IR35 changes less than six months away

18th November, 2020

The overhaul to the IR35 rules, postponed because of Covid-19, is now less than six months away. For most off-payroll workers, it adds up to a big change to procedure from 6 April 2021. In this article, Nottingham chartered accountants Clayton & Brewill explains why the change is all about tax and employment status, and… View Article

The benefits of tax investigations protection

19th August, 2020

The cost of defending yourself against a HMRC investigation is potentially huge; even when the outcome of the enquiry results in no adjustments to your tax position, defence fees can be just as costly. It is therefore a more important time than ever to having tax investigations insurance in place, as Clayton & Brewill explains…. View Article

Making Tax Digital extended to SMEs

7th August, 2020

The government has confirmed that all VAT registered businesses will have to comply with Making Tax Digital (MTD) from 1 April 2022, with MTD for income tax delayed until 6 April 2023. Here, Nottingham chartered accountants Clayton & Brewill provides an update on the recent extensions. Businesses below the threshold In line with the government’s… View Article

Working from home: what are my tax obligations as an employer?

30th July, 2020

As we adjust to a more socially distanced post-lockdown world, figures indicate that many UK businesses – having seen the benefits of flexible, remote working – are now opting to ditch the office building and make home set-ups a more permanent arrangement. But the upsurge in homeworking brings certain tax obligations that employers need to… View Article

Domestic reverse VAT charge for construction on hold until 2021

16th June, 2020

The introduction of reverse charge VAT on construction services, which has already been pushed back to 1 October 2020, will now be introduced on 1 March 2021. The antifraud measure aims to eliminate the risk of a fraudulent supplier invoicing for work that it has allegedly supplied together with VAT, which it then fails to… View Article

Refunds for missed VAT deferral payments can now be claimed

16th June, 2020

Taxpayers who wanted to defer VAT payments due between 20 March 2020 and 30 June 2020, but did not manage to cancel their Direct Debit in time can claim a refund, HMRC has confirmed. According to HMRC, the quickest way for a claim to be processed is if taxpayers submit a Direct Debit Indemnity Claim to their… View Article

Entrepreneurs’ Relief: a new name and a lower lifetime limit

5th June, 2020

Despite worries it may be scrapped altogether, Entrepreneurs’ Relief (ER) lives on in 2020, but with a new name – Business Asset Disposal Relief – and a new, lower lifetime limit, as Nottingham chartered accountants Clayton & Brewill explains. What is Entrepreneurs’ Relief (ER)? ER is a capital gains tax (CGT) relief available not just to company… View Article

New tax year changes: IR35, NICs and personal tax

29th May, 2020

As we moved into the new 2020/21 tax year last month, a number of changes came into force, including a rise in National Insurance contribution limits and an increase to the two income thresholds used to calculate the annual allowance. The government also announced that the proposed IR35 changes are on hold until April 2021,… View Article

VAT, self assessment and the Coronavirus Job Retention Scheme

26th March, 2020

In addition to the briefing we shared last week, we wanted to provide you with an update on further measures that have been announced by the government to support businesses during the coronavirus pandemic. The latest measures include deferring VAT and self assessment payments for six months and the Coronavirus Job Retention Scheme. VAT The deferral… View Article

Changes to Capital Gains Tax on property

18th December, 2019

For those thinking about disposing of property, there are a number of important tax changes on the horizon to be aware of. Nottingham Chartered accountants Clayton & Brewill highlights some of the key changes to Capital Gains Tax on property, including those being made to the final period exemption, lettings relief, and the way in… View Article

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