Capital gains tax: What could the review mean?
In mid-July, Sunak announced a surprise review of capital gains tax (CGT), following a report by the Office for Budget Responsibility (OBR) that highlighted how the growing deficit in government spending was likely to exceed £350bn in 2020. The Chancellor asked the Office for Tax Simplification to report on how CGT rates compare with other […]
HMRC has refunded £627 million in overpaid pension tax. Did you overpay?
Pension savers across the country could be due a rebate after new HMRC figures show that some have been wrongly taxed after drawing from their pension pots. Hundreds of thousands of people have been overcharged in tax since new pension rules were introduced back in 2015. As you may already know, pension freedoms gave savers […]
September Market Commentary
Introduction August used to be known as the ‘silly season’ – a phrase coined by the Times in 1861 to describe the lack of news in August and early September when parliament was in recess. Well, there was plenty of news in August 2020. With coronavirus and its effects, the continuing squabbles over Brexit, the […]
August Market Commentary
Introduction If there was one word that characterised July, it was tension. Tension between Beijing and Hong Kong, tension between China and the US, and tension between China and the UK over Huawei. The UK made a citizenship offer to up to 3m Hong Kong residents and duly suspended its extradition treaty with Hong Kong. […]
What does the stamp duty holiday mean for me?
In his 8 July summer statement, Chancellor Rishi Sunak confirmed that the stamp duty threshold will be immediately raised to £500,000 in England and Northern Ireland, in what some have dubbed the ‘stamp duty holiday’. The rise in threshold lasts until 31 March 2021 and will apply to both first-time buyers and previous owners. Sunak […]
How do you pivot your business?
Pivot’s one of those words that we’re hearing a lot at the moment; a word usually associated with a ballet dancer, being able to turn nimbly on their ‘pointe’ shoes. But a word that‘s proving equally relevant to businesses as they seek to trade in the new world since COVID-19. No doubt you had clear goals […]
HMRC Tax Account
Having a HMRC online personal tax account is becoming ever more important with new producers requiring you to have one set up such as the reporting of residential property within 30 days of the completion of a sale. There are other useful things that the account can be used for such as viewing and paying […]
UK Property Disposals
Since 6 April 2015 if you were a non-UK resident you had to report the sale of your UK property to HM Revenue and Customs (HMRC) within 30 days. HMRC have now extended this legislation to also include UK residents. From 6 April 2020 any residential property or land disposals by UK residents need to […]
4 top tips on preserving your cash flow
Cash has always been king in running a business, especially when SMEs typically only have a 27 day cash buffer, according to JP Morgan. So as businesses struggle to cope with the effects of the coronavirus pandemic, we look at four key areas in maintaining a positive cash flow. Measure your position Thinking about the […]
What does the new tech start-up fund offer?
At the end of April, the government unveiled the Future Fund. This landmark scheme will issue convertible loans to normally quick growing tech startups that are suffering due to the COVID-19 crisis. The government sees the UK’s fastest growing and innovative companies as a key part of the recovery process. The government will make an […]
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