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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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Income Tax Self Assessment Deferral

HMRC have confirmed that the deferral of the 31 July 2020 Self Assessment Tax Payment previously announced applies to all Self Assessment tax payers. It was originally anticipated that this would only apply to self-employed individuals but it has now been confirmed this applies to all tax payers required to make tax payments due on 31 July 2020.

The official guidance on support for business has been updated to reflect this at www.gov.uk/government/publications/guidance-to-employers-and-businesses-about-covid-19/covid-19-support-for-businesses

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Tax Tables 2020-2021

Click here to download our free and useful tax tables for tax year 2020-2021

If you need help with your tax or have any questions please get in touch with our tax team at tax@burgesshodgson.co.uk

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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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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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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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POSTPONED: Breakfast Tax Panel

We have decided to postpone our Breakfast Tax Panel at Canterbury Cathedral Lodge on Wednesday 22nd April 2020.

If you have any questions or would like to be emailed when the rescheduled date is confirmed please email us at: marketing@burgesshodgson.co.uk

Very many thanks for your understanding relating to this postponement.

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