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Self-Employed Income Support Scheme

The third grant under the Self-Employed Income Support Scheme can now be claimed (from 30th November).

In order to qualify you must be a self-employed individual or a member of a partnership.

You must have traded in both tax years:

  • 2018 to 2019 and submitted your Self Assessment tax return on or before 23 April 2020 for that year
  • 2019 to 2020

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Chancellor’s Spending Review

There was an absence of specific tax increases announced by the Chancellor in his Spending Review today, but a clear indication that the Government support will have to be paid for in the future. A public sector pay freeze and a cut in overseas aid have been announced – there will be tax rises to follow at some stage.

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Annual Investment Allowance Extended

Posted: 18 November 2020

The £1 million limit was due to expire on 1 January 2021 – it has been extended until 1 January 2022

https://www.gov.uk/government/news/government-extends-1-million-tax-break-to-stimulate-investment-in-uk-manufacturing

Contact us at info@burgesshodgson.co.uk 

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Does Your Practice Need a Tax and Accounting Health Check?

Simon Bailey hosts our Q&A session with a team of our experts; Kenton May, Guy Vine and Gemma Jordan, with special guest Paul Gordon.

Watch the Q&A here.

If you have any further questions please get in touch at info@burgesshodgson.co.uk

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Major Changes Announced

Posted: 24 September 2020

Major changes have today been announced by the Chancellor. Detailed documents are awaited, summaries of the measures that the government has announced has been published and provide more information:

www.gov.uk/government/news/chancellor-outlines-winter-economy-plan

www.gov.uk/government/publications/winter-economy-plan/winter-economy-plan

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MTD Digital Link Requirement Delayed.

HMRC have announced that the MTD digital link requirement will be delayed by a year to April 2021

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Tax Investigation Protection Service

Burgess Hodgson offer a facility to take out insurance with Croner Taxwise, the market leader in the specialist field for Tax Protection Insurance. This was introduced in response to clients’ concerns and the change in HM Revenue & Customs’ approach which was to concentrate their energies into investigations to ensure compliance. This increased the number of cases being reviewed.
If your Tax affairs were investigated, we can help you at every step of the process. There would be substantial accountancy costs involved but these would be covered by the insurance policy offered so you would not be chargeable.

If you have any queries about this policy, please contact your usual Burgess Hodgson contact or email info@burgesshodgson.co.uk

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Making Tax Digital

We have created our own guide to help you understand how Making Tax Digital might affect you.

Click here to download your guide

 

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HMRC Consultation on CGT payments on account for residential property closes

The current system is that capital gains tax (CGT) is payable on residential property in line with normal income tax payment dates. This can mean that any CGT due is paid up to 21 months from the date of the transaction. From 2020 #HMRC propose to collect a payment on account of the CGT within 30 days of the transaction.

CLICK HERE TO FIND OUT MORE

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