News
A round up of our latest blogs, commentary or office news. Get in touch if you need more details on any of the topics covered.
Latest posts
Chartered Institute of Taxation responds to HMRC’s consultation on basis period reform
A summary of the Chartered Institute of Taxation’s response to HMRC’s consultation on proposed basis period reform, allocating trading profits to tax years rather than accounting years.
Residential Property Developers Tax (RPDT)
The government’s consultation on a potential new tax, Residential Property Developers Tax (RPDT) closed last month. RPDT if enacted, will tax profits made from residential property developments from April 2022.
Chancellor delays repayments on Bounce Back Loans
Bounce Back Loan repayments can be delayed further as Chancellor extends Pay as You Grow options.
Business impact of Coronavirus
Latest Business Impact of Coronavirus Survey (BICS) shows short term pressures on businesses and mixed effects on turnover. CBI calls for long term national economic vision and strategy.
Kickstart changes
The government has announced changes to the Kickstart scheme, lowering the threshold from 30 placements to allow SMEs to apply direct to DWP when creating smaller numbers of job placements.
Self Assessment taxpayers will not face late filing penalty, if filed online by 28 February
No late filing penalty if self assessment tax return filed by 28 February 2021, but interest will still be charged on any outstanding liabilities. More time to file your online return and make Time To Pay arrangements.
Tax Changes Ahead?
Following Rishi Sunak’s economic statement to the House of Commons on 11 Jan 2021, Craig Simpson, tax partner at Bates Weston, looks at the tax changes that may be ahead in the Budget on 3 March 2021.
The Cashflow Cliff-Hanger
Wayne Thomas, partner at Bates Weston, looks at the cashflow pressures that are mounting for businesses.
National Lockdown new one-off top up business support grants
Following the National Lockdown announced yesterday by the PM, the Chancellor announced new one-off top up business support grants for the retail, hospitality and leisure sectors worth up to £9,000. Additionally discretionary funds are also available for other businesses impacted by the lockdown.
Furlough Scheme extended until April 2021
Chancellor extends furlough scheme until the end of April 2021 and Covid-19 business loan schemes extended until the end of March.
Employee Ownership Trusts rise in popularity
The use of Employee Ownership Trusts (EOT) by private companies has seen a considerable rise in 2020 and is expected to continue into 2021. But are they right for your company?
Writing the book on tax
Bates Weston’s tax team update and co-author Tolley’s Tax Planning for Owner Managed Businesses 2020-21.
Christmas Support Payment for wet-led pubs
Details of the Christmas Support Payment for wet-led pubs, that is those that derive less than 50% of their income from food sales.
Residual tax and the loan charge
Richard Coombs considers HMRC’s updated guidance on collecting any residual tax due as a result of the loan charge.
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