Blog
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Q. My mother is a widow in her nineties but still lives in the same house that she and my late father bought in the early 1960s. I also lived there from birth until I married and moved out in 1990....
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Q. I have recently been able to reopen my small hotel and I am selling face value gift vouchers which can be redeemed against room reservations and/or in the dining room and bar. I have previously ...
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Q. I am approaching retirement age and I am looking forward to receiving my state pension. Will I have to pay tax on it?
A. The state retirement pension currently counts as taxable income....
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Applying for a Customs Grant
The next phase of the customs grant scheme is now open for applications. It sees a record £50 million investment as part of the measures to accelerate growth ...
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Helping Employees with Cheap Loans
In the current difficult economic climate, employees may need to approach their employer for financial assistance in the form of a loan. Strictly, under the l...
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HMRC Launch Consultation on NIC Holiday for Veterans
The Government currently provides a career transition package to service personnel leaving the Armed Forces which supports around 86% into e...
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Covid-19 Support: SEISS Second Claim Service Open
The Self-Employment Income Support Scheme (SEISS) claims service for the second and final grant opened on 17 August 2020. Individuals eligible ...
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Self Employed Income Support Scheme (SEISS) Extension
General Notes
The individual can make the second claim even if they did not make the first one. This may have been due to missing t...
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Q. How long do I need to keep VAT records for?
A. VAT-registered businesses must:
keep records of sales and purchases;
keep a separate summary of VAT; and
issue correc...
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Q. My father died in 2019 and my brother and I inherited a small commercial business unit. Probate is nearly complete now. If we sell the property in the future, will capital gains tax be payable o...
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Q. I am a sole trader trading as a graphic designer. I am voluntarily registered for VAT and I have several commercial clients who are also registered for VAT. Due to the coronavirus outbreak my gr...
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CGT Reporting Deadline
Under new rules capital gains tax (CGT) on disposals of UK residential property must be reported by 31 July to avoid a penalty.
Changes regarding payment of CGT, too...
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Eat Out to Help Out (EOHOS)
The aim of EOHOS
Is a Government incentive to encourage people to eat or drink in eligible establishments during the month of August 2020.
To assist th...
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VAT FRS Temporary Rate Reductions Confirmed
In the Government's Summer Update on 8 July 2020, the Chancellor announced a six-month reduction in the VAT rate on supplies of food and non-alco...
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Stamp Duty Land Tax (SDLT)
Recent research revealed that property transactions fell by more than 50% in May and house prices have fallen for the first time in eight years. In an attem...
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