Tax Advice and Accounting Resources

Increased support for Covid hit jobs and workers unveiled

Rishi Sunak has enhanced the Job Support Scheme (JSS) which will replace furlough from 1 November 2020. Under the revised scheme, employer…

By RJP LLP on 22 October, 2020

Personal tax • Property • Tax Planning • Tax Relief • tax returns

What powers does HMRC have to spot missing rental income?

If you have a rental property, it is important to report the rental profits to HMRC on a self-assessment tax return. HMRC…

By RJP LLP on 12 October, 2020

Accountancy • Bookkeeping • Coronavirus Advice • financial advice • government • Services • Small Business

How to apply the new Job Support Scheme across your workforce

Updated 26 October 2020 The furlough scheme (Coronavirus Job Retention Scheme) will be ending on 31 October 2020 and is being replaced…

By RJP LLP on 12 October, 2020

Coronavirus Advice • HMRC • Personal tax

New details of enhanced Time to Pay for self-assessment tax

In his Winter Economy Plan, Rishi Sunak announced some new, enhanced payment arrangements for people who are paying income and capital gains…

By RJP LLP on 7 October, 2020

business finance • Business Services • Coronavirus Advice • government

Update for employers: Will you be eligible for the Covid-19 Job Retention Bonus?

After all the attention given to the furlough scheme replacement, the new Job Support Scheme, you might have forgotten about another measure…

By RJP LLP on 7 October, 2020

Budget stuff • business finance • Business Services • Coronavirus Advice • government • Small Business

Covid Business Support: How could you benefit from the Winter Economy Plan?

Rishi Sunak cancelled his Autumn Budget. The host of measures (including tax increases) to recoup the large investment made in supporting the…

By RJP LLP on 24 September, 2020

Capital Gains Tax • Personal Taxation

Mitigating tax changes: How to reduce your capital gains tax bill

It is well known that capital gains tax (CGT) is currently under review and that increases for wealthy taxpayers are very likely.…

By RJP LLP on 23 September, 2020

capital allowances • Personal tax • Property • Tax Planning

Why is a holiday let more tax efficient that a normal buy-to-let?

This summer’s staycation boom, the prospect of Brexit and the temporary reduction in stamp duty rates have left many people thinking about…

By RJP LLP on 23 September, 2020

IHT • probate • Probate and Inheritance Tax

News update: Video wills become legal

The Covid-19 pandemic has brought about many changes, a lot of which involve the use of technology in our daily lives; from…

By RJP LLP on 23 September, 2020

Capital Gains Tax • Coronavirus Advice • Personal tax • Property • tax returns

5 ways landlords can offset financial losses due to Covid-19

Although there have been a number of schemes available to support taxpayers through the Covid-19 pandemic, some have been more generous than…

By RJP LLP on 22 September, 2020

financial advice • pensions

Private pension withdrawal age raised to 57

Currently, taxpayers are entitled to take some, or all of the cash held in their private pension fund at age 55, including…

By RJP LLP on 22 September, 2020

Coronavirus Advice • financial advice • governance

Update on CJRS: New HMRC letters are alarming employers

The extent to which fraudulent claims for furlough scheme grants have been made is now becoming very apparent. HMRC thinks that between…

By RJP LLP on 16 September, 2020

capital gains tax (cgt) • Property • Tax Planning

Update: 30 days to pay investment property CGT

The sale of a UK residential property which gives rise to a Capital Gains Tax liability now needs to be reported to…

By RJP LLP on 8 September, 2020

Business Services • Business Tax • HMRC • Small Business • Tax Planning • Taxation

Vans redefined as cars. What are the vehicle tax implications?

In the recent case of Payne, Garbett and Coca-Cola European Partners Great Britain Ltd vs HMRC it was upheld that some modified ‘crew-cab’…

By RJP LLP on 27 August, 2020

Business Services • Coronavirus Advice • financial advice

Covid-19: Claims open for second and final self-employed support grant

The government’s second and final grant for the self-employed has opened for applications. This offers a chance for three million people who…

By RJP LLP on 18 August, 2020

Capital Gains Tax • Personal tax

Consider a capital asset review before December 2020

It has been widely reported that the chancellor has asked The Office of Tax Simplification (OTS) to investigate whether capital gains tax…

By RJP LLP on 17 August, 2020

Business Services • Coronavirus Advice • financial advice • insolvency

Revisions to insolvency laws due to Covid-19

The Corporate Insolvency and Governance Bill received royal assent on 25 June 2020 and is now an Act. It was introduced to…

By RJP LLP on 17 August, 2020

Uncategorized

Why ask an accountant to obtain Grant of Probate?

