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Month: January 2021

  • VAT Flat Rate Scheme – A Quick review

    Using the VAT Flat Rate scheme, businesses pay VAT as a fixed percentage of their VAT inclusive turnover. The actual percentage used depends on the type of business. The scheme has been designed to

  • Landlords Need To Embrace A Digital Approach

    HMRC are slowly rolling out their Making Tax Digital (MTD) scheme. Eventually, selected landlords submitting their rental income and outgoings via self-assessment will need to embrace this new MTD

  • When You Can Get Rollover Relief

    Business Asset Rollover Relief is a valuable relief that allows you to defer payment of CGT on gains made when you sell or dispose of certain assets and use all or part of the proceeds to buy new

  • Tax When You Sell Shares In A Company

    Capital Gains Tax (CGT) is normally charged at a simple flat rate of 20% when you sell shares unless they are in a CGT free wrapper such as an ISA or pension.

    If you only pay basic rate tax and make

  • Nil Rate Band For Inheritance Tax

    The Inheritance Tax residence nil-rate band (RNRB) is a transferable allowance for married couples and civil partners (per person) when their main residence is passed down to a direct descendent such

  • Construction Sector – VAT Reverse Charge

    A further reminder that new VAT rules for building contractors and sub-contractors will come into effect from 1 March 2021. The new rules were originally expected to commence from 1 October 2019, but

  • Furlough Grants Overclaim Repayment

    Any business that has overclaimed a Coronavirus Job Retention Scheme (CJRS) grant must pay back the overpayment to HMRC. The rules outlined below for paying HMRC back an overclaim also applies to

  • Tax Returns Filing And Payment Deadline This Month

    The 31 January 2021 tax return filing deadline is not just the final date for submission of your Self-Assessment tax return but also an important date for payment of tax due to HMRC. This includes the

  • £4.6 Billion Lockdown Grants Announced

    Following a rapid rise in COVID infections, from today 5th January 2021, England has been placed into a new lockdown. Following this the Chancellor has announced £4.6 billion of new lockdown grants to

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