Wokingham Accountants
Accountancy may not strike everyone as exciting, but it is fast moving. We’ll keep you informed about issues we think may be of interest or relevance to you.
In June 2020, the Government announced that it was making funding available to customs intermediaries and businesses to help increase their capacity to make customs declarations. Broadly, businesses need to prepare ahead of new procedures coming into play in 2021 following the end of the UK’s EU withdrawal transition period. As well as injecting a … Read more
The hospitality and leisure industries as we all know, have been severely affected by the Coronavirus pandemic. To help businesses in these sectors to get back on their feet, the Government has reduced the rate of VAT to 5% rather than the standard rate of 20%. This applies to certain supplies and has now been … Read more
Inheritance tax is normally payable by the end of the sixth month following that is which the person died. So, for example, if someone died on 4 April 2020, any inheritance tax due on their estate would be due by 31 October 2020. Often the deceased estate will include non-cash assets, such as property, shares … Read more
As the Coronavirus Job Retention Scheme draws to a close, employers may face the difficult decision to make some employees redundant. Legislation was introduced at the end of July to protect furloughed employees. Entitlement An employee is entitled to statutory redundancy pay if they have at least two years’ continuous employment when they are made … Read more
Sadly, not all businesses will survive the Covid-19 pandemic, and many may take, or be forced to take, the decision to close where losses make the business untenable. The tax legislation provides various relief for losses including a special relief for losses made in the last 12 months of trading, known as terminal loss relief. … Read more
The Covid-19 pandemic has seen many employees being required to wear personal protective equipment (PPE) at work. The way in which this is provided and the extent that it is needed to enable the employee to undertake the duties of their employment will determine the associated tax implications. HMRC have published guidance on the treatment … Read more
Claims for the second grant under the Self-Employment Income Support Scheme (SEISS) can be made from today, the 17th of August 2020 onwards. Who can claim? A self-employed individual or member of a partnership who meets the eligibility criteria and whose business has been adversely affected by Coronavirus on or after 14 July 2020 can … Read more
To help employees out during the Covid-19 pandemic, employers may provide ‘hardship’ loans to employees. Where loans are provided, what are the tax implications? No special rules There are no special relaxations to deal with loans provided to help employees meet financial obligations during the Covid-19 pandemic; the usual rules for employment related loans apply. … Read more
HMRC may allow an appeal against a penalty if the taxpayer has a ‘reasonable excuse’ for why, say, they filed a return late or paid their tax late. A ‘reasonable excuse’ is something that prevented a taxpayer from meeting a tax obligation despite the fact that they took reasonable care. HMRC take a hard line … Read more
Various Covid-19 support payments are available to individuals and businesses to help mitigate the effects of the Covid-19 pandemic. Are the payments taxable and how should they be treated? Payments under the Coronavirus Job Retention Scheme? Grants payments made under the Coronavirus Job Retention Scheme (CJRS) for fully furloughed and flexibly furloughed employees are included … Read more
