TAX INSIDER NOVEMBER 2020

INCLUDED IN THIS MONTH’S ARTICLE:

– GROUP SLAMS LATEST TAXABLE GRANTS FOR THE SELF-EMPLOYED
– IMPROVED JOB SUPPORT SCHEME OPENS FOR EMPLOYERS
– SUNAK HINTS AT SPRING TAX HIKES TO ‘BALANCE THE BOOKS’
– THREE IN FIVE BOUNCE-BACK LOANS MAY NEVER BE REPAID, WATCHDOG CLAIMS

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TAXES TO CONSIDER WHEN MOVING HOME

If you are considering moving home in the second half of 2020/21, you are by no means alone.
In the month leading up to 8 August 2020, 149,000 properties were put on the market – the highest number since before the financial crash in 2008.

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Tax Insider October 2020

Included in this month’s article:

  • Commission set to recommend national living wage freeze
  • Chancellor reveals new support measures amid second-wave fears
  • Tax group calls for extension to the annual investment allowance
  • Fraudulent furlough claims or those paid in error cost £3.5BN
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Tax Insider September 2020

INCLUDED IN THIS MONTH’S ARTICLE:

  • VIDEO-WITNESSED WILLS BECOME LEGAL IN ENGLAND AND WALES
  • BUSINESSES CLAIM LATE PAYMENTS CRISIS DEEPENS DURING LOCKDOWN
  • FURLOUGHED WORKERS GET REDUNDANCY PAY PROTECTION
  • FIRMS ‘UNABLE TO PREPARE’ FOR END OF BREXIT TRANSITION PERIOD
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GET ON TOP OF YOUR TAX RETURN

With everything that’s happened so far this year, it might be easy to forget your obligations to file a tax return for 2019/20 by midnight on 31 January 2021.
The coronavirus pandemic and subsequent economic crisis has caused chaos with businesses up and down the country, most of which closed entirely during April 2020.

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TQOTW: MAIN RESIDENCE

Several years ago I separated from my wife but the divorce has now gone through. I still own half of the marital home but I have been living in rented accommodation since the separation. Can I claim that my old marital home is still my main residence for capital gains tax purposes when it is sold?

I intend to remarry and my girlfriend wants to give me a share of her current home after we are married. Apparently this was let for a time before my girlfriend made it her home. Would there be any capital gains tax advantage in doing this?

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CORPORATE TAX PLANNING IN 2020/21

Even among those who follow good tax-planning practice and maintain forecasts running several years forward, it is unlikely that many foresaw the dramatic end to the 2019/20 tax year.

With the arrival of COVID-19 and the subsequent lockdown, the economy shrank a record 20.4% in April 2020, and 19.1% in the three months to May 2020.

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Tax Insider August 2020

INCLUDED IN THIS MONTHS ARTICLE:

  • CAPITAL GAINS TAX UNDER REVIEW AS TREASURY CONSIDERS OVERHAUL
  • APPLICATIONS OPEN FOR SECOND PHASE OF SELF-EMPLOYED INCOME SUPPORT
  • MAKING TAX DIGITAL TO ‘APPLY TO ALL VAT-REGISTERED TRADERS BY 2022/23’
  • MPS: LET OPTED-OUT WORKERS RE-ENROL BACK INTO WORKPLACE PENSIONS EARLY
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TAX IMPLICATIONS OF PROVIDING COMPANY CARS

Offering a company car as a benefit can be a valuable and attractive perk to any valued employee.

Unfortunately, it is not necessarily a tax-free perk and it may be liable for PAYE because HMRC considers the private use of a company car to be a benefit-in-kind.

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Tax Insider 2020

Included in this month’s article:

  • RELIEF AS SUNAK EXTENDS FURLOUGH SCHEME UNTIL THE END OF OCTOBER
  • BUSINESSES CLAIM BILLIONS IN STATE SUPPORT TO EASE CASHFLOW FEARS
  • CORONAVIRUS IMPACT PLACES THE UK ECONOMY INTO ‘SIGNIFICANT RECESSION’
  • HMRC RELAXES STANCE ON HOME OFFICE EQUIPMENT UNTIL 2021/22
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HMRC RESUMES INVESTIGATIONS AFTER COVID-19

After temporarily pausing tax investigations as COVID-19
business support measures rolled out earlier this year, HMRC
has restarted probes into businesses and individuals’ tax affairs.

The Revenue has also started to direct its attention towards the
misuse of coronavirus support schemes, such as the furlough
scheme and the self-employed income support scheme.

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