COVID-19 hub: Tax

We believe that timely and targeted advice can make a difference, safeguarding your business and finances and building resilience in these uncertain times. Our COVID-19 analysis brings together up-to-the-moment information and insights to answer your key questions. We are also on hand for a more detailed conversation. Please do not hesitate to get in touch with any questions.

Planning your business exit and the impact of Covid-19

Planning your business exit and the impact of Covid-19

01/12/2020 - If you are contemplating a business exit within the next few years, then with tax rises on the horizon, now would be a good time to start planning.

Winter Economy Plan: self-employment income support scheme extended

Winter Economy Plan: self-employment income support scheme extended

16/11/2020 - The Chancellor set out a Winter Economy Plan in September, with 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.

Tax residence and COVID-19

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: Job Support Scheme

Winter Economy Plan: Job Support Scheme

25/09/2020 - The Government has announced details of the new Job Support Scheme (JSS) which will succeed the Coronavirus Job Retention Scheme (CJRS).

Winter Economy Plan: Self-employment income support scheme extended

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

COVID-19: Self-employed income support scheme

11/09/2020 - 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.

Start planning for possible future tax changes

Start planning for possible future tax changes

20/08/2020 - Giving some consideration to certain areas prior to the Autumn Budget, before taxes could start to increase, could be of great benefit to business owners.

HMRC confirms deferral of DAC6 reporting deadlines

HMRC confirms deferral of DAC6 reporting deadlines

23/07/2020 - HMRC recently confirmed that it will defer the first reporting deadlines under DAC6 by six months in light of COVID-19.

Job Retention Scheme – Key updates and the importance of audit readiness

Job Retention Scheme – Key updates and the importance of audit readiness

17/07/2020 - 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.

COVID-19 - The increased risks for the Corporate Criminal Offence

COVID-19 - The increased risks for the Corporate Criminal Offence

17/07/2020 - The pandemic has distracted some businesses from their compliance obligations, at a time when risks of fraud and tax evasion are elevated – CCO should be considered now more than ever.

Summer Economic Update 2020

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. 

A few thoughts on VAT for commercial property landlords

A few thoughts on VAT for commercial property landlords

25/06/2020 - The woes of the Coronavirus pandemic have been well reported over recent months, but commercial landlords still need to give thought to how they might mitigate its impact.

COVID-19: What next for business owning families?

COVID-19: What next for business owning families?

23/06/2020 - Family owned and managed businesses will have been put under enormous strain since the start of the Covid-19 pandemic, and unfortunately many may not be able to continue as going concerns. 

Family Investment Companies – a tax efficient and timely opportunity

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.

Impact on Corporate Tax Residence and taxable presence

Impact on Corporate Tax Residence and taxable presence

20/05/2020 - The Coronavirus pandemic has disrupted travel globally. Restrictions on movement and the location of people can affect the tax residence position of both businesses and individuals.

Tax: tax measures announced to help individuals cope with the financial impact of COVID-19

Tax: tax measures announced to help individuals cope with the financial impact of COVID-19

[Updated 06/05/2020] - Though the primary concern may be public health, it is natural for individuals to be concerned about how current circumstances will impact their finances.

Tax: Job Retention Scheme

Tax: Job Retention Scheme

[Updated 23/04/2020] - The Government is supporting employers with the salary costs of staff who would otherwise have been laid off because of Covid-19.

Can giving away assets during the crisis provide tax-saving opportunities?

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: what individuals should be thinking about now

Tax: what individuals should be thinking about now

[Updated 26/03/2020] - We are currently living in exceptional times. Tax may not be at the forefront of everyone’s minds, but as we adjust to this new world there are a number of tax-related considerations.

Tax: temporary deferral of all VAT payments

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

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.

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