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DIARY DATES OF MAIN TAX EVENTS MAY/JUNE 2020

Tax Diary

Date What’s Due 01/05/20 Corporation tax for year to 31/07/19 (unless quarterly instalments apply) 19/05/20 PAYE & NIC deductions, and CIS return and tax, for month to 05/05/20 (due 22/05 if you pay electronically) 31/05/20 VAT for Returns ended 31/03/20 (due 07/05 if paid electronically, 12/05 if paid by direct debit) 01/06/20 Corporation tax payment […]

NEW SYSTEM FOR REPORTING CGT ON PROPERTY DISPOSAL STARTED 6 APRIL 2020

HMRC

A new CGT reporting and payment on account system was introduced for residential property disposals by UK resident taxpayers from 6 April 2020. The new system as originally announced required the disposal to be reported and any CGT due to be paid on account within 30 days of completion. HMRC have now announced that for disposals […]

MORE DETAILS ON SELF-EMPLOYED GRANT SCHEME

Money Matters

Like the CJRS scheme for employers the initial HMRC guidance on the grant scheme to support the self-employed and members in partnerships was also very sketchy. In outline the Self-Employed Income Support Scheme (SEISS) allows the self-employed to claim 80% of their average profits for the period up to 2018/19, limited to £2,500 a month, […]

CGT PRIVATE RESIDENCE RELIEF CHANGES GO AHEAD

Money Matters

The latest Finance Bill includes important changes to private residence relief that took effect from 6 April 2020. The first change is to limit to just 9 months the period prior to disposal that counts as a period of deemed occupation and thus exempt from CGT even though the owners are not living in the […]

IMPACT ON THE HIGH-INCOME CHILD BENEFIT CHARGE

Money Matters

With many employees and the self-employed being furloughed, being made redundant, or making lower profits, their income for 2020/21 may well fall below the £50,000 limit at which child benefit starts being taxed. The charge is 1% for every £100 that adjusted net income exceeds £50,000 multiplied by the child benefit claimed in respect of […]

NEW “FURLOUGH” SYSTEM FOR EMPLOYEE WAGES UP AND RUNNING

Employers, Money Matters

The Coronavirus Job Retention Scheme (CJRS) claims portal opened on Monday 20 April and early indications are that it seems to be working smoothly but with a few teething problems as you would expect from a brand-new system. In the run up to the start of the system there was limited detail from HMRC on […]

DIARY DATES OF MAIN TAX EVENTS APRIL/MAY 2020

Tax Diary

Date What’s Due 01/04/20 Corporation tax for year to 30/06/19 unless quarterly instalments apply 06/04/20 Start of 2020/21 tax year 19/04/20 PAYE & NIC deductions, and CIS return and tax, for month to 05/04/20 (due 22/04 if you pay electronically) 30/04/20 VAT for Returns ended 29/02/20 (due 07/04 if paid electronically, 12/04 if paid by […]

STRUCTURES AND BUILDINGS ALLOWANCE INCREASED TO 3%

Budget 2020

In the October 2018 Budget a new tax relief was introduced for the cost of construction or renovation of commercial buildings and structures.  As announced in the Conservative Party manifesto the original 2% straight line allowance is to be increased to 3% from 1 April 2020 for companies, 6 April 2020 for unincorporated businesses.

COMPANY TAX RATE FROZEN AT 19%

Budget 2020

As previously announced the corporation tax rate is to remain at 19% for the time being. It was scheduled to reduce to 17% from 1 April 2020.

NIC CHANGES

Budget 2020

Employees and the self-employed will not pay national insurance contributions (NIC) on the first £9,500 of earnings from 2020/21, a significant increase from the £8,632 limit in 2019/20. Note that employers will be required to pay 13.8% on earnings over £169 per week, £8,788 per annum. The employment allowance that can be set against employers NIC […]