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Tax Tips and News

  • Managing LISAs on death or terminal illness

    Newsletter issue - August 2020. Lifetime ISAs (LISAs) continue to provide a tax-efficient savings vehicle for investors as there will be no income tax to pay on interest earned and no capital gains tax to pay on subsequent profits arising on the money invested. Up to £4,000 a year can be invested in a LISA,…Read More

  • CGT reporting deadline

    Newsletter issue - August 2020. Capital gains tax (CGT) on disposals of UK residential property between 6 April and 1 July 2020 had to be reported to HMRC by 31 July to avoid a penalty. Finance Act 2019 made certain changes regarding payment of CGT, which took effect from April 2020 and broadly align the…Read More

  • Reduced property transaction charges

    Newsletter issue - August 2020. Recent research revealed that property transactions fell by more than 50% in May and house prices have fallen for first time in eight years. In an attempt to help boost the housing market, a temporary reduction in stamp duty land tax (SDLT) in England and Northern Ireland has been introduced.…Read More

  • VAT FRS temporary rate reductions confirmed

    Newsletter issue - August 2020. In the Government's Summer Update on 8 July 2020, the Chancellor announced a six-month reduction in the VAT rate on supplies of food and non-alcoholic drinks from restaurants, pubs, bars and cafes, as well as to supplies of accommodation and admission to tourist attractions. The rate cut from 20% to…Read More

  • August questions and answers

    Newsletter issue - August 2020. Q. I am a sole trader trading as a graphic designer. I am voluntarily registered for VAT and I have several commercial clients who are also registered for VAT. Due to the coronavirus outbreak my graphic design business is very quiet, so to supplement my income I want to buy…Read More

  • August 2020 Key tax dates

    Newsletter issue - August 2020. 19/22 - PAYE/NIC, student loan and CIS deductions due for month to 5/8/2020Read More

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