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NHS Pensions – Scheme Pays Elections

The scheme pays election deadline for the 2018/19 tax year has been extended from 31 July 2020 to 31 October 2020. This will give Doctors a little more time to plan and work out any potential liabilities. If you think you may be susceptible to a pensions tax charge for the 2018/19 year and intend to make use of the scheme pays election, you must ensure that you do not retire and start drawing your pension before sending in the election. Once in receipt of your pension, scheme pays elections will not be accepted.

If you need any assistance with annual allowance pensions tax charges, please do not hesitate to get in touch with Gemma Jordan or Guy Vine who will be happy to help:

gj@burgesshodgson.co.uk

gv@burgesshodgson.co.uk

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Tax Returns

Whilst people may unfortunately see a downturn in profits/income due to Covid-19, this should only affect their 2020/21 figures. Your 2019/20 tax liability will still be due in January 2021 and submitting your Tax Return early will help budget for that liability in these uncertain times. Please contact us if you have any questions. We are here to help.

info@burgesshodgson.co.uk

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Self Employed Income Support Scheme (SEISS)

Posted: 10 July 2020

The Self Employed Income Support Scheme was introduced in May to help self employed individuals and members of partnerships that have been adversely affected by Covid-19.

Burgess Hodgson contacted clients who potentially qualified due to the level of profits in 2018/19 and earlier years. (more…)

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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.

(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.

(more…)

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