Test and Trace Support Payment Scheme updated

On 16 August the government changed the rules on self isolation. If you are fully vaccinated or under 18.5 years, you’re not required to self isolate if you have had close contact with someone with COVID-19.

Late tax payment penalties to change

The government is changing the penalties charged for late submission of returns and late payment of tax it has been announced. The changes will initially apply to VAT and Income Tax Self Assessment (ITSA). As part of this reform, interest charges and repayment interest will be harmonised to bring VAT in line with other tax regimes.

How to prepare for the end of the Coronavirus Job Retention Scheme

The current CJRS is due to end on 30 September 2021 and will not be extended. Employers should now be reviewing the implication so the scheme ending, with a number of issues to resolve including redundancies, final claims, corrections and post CJRS activities.

Selling Property: Capital Gains Tax & Private Residence Relief

When selling UK property, you will be liable to pay Capital Gains Tax (CGT) if you make a gain. Your gain is usually the difference between what you paid for your property and the amount you received when you sold it, though some additional costs may also be deductible.

Trading losses for sole traders & companies: Using them effectively

The economy has been hard hit by covid for over a year; with many businesses completely shut for much of 2020. Unincorporated businesses and companies may have even made a loss for the first time. Both can offset losses against profits – make sure that this is accounted for in the optimum way.

Tax relief for green businesses

Given the results of climate change, it makes sense to do all we can to reduce our emissions. Going green is also starting to make financial sense for businesses. There are several tax breaks available to companies that are looking to make offices more sustainable places to work.