In a bid to support the hospitality sector HMRC has cut the VAT rate from 20% to 5%, the rate cut will take effect from 15 July 2020 to 12 January 2021.
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Stamp Duty Holiday – What it Means for Buy-to-lets and Limited Companies
Purchasing additional properties through limited companies during the stamp duty holiday
Taxation of Expenses if your Employee Works from Home Due to Coronavirus (COVID-19)
HMRC allows for exemption on income tax and National Insurance Contributions (NICs) linked to the reimbursement of expenses and to the purchase of home office equipment.
Repaying Student Loans
If the current situation with COVID-19 means that your employment details have changed you will need to notify the Student Loans Company and you could be eligible for a refund if your current earnings fall below the student loans repayment threshold.
Statutory Residence Test and Coronavirus (Covid19)
The statutory residence test will be temporarily amended to ensure that any time spent in the UK by individuals working on COVID-19 related activities between 1 March and 1 June 2020 will not count towards the residence tests.
COVID-19 Support: Deferring Self-Assessment Payments on Account
If you make Self-Assessment payments on account and are due to make a payment in July 2020, then you have the option to defer payment until January 2021.
Be Vigilant – HMRC and Covid-19 Scams on the Rise
Recently there has been an exponential increase in fraudsters impersonating tax officials from HMRC. Be vigilant, do not under any circumstances give your details away. Always check with your advisor first!
Temporary Rule Change – Access your Lifetime ISA Funds Early Without an Additional Withdrawal Charge
Access your Lifetime ISA funds early without an additional withdrawal charge! Temporary rule change from HMRC to help you access savings that otherwise would need to be used toward your first home purchase or later life.
Changes to Capital Gains Tax Payment for UK Property Sales
If you are a UK resident and dispose of a residential property, whether by gift or sale, in the United Kingdom you will have 30 days to report and pay any Capital Gains Tax owed to HMRC.
Update on CJRS and SEISS
Changes to the CJRS with key dates to be aware of & second SEISS grant announced for eligible self-employed people.
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