Readers with children at university should pass on this message as students starting university this year are being warned by HMRC that they could be targeted by a fresh wave of tax scams. As new students start the academic year, they can be particularly vulnerable to cybercrime. With universities taking a blended approach to online and face-to-face tuition this year, and...
How much of your estate will be taxed?
The present rate of Inheritance Tax (IHT) that is payable by your executors on your taxable estate is 40%. The good news is that you can reduce the impact of this tax, which effectively reduces the amount of your hard-won assets that is received by your beneficiaries. For example: The first £325,000 is tax-free. This may increase to £500,000 if you leave your...
Make hay while higher rate relief is available
For many years Chancellors have threatened to reduce the Income Tax relief that can be claimed for payments into a private pension scheme. There have been reductions in the amount of contributions that can be made and the size of the pension fund that can be accumulated, but thus far, allowable contributions may still attract Income Tax relief at your highest...
Tax Diary November/December 2020
1 November 2020 - Due date for Corporation Tax due for the year ended 31 January 2020. 19 November 2020 - PAYE and NIC deductions due for month ended 5 November 2020. (If you pay your tax electronically the due date is 22 November 2020.) 19 November 2020 - Filing deadline for the CIS300 monthly return for the month ended 5 November...
Tax return reminder
HMRC have recently published a press release entitled “Just 100 days left for Self -Assessment”. Before readers make the obvious connection, that this heralds the end of tax returns in the UK, it is purely a reminder that 2019-20 Self-Assessment returns need to be filed by 31 January 2021. Gathering together the information to complete your return may have been a long...
The Job Support Scheme options – open and closed
The revised Job Support Scheme (JSS) announced in the last few days comes in two varieties: Open and Closed. JSS Open Businesses in Tier 2 areas, that suffer the restrictions to sociability rules, never-the-less are not required to close. This is an insidious outcome for these traders, particularly those in the hospitality sector, as they may not be able to generate enough...
Muras Matters: Coronavirus (COVID-19): Changes to the Job Support Scheme and Support for the Self-Employed
Background Last week the Government announced further changes to the Job Support Scheme (JSS) in order to provide increased support to businesses experiencing difficulties as a direct result of coronavirus restrictions. When originally announced, the JSS involved employers paying a third of employees’ wages for hours not worked, and required employees to work 33% of their normal hours. The changes announced by...
Export Growth Plan to help businesses
A package of measures to help businesses in England build back better following the pandemic was recently announced by the Government. The Department for International Trade’s (DIT) Export Growth Plan provides additional financial support and expertise, some of which is targeted towards specific regions that are most in need. The plan includes a £38 million Internationalisation Fund for small businesses, which will...
Planning a new business?
If you are starting to give serious consideration to setting up your own business one of the issues you will need to consider is the type of business structure that best fits your planned business activity. How risky is your business? All business activity involves a certain degree of risk. Many of these risks can be covered by taking out an insurance...
New Freeports to complement post-Brexit trade
The government has outlined new plans for Freeports to turbo-charge post-Brexit trade. Details have been released that assert a number of new freeports are being planned across the UK. The first new Freeport is on track to open by the end of 2021. Responding to the consultation on the proposals the government confirmed that sea, air and rail ports in England...