Tax residence and COVID-19
09/10/2020 - The COVID-19 pandemic has disrupted travel globally, resulting in some individuals spending more time in the UK than planned. HMRC has published new guidance, which includes clarity on how COVID-19 restrictions affect the statutory residence test (SRT) for individuals.
Winter Economy Plan: Self-employment income support scheme extended
25/09/2020 - The Chancellor has set out a Winter Economy Plan, which includes various measures to support the economy through further COVID-19 restrictions over winter. These include a six month extension to the self-employment income support scheme (SEISS), originally scheduled to end on 31 October.
COVID-19: Self-employed income support scheme
The window for claiming the second grant under the self-employed income support scheme opened on 17 August and closes on 19 October. Traders do not have to have claimed the first grant to qualify for the second but their business must have been adversely affected by COVID-19 on or after 14 July 2020 to qualify.
Job Retention Scheme – Key updates and the importance of audit readiness
The Chancellor announced changes to the Coronavirus Job Retention Scheme (CJRS) that apply from 1 July 2020. There are several important changes and dates that will affect how a business complies with the rules and manages its staffing and cashflow. Employers should also keep comprehensive records in case of any future HMRC enquiries.
Summer Economic Update 2020
8/07/2020 - On Wednesday 8 July the Chancellor gave an economic update to Parliament, with details of further support for the economy. This was principally focused on improving employment, but included two cuts to SDLT and VAT, and the introduction of the furlough bonus scheme.
Family Investment Companies – a tax efficient and timely opportunity
22/05/2020 - A Family Investment Company (“FIC”) is a useful vehicle for both passing wealth to the next generation and as an investment vehicle in its own right. It also has potential inheritance tax (“IHT”), income tax and capital gains tax benefits. Now is a particularly good time to be establishing a FIC, given current depleted asset values.
Can giving away assets during the crisis provide tax-saving opportunities?
31/03/2020 - There is no road map for private individuals to navigate the current crisis, which is proving to be an extremely testing time for everyone. However, there are some tax opportunities investors could consider to cushion the blow.
Tax: temporary deferral of all VAT payments
25/03/2020 - As part of a raft of measures aimed at mitigating the economic impact of COVID-19, the Chancellor has announced a temporary deferral of all VAT payments. The deferral applies to all VAT payments due from 20 March 2020 until 30 June 2020, which will not be due for payment until April 2021.
Tax: an opportunity for businesses to improve cashflow
19/03/2020 - As a result of the recent downturn in the markets and the ongoing Coronavirus pandemic, many of our clients are already feeling a significant financial impact. For many, their greatest concern is around cash flow management.
If you would like more information or to discuss how coronavirus will affect you or your business, please contact using the form below.