Tax planning

Tax / Covid-19: football clubs fight to keep going as grounds remain closed

Football clubs are coming under increasing pressure to cut top players’ multimillion pound wages as support staff at clubs are put on the government’s 80% furlough scheme, and EFL clubs are already struggling to pay March salaries

Tax / Covid-19: loan charge taxpayers given ‘special arrangements’

HMRC is to introduce special arrangements for taxpayers affected by the loan charge rules relating to disguised remuneration tax avoidance schemes, paving the way for some of them to make claims under the government’s coronavirus support scheme for the self-employed, reports Pat Sweet

Tax / April 1 business tax changes: corporation tax rate remains 19%

HMRC has updated its guidance confirming that the government has shelved its original plans to lower corporation tax, with the main rate (for all profits except ring fence profits) for the years starting 1 April 2020 and 2021 remain at 19%, as announced at Budget 2020

Tax / Digital services tax for IT giants effective from 1 April

From the 2020/21 tax year, digital multinationals like Google, Amazon and Apple, will have to start paying the new digital services tax (DST)

Tax / Buy to let landlords and second home owners face tax hikes from 6 April

Second home owners and buy-to-let investors face significant tax changes from the new 2020-21 tax year on 6 April with the 30-day CGT payment window and end of mortgage interest rate relief, in the works since first announced at Summer Budget 2015, reports Sara White

Tax / Covid-19: EU Tax Authority tracker monitors cross-border VAT changes

As EU governments make rapid changes to VAT reporting and payment schedules in light of the coronavirus pandemic, tax authorities across member states are taking very different approaches, with complex schemes with disparate qualifying criteria, payment deferrals and some taking no action as yet 

Tax / Covid-19: HMRC clarifies self assessment tax payment deferral

Following some initial confusion, HMRC has now updated its advice for businesses and individuals affected by coronavirus to make clear that the six-month income tax self assessment deferral for payments due in July applies to all taxpayers, and not just those who are self-employed

Tax / Returning NHS workers targeted by tax avoidance scammers

HMRC has issued specific guidance flagging up concerns that workers returning to the NHS to help respond to the coronavirus outbreak are becoming targets for tax avoidance schemes by unscrupulous advisers

Tax / Covid-19: changes to stamp duty payments process on share sales

Due to measures put in place to stop the spread of coronavirus, HMRC has temporarily changed the way it deals with stamp duty payments on shares bought on a stock transfer form, and will no longer accept cheques

Tax / Covid-19: taxpayers urged to weigh up savings withdrawals

Taxpayers who are looking to reorganise their finances to respond to the impact of coronavirus on jobs are being warned to think carefully about the tax and welfare benefit consequences of drawing on savings

Tax / Covid-19: expat US taxpayers can defer federal income tax filing to 15 July

The US Treasury Department and Internal Revenue Service (IRS) has confirmed that the federal income tax filing deadline has been automatically extended by three months to 15 July 2020, although there are exemptions including no deferral for the 2017 one-off ‘repatriation tax’, reports Sara White

Tax / Covid-19: business rates holiday extended to estate agents and bingo halls

The government has announced that estate agents, lettings agencies and bingo halls that have closed as a result of covid-19 measures to restrict the spread of the virus will be now be exempted from business rates in 2020-21

Tax / HMRC consults on tax impact of LIBOR reform

HMRC has set out its views on the main tax impacts for businesses as a result of reforms to the London Inter-bank Offered Rate (LIBOR) and other benchmark rates

Tax / Capital gains tax on property: 6 April changes

From April 2020 an overhaul of capital gains tax (CGT) will see payment deadlines shortened, reduction of final period exemption and reform of lettings relief. Stephanie Webber CTA, tax writer at Croner-I, analyses the key changes in the context of relevant rulings at tax tribunal

Tax / Anti-forestalling rule added to entrepreneurs’ relief reform

HMRC has updated its technical note on the changes to the lifetime limit for entrepreneurs’ relief, which has been cut to £1m, detailing an additional anti-forestalling rule
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