News

UK and Spain set to review Gibraltar tax residency agreement
17 June 2021

The UK and Spain are set to review how residents and companies based in Gibraltar are treated for tax purposes in a bid to tackle tax avoidance, it has been announced. It comes after the Joint Coordinating Committee and Liaison Body met last month to discuss tax co-operation between the authorities of Spain and Gibraltar...
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Make sure to include SEISS grants on your next tax returns
14 June 2021

People who enrolled in the Self-Employment Income Support Scheme (SEISS) have been reminded that they must include income from their grants on tax returns to HM Revenue & Customs (HMRC), as it is subject to Income Tax and National Insurance. They should liaise with their accountants so an accurate return can be sent to HMRC...
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Beware of the HMRC scammers, but ignoring calls can be costly
14 June 2021

There are many problems associated with the pandemic, apart from the obvious one of the illness caused by the virus itself. Conmen and scammers have taken advantage of the situation, bombarding people and businesses with bogus claims about tax owed in the hope that just a few respond.
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Carry back scheme brings welcome relief for business
14 June 2021

For many businesses, the pandemic has turned the world on its head, with many who might have expected to be profitable experiencing a loss. Sometimes losses happen simply because the business is very new, or because costs have unexpectedly risen. However, COVID-19 has thrown another dimension into the mix, seeing thousands...
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New recommendations in sweeping CGT review
14 June 2021

The second part of a sweeping review of Capital Gains Tax (CGT) has been published with 14 key recommendations. In July 2020, the Chancellor asked the Office of Tax Simplification (OTS) to carry out a review, to “identify opportunities relating to administrative and technical issues as well as areas where the present...
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Tax saving strategies for landlords
14 June 2021

Putting together an efficient tax strategy should be a no-brainer for buy-to-let landlords seeking to maximise their income. It may not be quite as glamorous as hunting down the perfect property, but when it comes to saving cash, it can make a huge difference to your bottom line.
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Bank of England and CBI expect the biggest rise in economy for decades
14 June 2021

Both the Bank of England and the UK’s leading business members’ organisation believe the economy is set to take off after the vaccine bump. GDP (Gross Domestic Product) is expected to rise sharply in the second quarter as lockdown eases. Bank economists say this is a result of the vaccine rollout and the fastest predicted...
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Less than one month left to apply to SME Brexit Support Fund, businesses reminded
10 June 2021

There is less than one month remaining to claim grant funding through the SME Brexit Support Fund, businesses have been reminded. The initiative – which helps new and established businesses adapt to post-Brexit importing and exporting processes – will close to new applications on 30 June 2021.
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Time is running out to join the VAT Deferral Scheme
21 May 2021

Companies now have less than one month left to join the VAT Deferral New Payment Scheme. The deadline to join the scheme on 21 June has prompted HM Revenue & Customs (HMRC) to issue a fresh warning to businesses that haven’t already joined the scheme, that they face a five per cent penalty if they do not make some form...
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Is your business ready for the changes to furlough?
21 May 2021

Following the Government’s decision to extend the Coronavirus Job Retention Scheme (CJRS) earlier this year, businesses now have the opportunity to rely on this support until the end of September. Introduced more than a year ago, the furlough scheme (as it is more commonly known) has helped many businesses to retain...
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