COVID-19 hub: Tax

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.

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

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.

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.

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

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.

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.

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. 

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.

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. 

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.

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.

[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.

[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.

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.

[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.

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.

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.