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Comments Off on Self-employed fear tax returns may affect fourth SEISS claim

Self-employed fear tax returns may affect fourth SEISS claim

Self-employed fear tax returns may affect fourth SEISS claim

Some self-employed workers fear submitting their 2019/20 tax return early might affect their ability to claim a fourth taxable grant from the Government.  The deadline to submit tax returns for 2019/20 through self-assessment is on or before midnight on 31 January 2021, with around 10.7 million returns sent in last year. Last month, an extension … Continued

Comments Off on Government body urges capital gains tax overhaul

Government body urges capital gains tax overhaul

Government body urges capital gains tax overhaul

Current capital gains tax rates are too complex and should be aligned with income tax rates, according to the Office for Tax Simplification (OTS).  Capital gains tax in the UK is charged at 10% and 20% for most taxable assets, or 18% and 28% for residential property that is not a main home. Income tax … Continued

Comments Off on Furlough scheme extends UK-wide until the end of March

Furlough scheme extends UK-wide until the end of March

Furlough scheme extends UK-wide until the end of March

The furlough scheme has been extended until 31 March 2021, following a temporary extension last month.  The scheme was initially extended until 2 December 2020, prior to a second national lockdown in England. That guaranteed furloughed workers 80% of their salary – up to £2,500 – for hours not worked during the last four weeks. … Continued

Comments Off on VAT-registered traders urged to prepare for life after Brexit

VAT-registered traders urged to prepare for life after Brexit

VAT-registered traders urged to prepare for life after Brexit

HMRC has issued a last call to around 250,000 traders, highlighting urgent actions to take if they wish to continue trading with the EU from 1 January 2021.  The UK will leave the EU single market and customs union when the Brexit transition period comes to an end on New Year’s Day.  From then, new … Continued

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