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All news by: Andrea Wulff

Temporary extension of loss relief carry-backs

The policy aims to provide a cash flow benefit to businesses by providing additional relief for trading losses, thereby generating repayments for tax paid for two additional years.

More on extended furlough scheme

Most employers who are eligible will be aware that the furlough scheme (the Coronavirus Job Retention Scheme) has been extended.

Delay of Job Retention Bonus

Following the extension of the CJRS, it has been confirmed that the Job Retention Bonus will not be paid in February. The government will instead redeploy a retention incentive at the appropriate time. 

Additional grant aid for local lockdown businesses

Last month the Treasury announced further support for businesses adversely affected by lockdown in local areas to control local outbreaks.

Redundancy pay

If you are faced with making employees redundant the terms that determine the amount payable may be written into your staff contracts of employment.   

VAT WARNING – Reminder for business owners to reinstate their VAT direct debits

At the start of the COVID -19 crisis, the Government announced that changes were to be implemented to VAT payments that were due between 20th March 2020 and the 30 June 2020, to help businesses manage their cash flow.  In effect, this means that VAT could be deferred for quarterly accounting periods ending in February, March and April. 

VAT WARNING – Reminder for business owners to reinstate their VAT direct debits

At the start of the COVID -19 crisis, the Government announced that changes were to be implemented to VAT payments that were due between 20th March 2020 and the 30 June 2020, to help businesses manage their cash flow.  In effect, this means that VAT could be deferred for quarterly accounting periods ending in February, March and April. 

Changes to contractor VAT from 1 October 2019

At present, sub-contractors registered for VAT are required to charge VAT on their supplies of building services to contractors. From 1 October this approach is changing.  

Landlords bear the brunt of recent tax changes

Recent budgets have done little to improve the financial position of landlords. One change stands out above the rest: the loss of higher rate tax relief on finance charges.

Landlords bear the brunt of recent tax changes

Recent budgets have done little to improve the financial position of landlords. One change stands out above the rest: the loss of higher rate tax relief on finance charges.

Should homebuyers rush to make good use of low interest rates?

Home owners have seen the average value of their UK homes increase by over 40% and almost £60,000 over the past eight years since interest rates hit historic lows.

Should homebuyers rush to make good use of low interest rates?

Home owners have seen the average value of their UK homes increase by over 40% and almost £60,000 over the past eight years since interest rates hit historic lows.

Paying 20% instead of 28% on the sale of a property

The latest Finance Act has retained the 28% CGT rate for sales of residential property, whereas the general rate was reduced to 20% for higher rate taxpayers. It has been suggested that it is possible to reduce the rate from 28% to 20% by deferring the gain temporarily into qualifying EIS company shares.

Paying 20% instead of 28% on the sale of a property

The latest Finance Act has retained the 28% CGT rate for sales of residential property, whereas the general rate was reduced to 20% for higher rate taxpayers. It has been suggested that it is possible to reduce the rate from 28% to 20% by deferring the gain temporarily into qualifying EIS company shares.

Buy-to-let mortgage deposit requirements could rise to 60% in 2017

 The bolts are set to be tightened for landlords that are looking for a buy to let mortgage with a small deposit, as mortgage deposit requirements could rise to 60% in some areas, as we approach 2017. This deposit rise has been provoked by a perfect storm of tax changes, risk-averse lenders, and strict stress tests, that may push some areas to off limits and out of budget, for potential investors.

Buy-to-let mortgage deposit requirements could rise to 60% in 2017

 The bolts are set to be tightened for landlords that are looking for a buy to let mortgage with a small deposit, as mortgage deposit requirements could rise to 60% in some areas, as we approach 2017. This deposit rise has been provoked by a perfect storm of tax changes, risk-averse lenders, and strict stress tests, that may push some areas to off limits and out of budget, for potential investors.