Hello,
This week we have created a rolling tracker of all the tax and financial measures thus far announced by the government in response to the COVID-19 crisis. Bookmark the link as we will keep it updated.
The first tax ‘casualty’ of the virus is off-payroll working. The start date for the private sector will now be deferred to 6 April 2021. I am wondering if this announcement has come too late and if it will simply result in more work for all the businesses affected. The useful result of the postponed start date will mean that Personal Service Companies (PSCs) will be able to pay Statutory Sick Pay and claim tax relief for their costs throughout 2020-21.
Local authorities are in charge of an array of new business rate reliefs including what appears to be a £10,000 cash grant for small businesses. Those employed on very low income and self-employed are able to claim Universal Credit. It remains to be seen how easy any of these measures will be to claim.
Continuing our coverage of Budget 2020 we have details of some of the latest consultations and if you still have any appetite for extra reading, the new Finance Bill has just been published. We will look at that in more detail in the coming weeks.
If you are stuck at home, then why not review your Inheritance Tax (IHT) position? We feature some of our practical guides to estate planning and giving. We have also picked out some of our freeview indexes which introduce you to our guides on particular topics.
If you have any tax-specific queries, please post them to our sister site www.VtaxP.co.uk.
Back soon
Nichola Ross Martin FCA CTA (Fellow) Tax Director
Your Virtual Tax Partner® online PRACTICAL support for accountants, tax advisers BY accountants and tax advisers.
Quick news & guides (freeview)
COVID-19: Government support tracker
The Corona Virus bill is passing through parliament today. Measures announced so far, by the government to support individuals and businesses as we get through COVID-19 are laid out below.
Draft Finance Bill 2020
Following the recent budget, the government has now published Finance Bill 2020.
IR35 changes postponed for a year due to COVID-19
As part of the package of measures aimed to help people as a result of COVID-19, HM Treasury have said they intend to postpone the introduction of the off-payroll working rules to the private sector.
Budget 2020: Pensions: Changes to annual allowance taper thresholds
The Chancellor has announced increases to the pensions annual allowance taper thresholds and a reduction to the minimum tapered allowance amount from April 2020.
Budget 2020: Structures and Buildings Allowance: increase in rate
The Chancellor has announced that with effect from April 2020 the Structures and Buildings Allowance (SBA) rate is increased from 2% to 3%.
HMRC to stop sending paper tax returns
HMRC have announced that from April 2020, as part of paper-saving measures, they will no longer automatically send out blank paper Self Assessment returns.
Plastic Packaging Tax consultation
The government has published a consultation, ‘Plastic Packaging Tax policy design’ which examines policy design options for the proposed new tax on plastic packaging.
Review student loans sale policy
The government has published a policy paper, 'Review of the student loan sale programme' which analyses the results of its small part sales of student loans.
Editor's pick
Ceasing trading: Index (freeview)
What are the options when a company decides to cease trading? Our practical guides answer your FAQs.
Starting in business: Index (freeview)
A good time to start a new business, maybe working from home? This 'At a glance' guide takes you through the key steps in getting started for tax, with links so that you can drill down for more detail.
Budget 2020
Our coverage of this year's Budget announcements.
Subscriber updates
Giving your home to your children
What are the tax issues in making a gift of your home to your children?
IHT: Gifts
What are the inheritance tax (IHT) implications of giving away assets? What exemptions and reliefs are there for gifts?
IHT: estate planning checklist
A checklist covering some of the essential planning points that taxpayers should know when planning for their estate and inheritance tax.
Date of disposal for CGT
When is the date of acquisition or disposal of an asset for Capital Gains Tax purposes? When do special rules apply? What are the rules for liquidation distributions?
CGT: Gifts: At a glance
What are the capital gains tax (CGT) implications of giving away assets? What exemptions and reliefs are there for gifts?
Cases (freeview)
Lack of Statutory Review extends appeal timetable
In Winifred Kroen v HMRC [2020] TC7605, the First Tier Tribunal (FTT) found that HMRC’s failure to offer a Statutory Review of a High-Income Child Benefit Charge extended the timetable for making a late appeal.
Virtual Tax Partner Toolkits (freeview)
Virtual Tax Partner © Tax Toolkit© Tax Toolkits
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- Entrepreneurs' Relief: Sole traders: sale of a business, incorporation, sale of assets
- Entrepreneurs' Relief: Company owners: rules for sales pre 29 October 2018, sales between 29 October 2018 and 5 April 2019 and after.
- TAAR: closing your Personal service company? Will your final dividends be taxed as income?
- Salary or dividend, or a mixture of both. Better to claim the Employers' Allowance?
- Making Tax Digital for VAT: when do you need to join.
Tax Queries?
Virtual Tax Partner© Support
Have a tax query? Need a second option? Open a ticket and ask a question. A team of tax experts with a very wide range of expertise: covering direct and indirect tax, as well as accounting, R&D claims, reorganisations and much more.
CPD for lunch
Byte-sized chunks of CPD for subscribers
More at CPD Index
Missed last time's Web-update?
Nichola's SME Tax W-update 12 March 2020
- Budget 2020: At a glance
- Budget 2020: Entrepreneurs' Relief
- Budget 2020: Live Speech Highlights
- MVD: Penalties to be charged from April 2020
- Directors: working from home
- Employer guide: medical benefits and health checks
- Good Morning IR35: Eamonn Holmes loses employment status case
- Project manager loses IR35 case
- College building not eligible for charitable VAT exemption
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