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Keeping you up to date with the latest news and happenings in the worlds of accounting, tax and insolvency

Electric company vans and the benefit in kind charge

Electric company vans and the benefit in kind charge If an employee is able to use a company van privately, a benefit in kind tax charge may arise. The exception to this is if the van meets the conditions for a pool van (basically one used by several employees and not gene...

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Paying inheritance tax in instalments

Paying inheritance tax in instalments Inheritance tax is normally payable by the end of the sixth month following that in which the person died. So, for example, if someone died on 4 April 2020, any inheritance tax due on their estate would be due by 31 October 2020. Of...

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Terminal loss relief

Terminal loss relief Sadly, not all businesses will survive the Covid-19 pandemic, and many may take, or be forced to take, the decision to close where losses make the business untenable. The tax legislation provides various relief for losses including a special...

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Statutory redundancy pay and furloughed employees

Statutory redundancy pay and furloughed employees As the Coronavirus Job Retention Scheme draws to a close, employers may face the difficult decision to make some employees redundant. Legislation was introduced at the end of July to protect furloughed employees....

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Reduced rate of VAT for hospitality and leisure

Reduced rate of VAT for hospitality and leisure The hospitality and leisure industries have been severely affected by the Coronavirus pandemic. To help businesses in these sectors to get back on their feet, a reduced rate of VAT of 5% rather than the standard rate ...

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Extracting income from a family company with no retained profits

Extracting income from a family company with no retained profits The Covid-19 pandemic has had an adverse effect on millions of family companies, potentially reducing or eliminating profits. Where there is cash in the business that can be withdrawn, possibly because the bu...

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Claiming the second grant under the SEISS

Claiming the second grant under the SEISS Claims for the second grant under the Self-Employment Income Support Scheme (SEISS) can be made from 17 August 2020 onwards. Who can claim? A self-employed individual or member of a part...

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Bonus for retaining staff when CJRS comes to an end

Bonus for retaining staff when CJRS comes to an end The Coronavirus Job Retention Scheme (CJRS) has provided a lifeline to millions of employees and their employers during the Covid-19 pandemic.  As at 19 July 2020, 9.5 million employees had been furloughed by 1.2 million...

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Tax implications of Covid-19 support payments

Tax implications of Covid-19 support payments Various support payments have been made available to individuals and businesses to help mitigate the effects of the Covid-19 pandemic. Are the payments taxable and how should they be treated? Payme...

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Flexible furloughing

Flexible furloughing As far as the Coronavirus Job Retention Scheme is concerned, it is all change from 1 July 2020. From that date, employees can be flexibly furloughed allowing furloughed employees to return to work part time and be furl...

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