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

Recovering VAT on the construction of residential buildings

Recovering VAT on the construction of residential buildings The sale (or long lease – more than 21 years) of new residential housing is a zero-rated taxable supply, so normally a business would expect to be able to recover all the VAT connected with the construction and...

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Paying family members

Paying family members Regardless of the business structure (for example limited company or sole trader) it is possible to employ family members. This has some obvious advantages including matters of trust and reliance etc. There may also be financi...

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Preparing for 2021 changes: Customs grants available

Preparing for 2021 changes: Customs grants available In June 2020, the Government announced that it was making funding available to customs intermediaries and businesses to help increase their capacity to make customs declarations. Broadly, businesses need to prep...

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Kickstart Scheme

Kickstart Scheme In the July Economic Statement, as part of his Plan for Jobs, Chancellor Rishi Sunak announced that a new Kickstart Scheme would shortly be launched with the aim of creating hundreds of quality jobs for young people aged between 16 and 24 years old. The...

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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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