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22 July 2020

The Chancellor, Rishi Sunak has written to the OTS (Office of Tax Simplification), asking the OTS to undertake a review of Capital Gains Tax (CGT) and aspects of the taxation of chargeable gains in relation to individuals and smaller businesses. In response to the request, the OTS has published a scoping document for the review, together with a call for evidence and an online survey.

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22 July 2020

The government has published the draft legislation for Finance Bill 2020-21, along with accompanying explanatory notes, tax information and impact notes. The consultation on draft clauses is intended to make sure that the legislation works as intended. The consultation will close on 15 September 2020.

The Finance Bill will contain the legislation for some of the tax measures that have...

22 July 2020

We would like to remind students that work part time, for example in a summer job, that they are entitled to claim back any tax overpaid. Students (and other temporary workers) are not required to pay any Income Tax if their earnings are below the tax-free personal allowance, currently £12,500.

However, employers are required to calculate the amount of tax you need to pay on the basis...

22 July 2020

The government has confirmed allocations for individual councils in England from the £500 million of additional support for Coronavirus-related spending pressures. This further injection sees a total of £4.3 billion in direct funding to councils to help with issues caused by the Coronavirus pandemic. The money is being distributed to councils based on population and levels of deprivation, and...

22 July 2020

The Prime Minister, Boris Johnson, has announced the gradual reopening of indoor theatres and other live performance venues from 1 August 2020. The venues will need to follow strict social distancing measures and perform to a limited audience.

This announcement marks the move to stage 4 of the government’s 5-stage road map for the return of professional performing arts. The next stage...

20 July 2020

If you are self-employed, as a sole trader or in partnership, the profits from your business are treated as part of your income for Income Tax and self-employed National Insurance purposes. As a consequence, the amount of tax payable on your self-employment is difficult to define in isolation and is why your trading accounts do not include a calculation of Income Tax and NIC payable.

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20 July 2020

High Street retailers will have watched with dismay as competitors take their market share – not by businesses in their local business community – but globally, as consumers in the UK switch their attention from shopping trips to online retailers.

In the coming months, and perhaps longer term, footfall is unlikely to increase due to social distance restrictions and reluctance on the...

20 July 2020

There is a well-worn cliché that says that no news is good news i.e. that bad news actually travels faster than good news.

During the coronavirus period, we have been bombarded by proof that this is the case. Witness the very deliberate, daily statistics that focus on deaths and rates of infection rather than stories about COVID survivors and the number of people, the majority, that...

20 July 2020

Practitioners may have noticed that the OTS has recently published an update on its thoughts for the update of Corporation Tax, the taxation of personal service companies and the self-employed.

The report is entitled:

Evaluation update and stock take of OTS work on corporation tax, personal service companies and self-employed people’s taxation.  

The introduction...

15 July 2020

We have made passing references to business planning in recent articles published to this newsfeed; about the need to secure and plan your bank resources to better cope with the disruptions caused by COVID-19.

Government seems to be preparing us for a further increase in the rate of infections once autumn arrives. Accordingly, we need to tread carefully when considering planning options...

15 July 2020

Any planned change will be targeted at a specific issue – say, reduce sales prices to win more customers and increase footfall – but actions of this kind have knock-on effects. For example, what effect will the proposed reduction in sales prices have on profits, cash-flow and solvency?

Many of these scenarios can be mapped on spreadsheets or backs of large envelopes, but this requires...

15 July 2020

In a surprising move, the government has given permission for sports facilities in England to begin reopening. Initial projections had suggested that gyms would be closed until at least the Autumn when it was hoped that the virus is more completely under control.

Outdoor pools were given permission to reopen from 11 July although many pools remained closed as they were only given a few...

15 July 2020

The Competition and Markets Authority (CMA) launched a COVID-19 taskforce in March 2020 to identify any commercial practices that adversely affect consumers and to take enforcement action if a firm breaches consumer protection law and fails to respond to warnings.

The CMA currently has particular concerns about the package travel sector following more than 17,500 complaints from the...

15 July 2020

HMRC has published new guidance for VAT registered businesses in the hospitality, holiday accommodation and attractions sectors. This new guidance follows the Chancellor’s announcement in the Summer Statement of a temporary reduction in the VAT rate from 20% to 5% from 15th July 2020 until 12th January 2021.

This means that until the 12th of January 2021, VAT charged on food,...

15 July 2020

Companies House has developed and launched a new temporary online service to upload and send completed forms during the Coronavirus outbreak. The online service was first launched at the beginning of June. The latest release of the upload a document service was issued on 6 July and now allows users to upload more form types, including Scottish limited and qualifying partnerships, articles and...

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