CONSULTATIONS ISSUED ON TAX DAY BY TREASURY

The Treasury typically issue a bundle of tax consultation documents on budget day. This year, however, they chose to delay the publication until three weeks after the budget. We were expecting the consultation documents to include significant CGT and IHT changes, but these have yet again been delayed. The Treasury has accepted several recommendations by[…]

BUDGET DAY BULLETIN

CJRS FURLOUGH SCHEME EXTENDED TO SEPTEMBER The current version of the furlough scheme that started on the 1st of November 2020 was scheduled to end on the 30th of April 2020. To avoid a ‘cliff-edge’, with resulting widespread redundancies, the Chancellor has announced a further extension of the scheme and also a phased reduction in[…]

BUDGET DAY IS SOON APPROACHING

There has been a lot of speculation on what will be in Rishi Sunak’s second budget in early March and whether there is any tax planning that you should consider before then. The government will have to start paying down the £2 trillion of borrowings at some stage. Increasing tax rates would send the wrong[…]

EXPORTING – GETTING AN EORI NUMBER

From 1 January 2021 you need an EORI number to move goods between the UK and the EU. You can apply for your EORI number in advance. It can take up to a week to get one. You will not usually need an EORI number if you: Provide services Move goods between Northern Ireland and[…]

‘TIS THE SEASON

HMRC are not the Grinch after all. They have recently announced that employers may arrange a virtual Christmas party this year and there will be no taxable benefit for employees provided that all staff are invited and the cost per head does not exceed the normal £150 limit. CHRISTMAS GIFTS OF UP TO £50 TO[…]