CGT on second property sales – 30 day rule
The Capital Gains Tax (CGT) reporting and payment date for UK residents that sell a residential property changed with effect from 6 April 2020. This change means that any CGT due on the sale of a residential property now needs to be reported and a payment on account of any CGT due made within 30 […]
Majority of parents gift cash without considering future care costs
Parents are failing to consider how they will pay for their own care costs when gifting money to children as confusion over the level of government support gives families a false sense of security. Almost 70 per cent of parents who have given their children a cash gift had not considered how they would pay […]
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Resilience
One of the lessons we should take away from the COVID experience – in a business context – is the ability to recover quickly from unexpected challenges. Firms in the hospitality and entertainment sectors are excused as they have had no power to act in their own best interest due to government lockdown directives. The […]
Deadline for EU Settlement scheme
EU workers already living in the UK before 31 December 2020 have been required to apply for the EU Settlement scheme. Settled or pre-settled status gives the holder the right to work in the UK as well as other important rights including access to the NHS and the right to travel in and out of […]
Reminder for reporting expenses and benefits for 2020-21
The deadline for submitting the 2020-21 forms P11D, P11D(b) and P9D is 6 July 2021. Employees must also be provided with a copy of the information relating to them on these forms by the same date. P11D forms are used to provide information to HMRC on all Benefits in Kind (BiKs), including those under the […]
UK Infrastructure Bank opens for business
The new UK Infrastructure Bank has officially opened for business. The new bank, which is headquartered in Leeds, will be tasked with accelerating investment into ambitious infrastructure projects, cutting emissions and levelling up every part of the UK. The establishment of the bank comes in the wake of the pandemic but is expected to result […]
Stamping documents goes digital
HMRC has confirmed that the 300-year-old process used to manually stamp documents to show the duty has been paid will officially come to an end on 19 July 2021. A new electronic process was introduced during the pandemic as traditional physical stamping could not function under COVID-19 restrictions. As this process has worked well, HMRC […]
Off-payroll working rules best practice
The rules for individuals providing services to certain private sector organisations via an intermediary such as a personal service company (PSC) changed from 6 April 2021. The new rules mean that medium and large-sized clients are now responsible for deciding whether the intermediaries’ legislation applies to their workers. This includes charities and third sector organisations. […]
Taxable benefit charge – returning office equipment
A taxable benefit charge can apply when employees return office equipment they used to work from home. There was a significant rise in the provision of office equipment to employees working from home due to the COVID-19 pandemic. Qualifying home office equipment is that deemed necessary for an employee to work from home and can, for […]
