This is an article recently posted on LinkedIn by Cathy Cook, Partner of LCF Law and reproduced below with permission. Anyone keeping an eye on the business pages will have seen that sales to Employee Ownership Trusts (EOTs) are growing in popularity, and are providing a useful way for business owners to exit in an […]
We don’t know exactly when the Autumn Budget will be, as the Treasury hasn’t set a date. The earliest it will happen is ‘mid to late November’, as this is when Mr Sunak asked the Office for Budget Responsibility (OBR) to publish an economic forecast – a prerequisite to holding a Budget. But this doesn’t […]
In his recent Summer Statement, Rishi Sunak announced changes to the nil rate band of Stamp Duty Land Tax (SDLT) to be applied in England and Northern Ireland. This was followed by announcements from the Scottish and Welsh regional assemblies who set the rates in Scotland and Wales. Here is a brief summary of the […]
In an attempt to address the financial difficulties of businesses in the hospitality and tourism industries, Rishi Sunak also announced a range of VAT reductions on selected supplies for these sectors. Summary of the changes are set out below: Hospitality When you supply food and non-alcoholic beverages for consumption on your premises, between 15 July […]
Please note: An article on the Job Retention Bonus has been posted since this article was published – please click here to view this article or see our previous post for full details on original scheme. From 1 August 2020, the level of grant will be reduced each month.To be eligible for the grant employers […]
The chancellor announced on the 14th July that he has commissioned a review of Capital Gains Tax (CGT) in relation to individuals and smaller businesses, asking the Office of Tax Simplification to consider the overall scope of the tax and the rates which apply. What will the Treasury’s tax gurus investigate? The Chancellor has asked […]
The scheme has been extended. If you were eligible for the first grant and can confirm to HMRC that your business has been adversely affected on or after 14 July 2020, you’ll be able to make a claim for a second and final grant from 17 August 2020. You can make a claim for the […]
Further details of how jobs will be protected through the government’s new Job Retention Bonus were unveiled by HMRC on the 31st July. The bonus – announced by Chancellor Rishi Sunak as part of his Plan for Jobs last month – will see businesses receive a one-off payment of £1,000 for every previously furloughed employee […]
Making Tax Digital deadlines, VAT payments deferral scheme and digital links Making Tax digital will be: Extended to vat registered businesses with turnover below the £85,000 Vat threshold from April 2022. Introduced for Income Tax Self-assessment for businesses and landlords with income over £10,000 from April 2023 Covid-19 VAT payments Deferral Scheme As part of […]
The Court of Appeal has ruled that three types of modified crew-cab vehicles are cars rather than vans for tax benefit purposes – with potentially thousands of these multi-purpose vehicles used by employees in the UK, the case has potentially significant – and expensive – consequences for employers and employees alike. Coca-Cola provided employees with […]
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