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Covid-update

COVID-19 On 1 August the government’s furlough contribution fell to 60%, meaning the employer will need to pay 20% to ensure the employee receives their entitlement of 80% (subject to a &... more


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Can I use the Cash Accounting Scheme to assist with cashflow with CIS?

Q. I am a builder who is registered for the CIS (Construction Industry Scheme). The vast majority of my work is as a subcontractor for a number of large companies. I am VAT registered and so have b... more


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Am I subject to income tax relief clawback if my wife sells gifted shares?

Q. I am very keen on investing in entrepreneurial companies, over the years, I have made several investments that qualified for the EIS. Two years ago, I made such an investment, and three months l... more


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Are my NI contributions capped in my second job?

Q. My partner has been suffering with "long COVID" for several months, and unfortunately has had to leave her job as a result. As our son is in his second year of university, we can't... more

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VAT Registration - Delays

VAT Registration - Delays Due to COVID19, some businesses are experiencing long delays in obtaining a VAT number after submitting the registration form. HMRC acknowledged the delays earlier thi... more


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Letting Relief

Letting Relief One further area that could cause problems is the assumption that letting relief will apply to cover part of the gain not covered by private residence relief. However, the operat... more


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Multiple Properties

Multiple Properties Where the seller has multiple properties that are genuinely occupied as a residence for at least some of the period of ownership, they may have made an election to nominate ... more


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Periods of Absence

Periods of Absence Where the seller only has one available residence and has lived in it continuously throughout the period of ownership, relief should apply in full. However, certain periods o... more

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Property CGT – Avoid Reporting Traps

Property CGT – Avoid Reporting Traps Since April 2020, UK-resident taxpayers have been required to report gains on residential property and make a payment on account of the tax due, withi... more


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VAT & Email Addresses

VAT & Email Addresses HMRC has warned businesses that pay their VAT bills by direct debit that these will be cancelled if they do not hold a valid email address for the business. The proble... more

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Buy-to-let and second homes Stamp Duty

Buy-to-let & Second Homes Stamp Duty From April 2016, property buyers in England and Wales had to pay an additional 3% on each stamp duty band when buying an additional residential property... more


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SDLT and LTT Changes

SDLT and LTT Changes Just a quick reminder that in respect of residential property purchases in England and Northern Ireland (Stamp Duty Land Tax) and Wales (Land Transaction Tax) changes come ... more

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Brexit - EU VAT changes

Brexit - EU VAT changes Several key changes to EU VAT law are to be enacted from 1 July.   The first change is the abolition of small consignment relief which exempted items worth ... more


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Covid19

COVID19 From 1 July the level of government support for the furlough scheme was reduced. The government contribution fell to 70%, subject to a cap of £2,187.50 per month. The employer wil... more


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Can we include directors bonuses in next years accounts?

Q. Our company has a year end of 31 July each year. We have managed to increase our profits despite COVID19 and are likely to vote a bonus to the directors for the first time in several years. The ... more

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