have increased. Here are the rates and bands that will come into effect on 6th April: England, Northern Ireland and Wales 2020/21 2019/20 Personal allowance £12,500 £12,500 Employee’s NI becomes due at £9,500 £8,632 Employer’s NI becomes due at £8,788 £8,632 Higher rate tax

Read More

Covid Business Interruption Loan UPDATE – 3rd April 20

The chancellor is extending the coronavirus loan scheme for small and medium businesses who have been affected by the disease. The government’s Covid Business Interruption Loan, a funding package, was originally created for firms who were unable to secure regular commercial financing during the economic downturn of the virus. But now Rishi Sunak has extended

Read More

Measures introduced to support small businesses

The following measures have been introduced to support small businesses. See the full details of who’s eligible and how to access support on the UK Government’s website.  (control click will  open the links) Coronavirus Job Retention Scheme all UK employers with a PAYE scheme will be able to access support to continue paying part of their employees’

Read More

Be aware there are a lot of scam emails and texts

Please be aware there are a lot of scam emails and texts doing the rounds. Please do not click the link. “HMRC have determined that you are eligible to receive a tax refund of 228.37 GBP – Click here to begin   –  //”     DO NOT CLICK ON THE LINK

Coronavirus job retention scheme: Get the details right

More guidance has been published on the coronavirus job retention scheme (CJRS), although there are still some grey areas. Kate Upcraft summarises what we know so far. 30th Mar 2020 Source Accounting Web Who can claim? All employers can benefit from the scheme, even owner-managed businesses. The government wants the support to be as inclusive as possible.

Read More

Refund Policy

For online payments taken via the Invoice Payment page, no refunds can be given as payment is only taken after my service has been provided.