Looking at some of the questions we are asked by clients, the issue of probate comes up regularly. In particular, we are…

By RJP LLP on 17 August, 2020

Business Services • Coronavirus Advice • Services

Getting ready for the end of furlough support

Updated: 25 September 2020 As confirmed by the government, furlough grants are set to end in October 2020. If your business…

By RJP LLP on 17 August, 2020

capital gains tax (cgt) • Coronavirus Advice • Personal tax • Tax Planning

Possible Capital Gains Tax review on the horizon

Rishi Sunak has dropped some heavy hints that taxes will be increasing to cover the cost of the financial support provided by…

By RJP LLP on 23 July, 2020

Business Tax • Coronavirus Advice • VAT

How to apply the temporary 5% VAT rate – Update for the hospitality sector

Tim Martin of Wetherspoons has been campaigning for years for the VAT to be reduced in respect of hospitality and shortly after…

By RJP LLP on 17 July, 2020

Coronavirus Advice • HMRC

What to expect from ‘Time to Pay’

Time to Pay is an arrangement operated by HRMC to allow taxpayers who cannot pay their tax liabilities to negotiate a personal…

By RJP LLP on 17 July, 2020

Budget stuff • Business Services • Business Tax • Coronavirus Advice • HMRC • Tax Relief • VAT

Summer Budget 2020 Update

There has been a lot of speculation over recent weeks regarding the contents of Rishi Sunak’s summer budget. We all anticipated changes…

By RJP LLP on 8 July, 2020

Business Tax • Coronavirus Advice • VAT

VAT payment holiday window ends on 30 June 2020

The VAT payment holiday which was announced in Rishi Sunak’s speech on 20 March 2020 will be ending on 30 June 2020.…

By RJP LLP on 26 June, 2020

Business Services • Coronavirus Advice • HMRC

Furlough Scheme Fraud

The government’s furlough scheme, known as the CJRS (Coronavirus Job Retention Scheme), was launched very quickly and those using it have been…

By RJP LLP on 23 June, 2020

Business Tax • Uncategorized • VAT

Domestic reverse charge VAT rules are delayed until 2021

Some important VAT changes planned for the construction industry have been further delayed as a result of the impact of Covid-19. This…

By RJP LLP on 17 June, 2020

Coronavirus Advice • R&D Tax Credits • Tax Relief

Could you claim R&D tax credits for Covid-19 innovation?

As businesses enter Covid-19 recovery mode, many will have secured financial support such as a government bounce back loan for its attractive…

By RJP LLP on 16 June, 2020

Business Services • Business Tax • Coronavirus Advice

The Updated Furlough Scheme – claims for June and July 2020

There is effectively a new furlough scheme from 1 July 2020. This article considers the practicalities for June and July 2020 claims…

By RJP LLP on 16 June, 2020

Business Services • Personal Taxation • Tax Relief

Case update: New ruling over tax relief and SIPPs

A recent HMRC tax tribunal ruling has created a great deal of controversy in the pensions industry because it could mean that…

By RJP LLP on 16 June, 2020

Business Tax • Coronavirus Advice • Share Schemes

How can Covid-19 present an opportunity for employee share schemes?

Employee share schemes can be highly tax efficient and are a proven way to increase employee loyalty and productivity. Now, as we…

By RJP LLP on 16 June, 2020

Business Tax • Personal tax • Property • Services

Reminder: Is an In-Year ATED Return due on your company’s residential property?

Many people are choosing to own residential rental properties within a company structure (known as an enveloped dwelling). This form of ownership…

By RJP LLP on 16 June, 2020

Business Services • Coronavirus Advice

Extension to the self employment support scheme

The self employment support scheme is being extended, Rishi Sunak has announced, and those who are eligible for the scheme will now…

By RJP LLP on 1 June, 2020

Business Services • Business Tax • Coronavirus Advice • Personal Taxation

The Updated Furlough Scheme

On 29th May 2020 the Chancellor announced details of how the furlough scheme will operate from 1 July 2020. Further support on…

By RJP LLP on 1 June, 2020

Business Services • Business Tax • company structure • Coronavirus Advice

Recovery after COVID – Is it worth disincorporating your company?

