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What the economic update means for businesses and employers

Westminster has delivered an economic update containing a raft of temporary measures to help the UK economy recover from the crippling impact of COVID-19. UK GDP fell by more than 25% in March and April 2020 as entire sectors were closed by the coronavirus lockdown....

The residence nil-rate band

Earlier this year, it was far from certain that the final increase to the residence nil-rate band would go ahead. Such was the clamour for change to inheritance tax prior to the Spring Budget back in March, rumours were rife that this could be abandoned. The £100,000...

Changes to the tapered pensions annual allowance in 2020/21

Changes to the tapered annual pension allowance kicked in last month, following a review into how the taper was impacting on the NHS and public service delivery more widely. The taper can gradually reduce the £40,000 annual pension allowance for those on the very...

Coronavirus support for the self-employed and charities

It’s safe to say we’ve experienced an unprecedented start to the new tax year, with coronavirus-related calls keeping us extremely busy. Most of those queries have been related to the furlough scheme - who’s eligible, how much is available and accessibility. The...

Personal tax planning for 2020/21

With less than three weeks to spare before the end of 2019/20, Westminster finally delivered the 2020/21 tax rates. All of that, however, pales into insignificance somewhat when you consider the people and businesses affected by the coronavirus. Since the Spring...

Scottish Budget 2020: Scandal lights up dull affair

What preceded the Scottish Budget 2020 was more entertaining than the speech itself earlier this month.  Calamity unfolded on the eve of the Draft Budget on 6 February 2020 after revelations broke in the papers.  Finance Secretary Derek Mackay quit hours before...

Mortgage interest relief to be phased out in April

Residential landlords have had a rough time of it over the last few years and their ability to claim mortgage interest relief will end in April. Before April 2017, borrowing money through a buy-to-let mortgage was a tax-efficient method for residential landlords....

Off-payroll working in the private sector

Large and medium-sized businesses that use contractors have been gearing up for off-payroll working rules extending to the private sector next spring. From 6 April 2020, private firms are set to assume responsibility for deciding if a contractor supplies a service as...

Tax-efficient profit extraction tactics for directors

Extracting profits from a limited company has traditionally been done using a combination of salary and dividends. A director would pay themselves slightly less than the tax-free personal allowance and take the rest in dividends. Big tax savings were available for...

Capital gains tax: likely changes for 2020/21

Three potential changes to capital gains tax could have a significant impact on people who make profits from selling homes in 2020/21. This triple whammy will affect those who have a main residence and let it out, perhaps while working away or going through separation...

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