Straight from the horse’s mouth

December Q&A

1st December 2020
Is there VAT on renting out farmland? Q. I have agreed to rent a field from a farmer who is unsure whether he must charge VAT. As far as I am aware, as long as he has not opted to tax the land he does not charge VAT. Is this correct? A. The answer here...

A dozen new tax updates

30th November 2020
Not the Autumn Budget but more tax updates have been released which you should know about. Annual Investment Allowance £1 million temporary cap will be extended until 1 January 2022.  New measures to tackle promoters of tax avoidance, including tougher sanctions and additional HMRC powers. The government publishes draft tax legislation on a range of...

Furlough scheme extended to 2021

27th November 2020
As you will be aware the UK wide Coronavirus Job Retention Scheme has been extended until 31 March 2021. But what are the key details for employers to know? The extended Coronavirus Job Retention Scheme (CJRS) offers a more generous level of support than the last few months, with the government paying 80% of an...

Trading with the EU

23rd November 2020
(from January 1 2021) There are a number of changes for a business that wishes to trade with the EU after the 1st of January 2021, and failure to comply with these procedures will result in the disability to import or export goods. These changes will mainly affect 5 areas: trade, goods, services, people and...

Business Closure Grant

19th November 2020
From 2 November, if your business has been required to close by law or change its operations due to Covid-19 restrictions then you may be eligible for grant funding. There are two different types of grants on offer and they will be paid every 4 weeks in arrears for as long as the restrictions last....

Home offices and tax

9th November 2020
Whilst workplaces continue to be closed for an extended period, more and more people decided to create a dedicated workspace at home. HMRC is now targeting these spaces – how can you avoid a tax bill?  Tax Expert Brona MacDougall advises. As offices closed across the country back in March, working from home has became...

Extension of the Furlough Scheme

6th November 2020
Over the last few days, there has been a lot of talk in the media regarding what the second lockdown in England would mean for the Job Support Scheme (JSS) – which was due to replace the Coronavirus Job Retention Scheme (CJRS) on 1 November. However, on the 5 November, Chancellor of the Exchequer Rishi...

Extension of the Coronavirus Job Retention

4th November 2020
Updated 4th November 2020 Over the last few days, there has been a lot of talk in the media regarding what the second lockdown in England would mean for the Job Support Scheme – which was due to replace the Coronavirus Job Retention Scheme (CJRS) on 1 November. However, on the 31 October, Prime Minster...

Self Employed Income Support Scheme Changes

4th November 2020
UPDATE 4th November 2020 To coincide with the changes to the CJRS and JSS , the SEISS (Self Employment Income Support Scheme) will be doubled back up to the previous amount of 80% of average trading profits for the entirety of November and the claims window for this brought forward from 14 December to 30...

Protecting the value of your home from IHT

4th November 2020
The residence nil rate band (RNRB) can increase the amount of your estate that will escape inheritance tax. But when can the RNRB apply and what steps can you take to ensure that your beneficiaries benefit from the tax savings?  Lauren Herbert discusses. Naturally, you want your beneficiaries to receive as much of your estate...