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Tax Diary - important dates for August/September 2020

Important dates for your diary 

6 Aug 2020 Read more
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VAT Changes for the Hospitality sector

In an attempt to address the financial difficulties of businesses in the hospitality and tourism industries, Rishi Sunak also announced a range of VAT reductions on selected supplies for these sectors. Summary of the changes are set out below:

6 Aug 2020 Read more
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Keep an eye on the numbers!

Recent economic forecasts for 2020 published by H M Treasury will do little to inspire business confidence. In their comparison of independent forecasts published last month, the unemployment rate is estimated to rise to 8% and in the same period, GDP falls by 9%.

6 Aug 2020 Read more
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Are changes to capital gains tax underway?

The Chancellor has written to the OTS (Office of Tax Simplification), to ask the OTS to undertake a review of Capital Gains Tax and aspects of the taxation of chargeable gains, in relation to individuals and smaller businesses.  

6 Aug 2020 Read more
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Time is running out to make your furlough claim

If you have furloughed any employees during the period ended 30 June 2020 and you are eligible to make a furlough claim under the job retention scheme, you must do so BY 31 JULY 2020.

24 Jul 2020 Read more
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Further announcements for Making Tax Digital

As part of the “Legislation day” announcements on 21 July, the government set out its planned roadmap for the further roll out of Making Tax Digital (MTD).  The announcement covered VAT, income tax and corporation tax.

23 Jul 2020 Read more
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Summer Economic Statement 2020

As part of the continuing government response to the Coronavirus, Chancellor Rishi Sunak has announced a raft of measures to support the UK economy in a special summer economic update.  

9 Jul 2020 Read more
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COVID-19: Optional deferral of self-assessment tax payments

If you've been impacted by the coronavirus pandemic, you can defer your self-assessment payment on account to 31 January 2021.  

6 Jul 2020 Read more
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Furlough take up is higher in low income areas

Furlough has successfully targeted lower income areas of the UK according to analysis of take up of the Government's job retention scheme.

29 Jun 2020 Read more
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Academies: Accounts Direction 2019/20

The ESFA have released their annual guidance on accounts preparation for academies and Multi-Academy Trusts in the Accounts Direction 2019 to 2020.   There have been some minor changes and clarifications in this year’s publication which apply to Academy accounts for accounting periods ending 31 August 2020.  

28 Jun 2020 Read more
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Academies: 2020 Budget Forecast Return 3 Year

In response to the Covid-19 outbreak, the budget forecast return three year (BFR3Y) is the only required budget forecast to be submitted for Academies and Academy Trusts this year.

22 Jun 2020 Read more
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Don’t forget to re-instate your direct debit if you have used the VAT deferral scheme

VAT registered businesses are able to defer their VAT payments falling due in the period between 20 March and 30 June 2020 until 31 March 2021.  

17 Jun 2020 Read more
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