July 2020 Mini Budget Update

It’s safe to say Chancellor Rishi Sunak did not expect to be delivering the first official fiscal statement less than four months after his maiden Budget speech back in March, but here we are.

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TRACING LOST PENSION PLANS

Helping you plan for your retirement is one of our core services, ensuring you are prepared when the time comes to call it a day.

With medical advances enabling more people to live for longer, the average person who retires at 65 lives for another 20 years.

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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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THE CAPITAL GOODS SCHEME FOR VAT

The VAT capital goods scheme affects input VAT recovery
relating to high-value capital assets. Input VAT is a tax incurred
on most purchases made by VAT-registered firms, and they can
usually reclaim it from HMRC in full.

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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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TRUSTS AND PASSING ON WEALTH

There are many ways to reduce or eliminate the inheritance tax
payable on your estate without using trusts.

But for some, especially if you are very wealthy, they may not be
enough. For others, the control that trusts give over who benefits
from your wealth, and how, is vital for estate planning.

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July 2020 Tax Insider

Included in this month’s issue:

  • UK ECONOMY SLUMPS INTO RECESSION AFTER RECORD CONTRACTION IN APRIL
  • BUILDERS’ CASHFLOW CHAOS PROMPTS FURTHER REVERSE CHARGE VAT DELAY
  • GOVERNMENT CLARIFIES FURLOUGH SCHEME STANCE FOR EMPLOYERS
  • SELF-EMPLOYED GRANTS ‘ARE LIABLE FOR TAX AND NATIONAL INSURANCE’
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