Category Archives: Uncategorised

Vat Domestic Reverse Charge

See the bottom of this article for details of a free Webinar hosted by Xero (you don’t need to use Xero to access this webinar) What is the VAT reverse charge? The government is changing the way that HMRC collects VAT payments.Until now, businesses in the construction industry would usually charge VAT when selling their […]

Change of VAT rules for Builders and those in the Construction Scheme from 1st March 2021 – Final Countdown

This is the 3rd attempt at setting a date for the introduction of these changes and as it stands at the moment this date will not be changed. It applies only to VAT-registered businesses who are supplying/receiving services that are reported under CIS. In other words, it applies to services supplied between the majority of […]

HMRC Regains Preferential Status for Insolvencies after 1st December 2020

The Finance Act 2020 provides for HMR & C to regain preferential status for certain debts including PAYE, Employees NIC, VAT, student deductions and CIS deductions. The new status is only relevant for insolvencies that commence after 1 December 2020. Current Preferential Creditors At present the only creditors that have preferential status are employees for […]

The Job Support Scheme/Job Retention (Furlough) Scheme

Second lockdown update 03/11/20: The Job Support Scheme / Job Retention (Furlough) Scheme has been extended for the second lockdown – please see full extension details here. 30th November 2020 is the last day you can submit claims for periods ending on or before 31st October 2020 The furlough scheme changed each month from 1st […]

Considering a Sale to an Employee Ownership Trust?

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 […]

Stamp duty changes – residential property

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 […]

VAT changes

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 […]

Chancellor Eyes Capital Gains Tax Overhaul

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 […]

Multi-purpose vehicles with crew cabs are cars – What does this means for employers and employees

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 […]