The Chancellor, Rishi Sunak has written to the OTS (Office of Tax Simplification), asking the OTS to undertake a review of Capital Gains Tax (CGT) and aspects of the taxation of chargeable gains in relation to individuals and smaller businesses. In
The government has confirmed allocations for individual councils in England from the £500 million of additional support for Coronavirus-related spending pressures. This further injection sees a total of £4.3 billion in direct funding to
Inheritance Tax (IHT) is levied on a person’s estate when they die and can also be payable during a person’s lifetime on certain trusts and gifts. The rate of Inheritance Tax payable is 40% on death and 20% on lifetime gifts. IHT is
The government has published the draft legislation for Finance Bill 2020-21, along with accompanying explanatory notes, tax information and impact notes. The consultation on draft clauses is intended to make sure that the legislation works as
High Street retailers will have watched with dismay as competitors take their market share – not by businesses in their local business community – but globally, as consumers in the UK switch their attention from shopping trips to online
If you are self-employed, as a sole trader or in partnership, the profits from your business are treated as part of your income for Income Tax and self-employed National Insurance purposes. As a consequence, the amount of tax payable on your
There is a well-worn cliché that says that no news is good news i.e. that bad news actually travels faster than good news. During the coronavirus period, we have been bombarded by proof that this is the case. Witness the very deliberate,
Practitioners may have noticed that the OTS has recently published an update on its thoughts for the update of Corporation Tax, the taxation of personal service companies and the self-employed. The report is entitled: Evaluation update and stock
Any planned change will be targeted at a specific issue – say, reduce sales prices to win more customers and increase footfall – but actions of this kind have knock-on effects. For example, what effect will the proposed reduction in sales
We have made passing references to business planning in recent articles published to this newsfeed; about the need to secure and plan your bank resources to better cope with the disruptions caused by COVID-19. Government seems to be preparing us for
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