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18 March 2020

The huge monetary and fiscal stimulus measures announced by the government and the Bank of England has seen amongst other measures interest rates lowered by 0.5% and a significant package of targeted measures to help support those affected.

One of these measures was the launch of a new £500 million Hardship Fund to help support economically vulnerable people and households. The details...

18 March 2020

It seems from the latest guidance published by Public Health England and Department for Business, Energy & Industrial Strategy that local authorities will be responsible for administering the special COVID-19 business rate relief and grant funding measures recently announced by government. It is understood that the administration of the business rates relief and grant payments will be...

18 March 2020

Junior ISAs were introduced to encourage parents to save money for their children and to provide an alternative to the Child Trust Funds (CTF) that were only available to children born after 31 August 2002 and before 3 January 2011. It is possible to transfer CTF funds to a Junior ISA.

Junior ISAs were made available in November 2011 after CTFs were phased out. However, unlike the CTF...

18 March 2020

Concerns continue to grow regarding absences from work during the Coronavirus pandemic. Virus counter-measures requires a significant number of employees having to self-isolate if they are feeling sick or who have returned from other affected areas worldwide.

To help support small and medium sized businesses, the government has announced that these employers will be able to reclaim...

18 March 2020

Enterprise zones were first launched in 2011 and are specific geographic areas that provide various tax breaks and government support. Businesses that set-up in enterprise zones can benefit from up to 100% first year capital allowances for qualifying investments in plant and machinery.

This benefit was expected to have ended on 31 March 2020. However, the government announced at Spring...

18 March 2020

In the Budget, the Chancellor set out a package of temporary, timely and targeted measures to support public services, individuals and businesses through the economic disruption caused by COVID-19.

One of these measures was to offer the self-employed the opportunity to access a claim for Universal Credit or Contributory Employment and Support Allowance. This is important as the self-...

18 March 2020

HMRC has launched new emergency measures to help those businesses and self-employed people affected by COVID-19 through the Time to Pay service. These arrangements are agreed on a case-by-case basis and are tailored to individual circumstances and liabilities. The new dedicated COVID-19 helpline opened on 11 March 2020 and offers advice and support.

If you are unable to pay some or all...

12 March 2020

Where employees are provided with fuel for their own private use by their employers, the car fuel benefit charge is applied. The fuel benefit charge is determined by reference to the CO2 rating of the car, applied to a fixed amount. HMRC has confirmed that the car fuel benefit charge, fixed amount, will increase in 2020-21 to £24,500 (from £24,100).

The fuel benefit charge is not...

12 March 2020

In the face of Brexit uncertainties and the recent Coronavirus outbreak the new Chancellor, Rishi Sunak, was faced with falling economic indicators, the need to boost NHS services and was consequently limited in his options to spend on plans to improve business confidence and fund infrastructure projects.

Interestingly, there were a number of measures that will directly benefit those...

12 March 2020

As expected, it has been confirmed that the 2020-21 personal allowance will be maintained at £12,500 and the basic rate limit at £37,500. As a result, the higher rate threshold will also remain at £50,000 from April 2020. The basic rate limit applies to non-savings and non-dividend income in England, Wales and Northern Ireland and to savings and dividend income in the UK.

Changes to the...

12 March 2020

The Chancellor confirmed that a review into the effectiveness of Entrepreneurs' Relief has now been completed. Where this relief is available Capital Gains Tax of 10% is payable in place of the standard rate. The Chancellor had many representations saying that the relief is ineffective and expensive and should be abolished. In fact, the Chancellor confirmed that three quarters of the relief...

12 March 2020

It has been confirmed by the Chancellor that the Research and Development Expenditure Credit (RDEC) is to be increased from 12% to 13% on 1 April 2020. The RDEC allows companies to claim an enhanced Corporation Tax deduction or payable credit on qualifying R&D costs. The RDEC replaced the large company scheme that was withdrawn in April 2016. This will help large companies to claim more...

12 March 2020

It has been confirmed that the taxable turnover threshold, that determines whether businesses should be registered for VAT, will be frozen at £85,000 until 31 March 2022. The taxable turnover threshold that determines whether businesses can apply for deregistration will also be frozen at the current rate of £83,000 for the same time period.

Businesses are required to register for VAT if...

12 March 2020

The annual exemption for individuals is currently £12,000. From 6 April 2020, this will increase to £12,300. A husband and wife each have a separate exemption. Same-sex couples who acquire a legal status as civil partners are treated in the same way as married couples for CGT purposes.

The annual exempt amount is increased annually to keep pace with inflation in-line with rises in the...

12 March 2020

The new Chancellor, Rishi Sunak, has confirmed a Conservative manifesto promise to increase the National Insurance contributions (NIC) thresholds to £9,500. Plans to meet the manifesto pledge were first confirmed by Mr Sunak's predecessor Sajid Javid earlier this year.

The increase by more than 10% over the current year’s figure of £8,632 will apply to both the employed and self-...

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