The start of the new tax year often marks the beginning of an extremely busy time for those using the construction industry scheme (CIS). HMRC have issued a reminder of some of the help that is currently available to help ease the workload. Here is a summary of the top tips HMRC provide:

Digital repayments

HMRC offer a digital repayment offer for CIS customers. Claims can be made through the CIS I-form.

The I-form can be completed by either the agent or the taxpayer. They need to provide their name, address,…

Temporary changes have been made to the rules governing VAT payments due between 20 March 2020 and 30 June 2020 to help businesses manage their cash flow during the coronavirus (COVID-19) pandemic.

Under the temporary easement, a UK VAT registered business with a VAT payment due between 20 March 2020 and 30 June 2020 has two options:

– defer the payment until a later date; or
– pay the VAT due as normal.

This relaxation of the rules does not cover VAT Mini one stop shop (VAT MOSS) payments (broadly, a scheme…

Property owners are being urged to get ready for changes to the deadline of capital gains tax (CGT) payments.

Broadly, from 6 April 2020, a UK resident who sells a residential property in the UK will have 30 days to tell HMRC and pay any CGT Tax owed.

HMRC are currently developing a new online service to allow taxpayers to report and pay any CGT owed.

A CGT report and accompanying payment of tax may be required where the taxpayer sells or otherwise dispose of:

– a property that they have…

At Budget 2020 the Chancellor of the Exchequer announced that the lifetime limit of entrepreneurs’ relief (ER) would be reduced from £10 million to £1 million for ER qualifying disposals made on or after 11 March 2020.

Rules will also apply the revised limit to certain arrangements and elections that seek to apply the earlier £10 million lifetime limit. These rules are:

– forestalling arrangements involving uncompleted contracts; and
– elections made under TGCA 1992, s 169Q in connection with a share reorganisation or exchange.

There are no transitional rules…

In these uncertain times we wanted to reach out to all our clients to let you know we are here to offer support and guidance over the next few months.

We are still available for advice and we will continue to complete your accounts, VAT, payroll and tax returns in a timely manner.

We are fully operational working from both home and the office. So we are contactable in the office as we have skeleton staff. We are designated key workers as we provide payroll services and financial support…