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Covid-19 Support: SEISS Second Claim Service Open

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 ... more


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Self Employed Income Support Scheme (SEISS) Extension

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... more


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How long do I need to keep VAT records for...

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... more


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My father died in 2019 and my brother and I inherited a small commercial business unit...

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... more


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I am a sole trader trading as a graphic designer...

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... more


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CGT Reporting Deadline

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... more

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Eat Out to Help Out (EOHOS)

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... more


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VAT FRS Temporary Rate Reductions Confirmed

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... more


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Stamp Duty Land Tax (SDLT)

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... more


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Update - Job Retention Scheme Bonus (JRSB)

Update - Job Retention Scheme Bonus (JRSB) What does the employer receive? £1,000 from the Government for each eligible employee. The claim can be made through the Gov.UK po... more


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Managing LISAs on Death or Terminal Illness

Managing LISAs on Death or Terminal Illness Lifetime ISAs (LISAs) continue to provide a tax-efficient savings vehicle for investors as there will be no income tax to pay on interest earned... more


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Confusion Over 31 July Second Payment on Account Deferral

Confusion Over 31st July Second Payment on Account Deferral  There has been some confusion on whether or not HMRC has agreed that there can be a blanket 31st July second payment on account... more


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Temporary 5% VAT Rate

Temporary 5% VAT Rate Overview The Government are reducing some VAT rated supplies down from the 20% standard rate to a 5% temporary rate. It covers the period from 15 July 2... more


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My business is struggling financially due to the impact of the coronavirus

Q. My business is struggling financially due to the impact of the coronavirus (COVID-19) and I am considering applying for a grant being made available by the government via local authorities. Woul... more

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108
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Paying capital gains tax on the proceeds from a sale even if money is reinvested

Q. I have owned and rented out a residential property for the last ten years, which I am now considering selling. I will use the proceeds to purchase another rental property. Will I have to pay cap... more