What can we expect from the budget next week? On the expenditure side, infrastructure and the NHS seem to be the two major areas for investment. HS2 and other rail improvements in the North are likely to be beneficiaries as will carbon capture and other climate related projects, for example, improving the energy efficiency of homes, schools and hospitals. During the last...
Additional rates reduction for pubs
Pubs will benefit from £1,000 business rates discount from April 2020. The cut is on top of previously announced plans to slash the bills of small shops by 50%. In a fresh demonstration of the government’s support for communities up and down the country, a new Pubs Relief will be introduced in April, with £1,000 being taken off the business rates bills...
Tax Diary March/April 2020
1 March 2020 - Due date for Corporation Tax due for the year ended 31 May 2019. 2 March 2020 – Self assessment tax for 2019/19 paid after this date will incur a 5% surcharge. 19 March 2020 - PAYE and NIC deductions due for month ended 5 March 2020. (If you pay your tax electronically the due date is 22 March...
Muras Matters: New Reporting Requirements for the Sale of Residential Property
Background Individuals are currently required to report any capital gain and pay any tax on the sale of residential property through self-assessment. From 6 April 2020 new rules will come into force requiring a UK resident individual or trustee making a taxable capital gain on the disposal of UK residential property to submit a ‘residential property return’ to HM Revenue & Customs...
We are on your side
As we approach the end of yet another tax year it is worth reflecting on the role of HMRC in our tax affairs. Without a doubt, HMRC, tax legislation and its application, will continue to ensure that you pay your taxes. You can rely on HMRC to pounce if they feel that you have underpaid tax. Unfortunately, they may not be...
Dormant money scheme to be expanded
Since the launch of the Dormant Assets Scheme in 2011, £600m has been transferred from High Street banks and building societies to various good causes. The funds have come from bank accounts that are classified as dormant: where banks are unable to trace the account holders The scheme is to be expanded. The government is consulting on expanding the scheme to the...
Business rates cut for pubs
The government have announced a £1,000 business rates discount for public houses The relief announced 27 January 2020, will be available to public houses with a rateable value of less than £100,000 and will apply for one year from April 2020. Central government will reimburse local authorities that adopt this scheme. Extracts from the January announcement are reproduced below. The cut is on top...
Muras Matters: National Minimum Wage Increases
National Minimum Wage Following the changes recommended by the Low Pay Commission, the rates of National Minimum Wage (NMW) will increase with effect for pay periods starting on or after 1 April 2020. The changes are: the rate for 21 to 24 year olds will increase by 50p to £8.20 an hour the rate for 18 to 20 year olds will increase by...
Budget predictions 11 March 2020
Following the resignation of Sajid Javid last week, there has been much speculation on how this will affect the direction of the budget to be presented to parliament next month. Rishi Sunak, who replaces Sajid, is stepping into the Chancellor’s role with little experience but does seem to have “rising star” status as far as number 10 is concerned. What can we...
Breathing space for those in debt
In a recent news story published to the Government website it was announced that a new breathing space period will freeze interest, fees and enforcement for people in problem debt, with further protections for those in mental health crisis treatment. The article is reproduced below: Millions of people with problem debt, including those facing mental health problems, will be helped by the...