Deferred VAT payments due to coronavirus

The government have announced changes to the scheme for businesses who deferred VAT payments due from the period 20th March to 30th June 2020. Originally payment was due in full by 31st March 2021, now you can elect to pay …
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Business Pre-Trading Costs

If your business is as a sole trader or partnership you can claim for purchase expenses before you start to trade. Your expenses could be Revenue or Capital in nature. Your Revenue expenses are allowable in the year of purchase. …
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Companies House Late Filing Penalties

A new private company must file the first company accounts within 21 months of the date of incorporation. Subsequent years company accounts need to be filed within 9 months of the accounting reference period (normally the company year end). Failure …
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HMRC Let Property Campaign

HMRC have updated their “Let Property Campaign” details on 11th September 2020. If you are one of the following: You can disclose undeclared income within this campaign and HMRC will normally lower the penalty charge. Full details of the scheme …
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Capital Gains Tax on disposal of residential properties

HMRC have now updated their online system for reporting disposals of residential properties subject to CGT. It is now possible to report a second disposal online. Since 6th April 2020, Capital Gains Tax (CGT) on all UK residential property sales …
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Higher rate of Stamp Duty Land Tax (SDLT)

HMRC have updated their guidance on SDLT today (27/08/20). The full guidance can be seen on the gov.uk web site. SDLT higher rates apply when you buy residential property (or a part of one) for £40,000 or more and if …
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Temporary VAT Reduction

A reduction in the rate of VAT to 5% has been offered to the hospitality, holiday accommodation, and attraction sectors of the economy from 15th July to 12th January 2021. Specific types of businesses covered by the reduction include restaurants, …
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Eat out to Help Out

HMRC are inviting businesses in the hospitality sector to register for the scheme. The scheme will allow customers eating out in cafes, restaurants or hotels who have registered to receive a 50% discount up to £10 per person during the …
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