Capital Gains Tax on disposal of residential properties

HMRC have now updated their online system for reporting disposals of residential properties subject to CGT. It is now possible to report a second disposal online. Since 6th April 2020, Capital Gains Tax (CGT) on all UK residential property sales …
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Higher rate of Stamp Duty Land Tax (SDLT)

HMRC have updated their guidance on SDLT today (27/08/20). The full guidance can be seen on the gov.uk web site. SDLT higher rates apply when you buy residential property (or a part of one) for £40,000 or more and if …
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Temporary VAT Reduction

A reduction in the rate of VAT to 5% has been offered to the hospitality, holiday accommodation, and attraction sectors of the economy from 15th July to 12th January 2021. Specific types of businesses covered by the reduction include restaurants, …
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Eat out to Help Out

HMRC are inviting businesses in the hospitality sector to register for the scheme. The scheme will allow customers eating out in cafes, restaurants or hotels who have registered to receive a 50% discount up to £10 per person during the …
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HMRC Increase penalties for late returns

HMRC have updated their guidance on penalties for failure to file annual and occasional returns and documents on time. This applies to Income Tax, Capital Gains Tax, The Registered Pension Scheme, Bank Payroll Tax, Annual Tax on Enveloped Dwellings and …
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HMRC Umbrella Companies Non-Compliant Warning

HMRC have issued some guidance recently advising of the risk of using Non-compliant umbrella companies. Some umbrella companies offer higher take home pay often referred to as Enhanced or Advanced umbrella services. Frequently these are tax avoidance schemes, it is …
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IR35 Changes from 6th April 2020

The new regulations coming into force from 6th April aim to make a level playing field between those who are directly employed or via a Personal Service Company (PSC) so that income tax and NIC payments are the same and …
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