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Comments Off on Potential changes to capital gains tax ahead – a Heads Up!

Potential changes to capital gains tax ahead – a Heads Up!

Potential changes to capital gains tax ahead – a Heads Up!

The Office of Tax Simplification’s Report last week on capital gains tax made a number of suggestions to the Chancellor which if introduced would fundamentally change the capital gains tax rules in the UK.  This Report and the proposals made therein clearly point to the intention to align the capital gains tax rates with income … Continued

Comments Off on Third grant for the self-employed increases to 80%

Third grant for the self-employed increases to 80%

Third grant for the self-employed increases to 80%

The self-employed can claim Government support of up to 80% of profits during the initial month-long lockdown in England, Chancellor Rishi Sunak has confirmed. Like previous tranches, the third taxable grant available through the self-employed income support scheme (SEISS) covers three months – from 1 November 2020 to 31 January 2021. The latest tranche was … Continued

Comments Off on Govt. extends furlough scheme ahead of lockdown in England

Govt. extends furlough scheme ahead of lockdown in England

Govt. extends furlough scheme ahead of lockdown in England

The Government has extended the furlough scheme for employers until the end of March 2021, as a second lockdown in England is announced to slow the resurgence of COVID-19. Furloughed employees will now receive 80% of their current salary – up to £2,500 – for hours not worked, initially until the end of March 2021, Sunak told … Continued

Comments Off on Sunak hints at spring tax hikes to ‘balance the books’

Sunak hints at spring tax hikes to ‘balance the books’

Sunak hints at spring tax hikes to ‘balance the books’

Chancellor Rishi Sunak has promised to “balance the books” in a bid to plug a £208 billion hole in the UK’s public finances caused by COVID-19. In September, Sunak postponed Autumn Budget 2020 and last month the Chancellor suggested tax hikes could be around the corner next spring. Figures published by the Office for National … Continued

Comments Off on Three in five bounce-back loans may never be repaid, watchdog claims

Three in five bounce-back loans may never be repaid, watchdog claims

Three in five bounce-back loans may never be repaid, watchdog claims

Up to three in five bounce-back loans (BBL) handed out during the pandemic might never be repaid, according to the National Audit Office (NAO). The BBL scheme announced when the UK was in lockdown in April 2020 offers loans of up to £50,000 per business, or a maximum of 25% of annual turnover. Figures from … Continued

Comments Off on Fraudulent furlough claims or those paid in error cost £3.5bn

Fraudulent furlough claims or those paid in error cost £3.5bn

Fraudulent furlough claims or those paid in error cost £3.5bn

Up to £3.5 billion in payments made to employers under the furlough scheme might have been fraudulently claimed or paid in error, HMRC has said. The scheme was launched at the height of the coronavirus pandemic in April 2020 and paid 80% of furloughed workers’ wages, up to £2,500 a month. More than £35.4bn has … Continued

Comments Off on Tax group calls for extension to the annual investment allowance

Tax group calls for extension to the annual investment allowance

Tax group calls for extension to the annual investment allowance

The temporary increase to the annual investment allowance should be extended, according to the Association of Tax Technicians (ATT). The allowance enables firms to fully offset the cost of qualifying capital items of plant and machinery against taxable profits. Since 1 January 2019, businesses have received faster tax relief for plant and machinery investments up … Continued

Comments Off on Chancellor reveals new support measures amid second-wave fears

Chancellor reveals new support measures amid second-wave fears

Chancellor reveals new support measures amid second-wave fears

New support measures for businesses and workers have been announced in the face of a rising tide of coronavirus. A job support scheme will replace the furlough scheme from 1 November 2020, initially until 30 April 2021. Government and employers will subsidise the pay of employees working fewer hours than normal due to lower demand. … Continued

Comments Off on Commission set to recommend national living wage freeze

Commission set to recommend national living wage freeze

Commission set to recommend national living wage freeze

Ministers are reportedly considering halting plans to implement the planned national living wage increase from next spring. The national living wage is currently set at £8.72 an hour for people aged 25 and over until 31 March 2021. Chancellor Rishi Sunak said in this year’s Spring Budget that “forecasts would see the rate rise to … Continued