Eat Out to Help Out now up and running

Aug 06, 2020

On 1 August, the government's Eat Out to Help Out scheme began operating at eateries across the country.

The scheme was announced by Chancellor Rishi Sunak in his Summer Economic Update. It provides a 50% reduction of up to £10, for sit-down meals in participating cafes, restaurants and pubs across the UK from Monday to Wednesday every week throughout August 2020.

Those establishments…

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Scottish government cuts LBTT to help home buyers

Aug 06, 2020

On 15 July, the Scottish government reduced the rate of Land and Buildings Transaction Tax (LBTT) following a similar reduction to the rate of residential Stamp Duty Land Tax (SDLT) announced by Chancellor Rishi Sunak in the recent Summer Economic Update.

LBTT is payable by the purchaser in a land transaction occurring in Scotland. SDLT applies to land transactions in England and Northern…

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Wales reduces LTT rate

Aug 06, 2020

On 27 July, the Welsh government reduced the rate of Land Transaction Tax (LTT) following the cuts made to SDLT and LTT across the rest of the UK.

LTT is payable by the purchaser of residential or non-residential property occurring in Wales.

From 27 July 2020, the starting threshold for residential LTT rose from £180,000 to £250,000. This applies until 31 March 2021. The tax reduction…

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Chancellor asks OTS to review capital gains tax

Aug 06, 2020

Chancellor Rishi Sunak has asked the Office of Tax Simplification (OTS) to carry out a thorough review of capital gains tax (CGT).

In a letter to the OTS, the Chancellor requested that the independent office review CGT and aspects of the taxation of chargeable gains in regard to individuals and small businesses.

Mr Sunak requested that the review identifies and offers advice on the…

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HMRC outlines Job Retention Bonus criteria

Aug 06, 2020

HMRC has outlined the eligibility requirements for the Job Retention Bonus (JRB) that follows the furlough scheme as part of the government's measures to support the economy through the COVID-19 lockdown.

The government's Coronavirus Job Retention Scheme ends on 31 October 2020 and the JRB aims to provide additional support to employers who keep on their furloughed employees in meaningful…

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Treasury sets out next steps for Making Tax Digital

Aug 06, 2020

On 21 July, the Treasury set out the next steps in its plan to extend Making Tax Digital (MTD) to all businesses and those taxpayers that file self assessment returns.

Currently, businesses above the VAT threshold of £85,000 are required to comply with Making Tax Digital for VAT (MTD for VAT).

From April 2022, the initiative will be extended to all VAT-registered businesses including…

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Government announces review of business rates scheme

Aug 06, 2020

The government has published a call for evidence on the overhaul of the business rates system that applies in England.

The government announced at the 2020 Budget in March that it would conduct a review of the business rates system in England. It is seeking views from businesses, business representative organisations, local authorities, rating agents, others involved in the operation of…

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Overclaimed COVID grants

Aug 06, 2020

Taxpayers who have received CJRS or SEISS grants are urged to doublecheck their entitlement as the 90 day period to inform HMRC of any overclaimed amounts is now law.

Finance Act 2020 includes legislation that the Coronavirus Job Retention Scheme (CJRS), Self-employment Income Support Scheme (SEISS), Coronavirus Statutory Sick Pay Rebate Scheme and coronavirus business support grants are…

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Chancellor unveils three-point plan for jobs

Jul 08, 2020

On 8 July, Chancellor Rishi Sunak announced a three-point plan to support jobs in the wake of the COVID-19 pandemic when he delivered a Summer Economic Update to Parliament.

Mr Sunak confirmed the Coronavirus Job Retention Scheme (CJRS) will end as planned this October. The Chancellor said furloughing had been the right measure to protect jobs through the first phase of the crisis. The second…

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