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

Oxon accountancy 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 for redundancies oxon

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 vat oxon

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 […]