It is becoming apparent that the COVID-19 crisis will result in many otherwise viable businesses being unable to survive. And businesses that…

By RJP LLP on 27 May, 2020

Business Services • Coronavirus Advice

Rebate Scheme Launching for COVID SSP Payments

If you are a small to medium sized business and have been paying employees Statutory Sick Pay (SSP) due to coronavirus, you…

By RJP LLP on 21 May, 2020

Business Tax • Coronavirus Advice • Personal tax

Why giving up your salary might trigger a tax bill!

The current economic situation is difficult for almost every business and many people will have had to accept a temporary reduction in…

By RJP LLP on 18 May, 2020

Business Services • Coronavirus Advice

Bounce Back Loan Scheme For The Self Employed

Updated: 25 September 2020 Although not an ideal solution, the new Bounce Back Loan Scheme (BBLS) launched by the government offers a…

By RJP LLP on 13 May, 2020

Business Services • Business Tax • Coronavirus Advice • Corporate Taxation • government

Furlough Scheme Extended to End of October

Presenting to MPs this morning, Chancellor Rishi Sunak has confirmed that the current Furlough Scheme (a.k.a. Coronavirus Job Retention Scheme) will be…

By RJP LLP on 12 May, 2020

Business Services • Coronavirus Advice • Payroll Tax • Small Business

Furlough Scheme Warning – Don’t double-count employers’ NICs!

When completing your applications for the Coronavirus Job Retention Scheme you will be including the cost of the employers’ NICs for furloughed…

By RJP LLP on 11 May, 2020

Business Tax • Coronavirus Advice • government • Personal tax

Update on the Self Employment Income Support Scheme

This week, HMRC is starting to send out notifications to those who are eligible for the Self-Employment Income Support Scheme. If you…

By RJP LLP on 4 May, 2020

business finance • Business Services • Coronavirus Advice

Update on Bounce Back Loan Scheme – BBLS

Updated: 4 May 2020 In response to reports that small businesses are struggling to survive under lockdown, and that 25% of these…

By RJP LLP on 28 April, 2020

capital gains tax (cgt) • Personal Taxation • Property

Reminder: 30 days to pay investment property CGT from April 2020

Although the government is allowing many tax payments to be deferred because of Coronavirus, any the tax due on gains made as…

By RJP LLP on 24 April, 2020

Coronavirus Advice • financial advice • Services

New scams surface during the COVID-19 crisis – What should you be wary of?

Scams have been widespread online for a long time; from stolen cards being used to buy goods online, ordered goods that never…

By RJP LLP on 21 April, 2020

Business Tax • Coronavirus Advice • Personal tax • Personal Taxation

Shareholder/directors and their limited options for Coronavirus support

True to HMRC’s word, the Coronavirus furlough scheme portal went live on 20 April 2020 and in the first hour of operation…

By RJP LLP on 21 April, 2020

Business Tax • Capital Gains Tax • exit strategy • Tax Planning

Introducing the new ‘business asset disposal relief’

The COVID-19 crisis is proving all-consuming for the press and as a result, one of the important changes announced in the 2020…

By RJP LLP on 21 April, 2020

Business Services • Coronavirus Advice

Emergency Action Plan for Business Owners

The next three months will be critical for many business owners and not every business will be able to survive but it…

By RJP LLP on 21 April, 2020

Business Services • Coronavirus Advice

Resources to Help Calculate Your Furlough Grant

If you are preparing to apply for a furlough grant and need to work out the amount required, these two free resources…

By RJP LLP on 15 April, 2020

Business Services • Coronavirus Advice • Payroll Tax

Coronavirus: Preparing to use the Furlough Scheme – Payroll Information Needed

The government’s Coronavirus Job Retention Scheme (furlough scheme) portal is currently being beta tested and the site is expected to be operational…

By RJP LLP on 14 April, 2020

business finance • Coronavirus Advice • HMRC • Small Business

Furlough scheme portal launches for beta testing

Expected live date for all employers is 20 April 2020 with first payments by 30 April 2020 HMRC have announced the launch…

By RJP LLP on 9 April, 2020

Coronavirus Advice • HMRC • Small Business

Updated guidance on the Coronavirus Job Retention (Furlough) Scheme

The government has made some changes to the Coronavirus Job Retention Scheme (furlough scheme) and clarified a number of key points. A…

By RJP LLP on 8 April, 2020

Insights

31 December 2020 - Review disposals of chargeable assets to avoid a possible CGT increase