Insider: July 2020
UK economy slumps into recession after record contraction in April The UK’s economy experienced the largest monthly contraction on record in April 2020, shrinking by 20.4%. The sharp fall in GDP came as the UK spent its first full month in lockdown to try and halt the spread of COVID-19. The Office for National Statistics […]
Trusts and passing on wealth
Trusts and passing on wealth How to pass on wealth to the next generation. There are many ways to reduce or eliminate the inheritance tax payable on your estate without using trusts. But for some, especially if you are very wealthy, they may not be enough. For others, the control that trusts give over who […]
HMRC resumes investigations after COVID-19
HMRC resumes investigations after COVID-19 What to expect from tax probes in 2020/21. After temporarily pausing tax investigations as COVID-19 business support measures rolled out earlier this year, HMRC has restarted probes into businesses and individuals’ tax affairs. The Revenue has also started to direct its attention towards the misuse of coronavirus support schemes, such […]
Insider: June 2020
Relief as Sunak extends furlough scheme until the end of October Bodies representing UK businesses have described their relief after the furlough scheme was extended until 31 October. Chancellor Rishi Sunak said the Government will continue to pay the wages of workers on leave because of coronavirus. Furloughed employees, therefore, can continue to receive 80% […]
Planning for redundancies
Planning redundancies in 2020 How termination payments are taxed. With redundancies on the rise due to the coronavirus, is it time you understood how termination payments work in 2020? Beyond the human tragedy of COVID-19 is an economic one. Swathes of the UK economy have been flatlining and a rising redundancy rate is inevitable – […]
Capital goods scheme for VAT
Capital goods scheme for VAT How it works and interacts with capital allowances. The VAT capital goods scheme affects input VAT recovery relating to high-value capital assets. Input VAT is a tax incurred on most purchases made by VAT-registered firms, and they can usually reclaim it from HMRC in full. The scheme usually applies to […]
Insider: May 2020
Tax group demands VAT simplification of food and drink rules VAT rules for food and drink in the UK are “overly complex” and in need of reform, the Association of Taxation Technicians (ATT) has claimed. Chancellor Rishi Sunak used his Spring Budget to scrap the so-called ‘tampon tax’ when the Brexit transition period ends […]
Inheritance tax planning
Inheritance tax planning in 2020/21 Oxon accountancy provides Inheritance tax planning in Abingdon, Oxfordshire, Oxford, London, Didcot, England, Slough, Birmingham, Southampton and Bristol area. What to consider during the COVID-19 lockdown. Coronavirus has many people reflecting on their own mortality. So if you have more time on your hands during the lockdown, planning your estate […]
Working from home during COVID-19
Working from home during COVID-19 Can employees reclaim any expenses? On Monday 16 March 2020, Prime Minister Boris Johnson told the public to work from home where possible in an attempt to contain the ongoing coronavirus outbreak in the UK. For more than 1.7 million people it was business as usual, as they already worked […]
Insider: April 2020
COVID-19 postpones off-payroll extension to the private sector The Government has delayed extending the controversial off-payroll working rules to the private sector, as the UK fights to contain the coronavirus pandemic. Hot on the heels of announcing a £350 billion support package for struggling businesses, the Treasury pulled the plug on the extension less than […]
