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Important Tax Update: UK Land Disposal Returns

New legislation introduced means that any UK resident selling an interest in property which gives rise to a tax liability will have to submit a new Capital Gains Tax Return.

Under the existing rules, UK taxpayers normally have until 31st January in the year following the tax year ending 5th April to submit details of any gains made on UK property and to pay the tax thereon.

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Parental Bereavement Leave and Pay Regulations – 6 April 2020

Under the Employment Rights Act 1996 employees currently have the legal right to ‘reasonable’ time off to deal with emergencies, such as the death of a child, and does not allow for prolonged grieving periods.  Until recently, there has been no legal obligation for employers to provide paid time off for grieving parents. (more…)

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Ailsa Naylor -Latest Update

Burgess Hodgson are proud to be sponsoring Ailsa Naylor.

The first weekend of the Division 1 indoor competition was quite tough as Ailsa team were mostly U18 but put up a good fight against more experienced teams like Wimbledon, a team with 2 GB players! (more…)

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National Minimum Wage

The government has confirmed the new National Minimum Wage rates, effective April 2020; (more…)

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Entrepreneurs Relief – the end of the line?

Originally introduced in 2008 by then Chancellor Alistair Darling, Entrepreneurs Relief allows for a reduced rate of Capital Gains Tax – 10% – to be paid on the sales of certain business assets. One of the most frequent uses of Entrepreneurs Relief is on the sale of shareholdings in trading companies.

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New Associates

We are delighted to announce our new Associates; Alistair Mannings and Gemma Jordan.

#Associates #MoreThanJustAccountants #Team #HereToHelp #HardWorkPaysOff #Congratulations

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Statutory Sick Pay

Statutory Sick Pay (SSP) is payable for up to 28 weeks, at a rate of £94.25 per week.  It is paid for the days an employee normally works (called ‘qualifying days’) and is paid in the same way as normal wages, on the same paydate, with applicable tax and national insurance deductions.

Some companies may offer a company sick pay scheme where enhanced amounts are paid (such as full pay) but a scheme can not pay less than SSP.

To qualify for SSP, employees must satisfy the following requirements;

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Christmas and New Year Opening Hours

Monday 23rd December: 9am-2pm

Tuesday 24th- Sunday 29th December: Closed

Monday 30th- Tuesday 31st December: 9am- 5.30pm

Wednesday 1st January 2020: Closed

Thursday 2nd January 2020: Normal office hours commence.

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Tax Tribunal Update: Tax Payer Subject to £25,000 Fine for Failure to Provide Adequate Records of Expenditure

The case concerned a Midlands based company (Teksolutions -Inc Limited) that made claims for the enhanced tax relief available for Research and Development.

HMRC inquired into these claims and found issue with the records kept by the company. The company had claimed taxable losses across two accounting years in the region of £400,000 – arising partially from the additional tax deductions available for R&D expenditure. After review HMRC assessed that the losses should be reduced to nil. (more…)

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