We have now received updated information from Business Wales and HMRC in relation to both the Welsh Economic Resilience Fund and the Job Retention Scheme reclaim that we would like to bring to our clients attention.
The Economic Resilience Fund is £500m of funding from the Welsh Government in the form of loans and grant. The £100m loan scheme (administered by Development Bank of Wales) which we highlighted on our 26th March 2020 update e-mail is now fully subscribed. The two grant funds will open to applications…
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…
Amid concerns about their potential impact during the coronavirus pandemic, the government has announced a one year delay to changes to the off payroll working rules, due to take effect from April 2020.
In an announcement at the end of the parliamentary debate on the Budget speech, Steve Barclay, chief secretary to the Treasury, said that the government is postponing the reforms to the off payroll working rules (known as the IR35 rules) from April 2020 to April 2021.
Off-payroll working rules, known as IR35, were introduced in 2000 to…
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…
HMRC have announced that it will increase the maximum flat rate tax deduction available where employees incur additional household costs where they work at home under homeworking arrangements, from £4 per week to £6 per week. This will take effect from April 2020.
Broadly, no tax liability arises where employers make payments to employees for reasonable additional household expenses, which the employee incurs in carrying out duties of the employment at home under ‘homeworking arrangements’.
‘Homeworking arrangements’ are arrangements between the employee and the employer under which the employee regularly…