Making Tax Digital – getting prepared

We have been waiting for some time for government to announce an extension to its Making Tax Digital (MTD) program; this they did last week. What is MTD? HMRC are keen to digitise the collection of information to calculate your tax liabilities. At present they are reliant on you submitting a variety of tax returns to do this. MTD means that they will...

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Brexit – get someone to deal with customs for you

It seems fairly likely that we are heading for a no-deal exit from the EU, 1 January 2021. Many smaller businesses that presently import or export goods from and to the EU will need to deal with a complex raft of customs and VAT issues if they continue trade with the EU after this date. The GOV.UK website has a whole...

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Muras Matters: July 2020 Self-Assessment Payment on Account

Background Taxpayers registered under Self Assessment will need to make their second payment on account for the 2019/20 tax year by the deadline of 31 July 2020. However, many individuals and trusts will recall that the Government announced as part of its COVID-19 assistance packages that taxpayers impacted by the coronavirus would have the option to defer their July 2020 payment on...

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Losses and loans

Many businesses in vulnerable sectors may have slipped into a loss making position following lock-down. Some of those businesses may have availed themselves of government backed “soft” loans to provide them with the cash-flow to survive the process. Even with rigorous planning to reduce costs, furlough employees and benefit from other COVID related grants, businesses that cannot re-establish income streams (sales)...

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Audiences back in theatres from 1 August

Social distancing will be challenging theatre and other performance arts facilities as they grapple with the news announced last week that indoor performance with socially distanced audiences will be able to take place across the country from 1 August 2020. The idea that an audience can be socially distanced is mind boggling, adds a whole new dimension to the rush for...

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Muras Matters: Taxation of Coronavirus Support Payments

Background When the Government announced their various support packages for businesses and taxpayers affected by the coronavirus pandemic it was stated that grants made available were intended to represent taxable income for those businesses and taxpayers. HM Revenue & Customs (HMRC) have now published legislation and supporting notes formally confirming that these grants will represent taxable income for those who receive them....

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Employers face difficult choices

The furlough scheme has enabled employers to defer decisions about their workforce – who to retain, who to let go – but as from the beginning of August 2020, employers will be obliged to meet the furlough costs on an incremental basis. Another change this month, July 2020, is that employees can be invited back to work on a part-time basis....

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Time to dust-off your gym shoes and swimming togs

The government announced further easing of lock-down restrictions last week. Outdoor pools can reopen to the public from 11 July, followed by indoor gyms, pools and leisure centres on 25 July 2020. In a recent press release they said: The Government has outlined the measures that will allow outdoor pools to reopen from 11 July and indoor gyms, swimming pools and sports...

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Muras Matters: Summer Budget 2020

Background Last week, just four months after his first Budget, the Chancellor, Rishi Sunak, unveiled a summer economic update designed to mitigate the impact of the COVID-19 pandemic. The Chancellor confirmed that the coronavirus Job Retention Scheme will end in October whilst outlining a number of tax cuts and grants aimed at supporting businesses in returning and retaining their workforces as the...

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Its tax payment time again

If you submit a self-assessment tax return you may need to consider your options as any second payments on account for 2019-20, are coming due for payment 31 July 2020. In a nut-shell you have three options:   Defer payment until 31 January 2021 As part of his support for taxpayers during the present disruption, Rishi Sunak has given you the opportunity to...

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