Category: Tax

The witnessing of wills over video-conferencing platforms in England and Wales has been temporarily legalised, the Government has confirmed. The law still requires a will to be made “in the presence of” at least two witnesses to be legally valid, while the use of video should be a last resort. However, some people have understandably … Continued

The second and final round of grants under the self-employed income support scheme (SEISS) opened this month, offering a smaller lump sum grant. From 17 August 2020, self-employed individuals who meet the scheme requirements will be able to access HMRC’s online service and claim up to £6,570 to cover three months’ worth of profits. This … Continued

The Government has called for a comprehensive review of the capital gains tax system. Chancellor Rishi Sunak has commissioned the Office for Tax Simplification (OTS) to review how asset sales are taxed. Capital gains tax applies on the sales of assets such as second homes, stocks and shares, most personal possessions, and business assets. The … Continued

What to expect from tax probes in 2020/21. After temporarily pausing tax investigations as COVID-19 business support measures rolled out earlier this year, HMRC has restarted probes into businesses and individuals’ tax affairs. The Revenue has also started to direct its attention towards the misuse of coronavirus support schemes, such as the furlough scheme and … Continued

Recipients of self-employed income support grants may not realise they are taxable, a tax group has warned. The grants are worth up to 80% of trading profits, paid in a lump sum to cover three months, and capped at £7,500. More than 2.6 million lump sums worth £7.6 billion had been provided through the scheme … Continued

The domestic reverse VAT charge for construction services has been delayed until 1 March 2021. The way VAT is collected in the building and construction industry was originally due to change from 1 October 2019. Less than a month before it was due to kick in, the change was put on hold for 12 months … Continued

A major change to the way VAT is collected in the building and construction industry comes into force on 1 October 2020 The domestic reverse charge VAT for construction services will put the onus on the customer receiving a service to pay the VAT element to HMRC, instead of paying the supplier. It will apply … Continued

The government’s Self-Employment Income Support Scheme will be extended, giving more security to individuals whose livelihoods are adversely affected by coronavirus in the coming months, the Chancellor announced on 29 May 2020. Rishi Sunak announces Self-Employment Income Support Scheme will be extended – with those eligible able to claim a second and final grant capped … Continued

HMRC has relaxed rules that usually restrict reimbursement for spending on office equipment for the rest of 2020/21. This should help employees avoid receiving a tax bill relating to working from home during the coronavirus lockdown. Since the lockdown restrictions were imposed in the UK on 23 March 2020, homeworking has effectively become the norm … Continued

The Self-Employment Income Support Scheme is now open for claims. If you’re eligible, you’ll be given a date when you can claim between 13 and 18 May. You can check your claim date online: https://www.gov.uk/guidance/claim-a-grant-through-the-coronavirus-covid-19-self-employment-income-support-scheme It’s important that you make this claim yourself, although you can ask your accountant or tax agent to help you. … Continued