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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

The Chief Secretary of the Treasury, Steve Barclay, made an unexpected announcement to parliament on the night of 17 March 2020. The announcement confirmed that the government are postponing the roll-out of IR35 measures to the private sector that would have affected the tax status of many incorporated contractors across the UK.

This a welcome change as it will defer much disruption in...

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

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

The government announced as part of the Spring Budget 2020, that a new Coronavirus Business Interruption Loan Scheme will be launched. Since the Budget changes have been made to the scheme increasing the benefits provided.

The scheme will be delivered by the British Business Bank to support the continued provision of finance to UK businesses during the Covid-19 outbreak. The British...

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

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

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-...

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 government has confirmed that the period for which the 100% first year allowances (FYAs) are available is to be extended from April 2021 to April 2025. In tandem with this announcement, there is also a significant reduction in the CO2 emission thresholds which are used to determine the rate of capital allowances available for business cars.

This means that the 100% writing down...

12 March 2020

In the Budget speech, the Chancellor confirmed that the government would honour its promise to increase the Employment Allowance by a third to £4,000 from April. This represents a tax boost for almost 500,000 small businesses who can claim an increased reduction on their NIC liabilities or even reduce their bills to zero.

It had previously been announced that access to the Employment...

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

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

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

Following an announcement at Autumn Statement 2016, and subsequent consultations, the government moved forward with plans to charge Corporation Tax to non-UK resident companies with property income. Currently, these companies are chargeable to Income Tax and not UK Corporation Tax.

This measure will come into effect from 6 April 2020 when any non-UK resident companies that carries on a...

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