News

Preparing for the end of the Stamp Duty Holiday
24 June 2021

Introduced in July 2020, the Stamp Duty Land Tax (SDLT) Holiday has helped hundreds of homeowners and investors to reduce the cost of purchasing a new property. However, the higher SDLT thresholds will change from 1 July increasing the cost of buying or transferring a home. From the beginning of July, the SDLT rules...
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Government extends ban on commercial evictions until March 2022
24 June 2021

The Treasury has reassured many distressed business owners by confirming that a moratorium on commercial evictions introduced in April 2020 will now be extended for another year. The ban, introduced more than a year ago, has already been extended twice and was due to expire at the end of June but will now remain in place...
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Fifth round of the Self-Employment Income Support Scheme to launch in late July
24 June 2021

The fifth round of the Government’s Self-Employment Income Support Scheme (SEISS) will launch in late July, HM Revenue & Customs (HMRC) has confirmed. This round of the SEISS will differ from previous rounds as it will be paid at two different rates, which depend on the reduction in turnover a self-employed individual...
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Businesses can still access the Recovery Loan Scheme
24 June 2021

Businesses affected by Coronavirus can still access the Recovery Loan Scheme (RLS) launched in April, despite the closure of applications for other Government loan schemes, including the Coronavirus Business Interruption Loan Scheme (CBILS). The RLS opened for application on 6 April 2021, following the closure of...
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UK and Spain set to review Gibraltar tax residency agreement
17 June 2021

The UK and Spain are set to review how residents and companies based in Gibraltar are treated for tax purposes in a bid to tackle tax avoidance, it has been announced. It comes after the Joint Coordinating Committee and Liaison Body met last month to discuss tax co-operation between the authorities of Spain and Gibraltar...
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Make sure to include SEISS grants on your next tax returns
14 June 2021

People who enrolled in the Self-Employment Income Support Scheme (SEISS) have been reminded that they must include income from their grants on tax returns to HM Revenue & Customs (HMRC), as it is subject to Income Tax and National Insurance. They should liaise with their accountants so an accurate return can be sent to HMRC...
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Beware of the HMRC scammers, but ignoring calls can be costly
14 June 2021

There are many problems associated with the pandemic, apart from the obvious one of the illness caused by the virus itself. Conmen and scammers have taken advantage of the situation, bombarding people and businesses with bogus claims about tax owed in the hope that just a few respond.
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Carry back scheme brings welcome relief for business
14 June 2021

For many businesses, the pandemic has turned the world on its head, with many who might have expected to be profitable experiencing a loss. Sometimes losses happen simply because the business is very new, or because costs have unexpectedly risen. However, COVID-19 has thrown another dimension into the mix, seeing thousands...
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New recommendations in sweeping CGT review
14 June 2021

The second part of a sweeping review of Capital Gains Tax (CGT) has been published with 14 key recommendations. In July 2020, the Chancellor asked the Office of Tax Simplification (OTS) to carry out a review, to “identify opportunities relating to administrative and technical issues as well as areas where the present...
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Tax saving strategies for landlords
14 June 2021

Putting together an efficient tax strategy should be a no-brainer for buy-to-let landlords seeking to maximise their income. It may not be quite as glamorous as hunting down the perfect property, but when it comes to saving cash, it can make a huge difference to your bottom line.
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