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Personal Tax Planning 2020/21

Happy New Tax Year With the lock down continuing there is so much uncertainty on a level nobody has seen before. We continue to wait for the government’s financial support to be accessible and for any updates to the support offered. Something that can be done during this time is to look at any planning that can be done to …

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Insider – April 2020

Postponement of off-payroll for the private sector The government has delayed extending the off-payroll working rules to the private sector as they continue to fight the coronavirus pandemic. The rules will now apply form 6th April 2021. The chief secretary to the Treasury, Stephen Barclay stated “This is a deferral not a cancellation and the Government remains committed to reintroducing …

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Spring Budget – 2020

Biggest spending spree for 28 years “Getting it done” is the soundbite Chancellor Rishi Sunak clearly wanted us to take away from his debut Budget speech. The Government’s substantial majority gave Sunak carte blanche to overhaul taxes but, in the end, there were relatively few substantial changes. Instead, one announcement after another was made on investment in public services, roads …

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Capital gains tax changes

Tax changes to private residences for 2020/21 From 6 April 2020, HMRC is proposing three significant changes which will potentially increase the capital gains tax paid on the disposal of any residential property by an individual. These changes seek to raise extra revenue from the disposal of residential properties and to collect these taxes more quickly. For many of the …

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Promoting pension saving to the self-employed

A government-backed pension provider is trialling emotive messages to nudge sole traders to start retirement saving. The messages from NEST aim to persuade the self-employed to sign up for pensions through payment or accountancy platforms or trade and industry bodies. Four messages are being tested to encourage savings behaviour,including ‘could you save £2.50 a day?’. ‘Flexible pension options for the …

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Is austerity finally coming to an end?

Going into the Budget 2018, between leaks and political instability, few expected Chancellor Philip Hammond would have surprises left to spring. Under pressure to support No 10’s ’end of austerity’ message and safe in the knowledge that it could all go out of the window in the event of a no-deal Brexit, the Chancellor gave the most eventful Budget speech of …

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Can I deregister from VAT? Should I deregister?

If your business’s turnover is predicted to fall below £83,000 over the next year, it maybe worthwhile considering whether to deregister from VAT. The Government is concerned that many business owners deliberately choose to stay below the VAT registration threshold. For some businesses this decision is right for them. Businesses change. A VAT registered business that has traded for many …

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Landlords welcome tax incentives for long-term tenancies

The government is considering introducing tax incentives for landlords who offer longer tenancies, as part of a new consultation. The Ministry of Housing, Communities and Local Government has launched a consultation on implementing a three-year tenancy model. This is intended to support the increasing number of private tenants seeking long-term security, as more families and older people plan to stay …

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Bookkeeping and accounting – what’s the difference?

A common question we get asked a lot is whether there is any difference between accounting and bookkeeping, and the short answer is: Yes!   As for the long answer… What is bookkeeping? Bookkeeping is the regular, day-to-day process of understanding a business’s financial transactions. This helps business owners understand their day-to-day business operations, identify past-due trade debtors, spot duplicate …

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Chamber of Commerce calls for further delay to digital accounts rollout

The government’s flagship Making Tax Digital (MTD) scheme should be delayed until 2020/21 for all taxpayers, according to the British Chambers of Commerce (BCC). VAT-registered businesses with an annual turnover of more than £85,000 are due to be the first to go through the transition to digital accounts for reporting VAT only from April 2019. But the BCC is calling …

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