HMRC Archives - Page 25 of 37

Dec 11 2020

Furlough Extended

By admin Coronavirus Job Retention Scheme (CJRS), Covid-19, HMRC, Potts & Co Accountancy & Business Advice News

The coronavirus job retention scheme (CJRS) has been extended from 1 November 2020 to 31 March 2021. For the first three months, employers can reclaim 80% of their employees' 'reference pay' for the time they are not working, although they must pay all of the employer's national insurance contributions (NIC)…

Dec 10 2020

Report and Pay CGT in 30 Days

By admin Capital Gains Tax, HMRC, Income Tax, Personal Tax, Potts & Co Accountancy & Business Advice News

Capital gains tax (CGT ) is normally payable by 31 January following the tax year in which you sold the asset. This can give you up to an extra 22 months to hold on to the full proceeds. Sadly, the tax rules changed from 6 April 2020 and you must…

Dec 09 2020

Third SEISS Grant

By admin Covid-19, HMRC, Potts & Co Accountancy & Business Advice News, Self-Employed Income Support Scheme (SEISS)

The online claims portal for the third self-employed income support scheme (SEISS.3) grant opened on 30 November. If you qualify for the grant you should receive a lump sum payment covering the three months from 1 November 2020. You have until 29 January 2021 to submit your claim. The grant…

Sep 11 2020

Making Tax Digital (MTD)

By admin HMRC, Making Tax Digital (MTD), Potts & Co Accountancy & Business Advice News, VAT

The UK tax system is due an overhaul to streamline and digitalise the administration processes. The transition has already begun: since April 2019 businesses with an annual turnover of over £85,000 must submit VAT returns using MTD-compatible software and keep VAT records in a digital format. From April 2022 these…

Sep 10 2020

Report Your Sale in 30 Days

By admin Capital Gains Tax, HMRC, Potts & Co Accountancy & Business Advice News, Property

A new online system for paying and declaring CGT within 30 days of completion for sales of residential property was introduced from 6 April 2020. CGT online applies to all sales of UK homes where exchange and completion occurred after 5 April 2020. Sellers who are not tax- resident in…

Sep 09 2020

Job Retention Bonus

By admin Coronavirus Job Retention Scheme (CJRS), Covid-19, HMRC, Potts & Co Accountancy & Business Advice News

To encourage employers to keep as many employees on the payroll as possible into 2021 the Government has promised to pay a job retention bonus to employers of £1,000 per employee. We do not know the full details of this scheme yet but to qualify for the bonus the employee…

Sep 08 2020

VAT Rate Cut for Hospitality Sector

By admin Covid-19, HMRC, Potts & Co Accountancy & Business Advice News, VAT

The hospitality and attractions sectors are enjoying a special 5% VAT rate which applies from 15 July 2020 to 12 January 2021. The purpose of the rate reduction from 20% is to help businesses to recover from the lack of trade during lockdown and does not have to be passed…

Sep 07 2020

Tax Reduction When Buying Homes

By admin HMRC, Personal Tax, Potts & Co Accountancy & Business Advice News, Stamp Duty Land Tax

Buying or selling a home is always stressful but the process has been made a little easier for buyers as the starting point at which stamp duty becomes payable has been temporarily raised. Purchasers in England and Northern Ireland pay stamp duty land tax (SDLT) which currently only applies to…

Sep 06 2020

Second SEISS Grant

By admin Covid-19, Grants, HMRC, Potts & Co Accountancy & Business Advice News, Self-Employed Income Support Scheme (SEISS)

Applications for the second self-employed income support scheme (SEISS) grant opened on 17 August. If you are self-employed and your business has been adversely affected by the COVID-19 pandemic on or after 14 July 2020 you can apply for the grant as long as you meet the following criteria: your…

Sep 05 2020

Corporate Losses

By admin Corporation Tax, HMRC, Potts & Co Accountancy & Business Advice News

If your company has made a loss in the current year you will want to report that loss to HMRC as soon as possible so that it can be set against earlier profits and generate a refund of corporation tax paid for that earlier year. To qualify for this relief…

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