Latest News
Updates from the Clayton & Brewill team.
Summer update: furlough changes, SEISS claims, VAT deferral refunds
The Clayton & Brewill Summer update is now available to view online. Summer is now on our doorsteps, and what a strange few months it’s been since our Spring update! After what seems like an eternity spent on lockdown, and following a very busy period of remote working, Clayton & Brewill is pleased to announce… View Article
Domestic reverse VAT charge for construction on hold until 2021
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
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
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
The Clayton & Brewill office has reopened
Clayton & Brewill is pleased to announce that our office has now reopened. We are following social distancing measures to ensure we keep our team and clients as safe as possible. The reopening of our office follows a very busy period of remote working following lockdown. Since March, Clayton & Brewill has been assisting businesses… View Article
Furlough scheme June to October – the key changes
Another weekend, another set of changes to the government’s Coronavirus Job Retention Scheme to digest! Clayton & Brewill explains how the furlough scheme will change over the next few months and what employers need to know. The government introduced the Coronavirus Job Retention Scheme (CJRS) in March and it has provided a real financial lifeline… View Article
New tax year changes: IR35, NICs and personal tax
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
Self-employed support measures: SEISS grant eligibility and how to apply
Self-employed individuals whose business has been adversely affected by coronavirus can now apply for a Self-Employment Income Support Scheme (SEISS) – a taxable grant worth 80% of your average monthly trading profits. Here, Nottingham chartered accountants Clayton & Brewill takes a closer look at who is eligible for the scheme, what support it provides, and how to make a claim…. View Article
CJRS claims deadline for May is imminent
It’s been nearly a month since the portal for making Coronavirus Job Retention Scheme (CJRS) claims for furloughed employees went live, and many businesses will no doubt be seeking to make another claim in order to receive a payment by the end of May. When you make a claim through the Coronavirus Job Retention Scheme,… View Article
Diversification and VAT: tax implications for farming businesses
Farm diversification is becoming increasingly popular as a means of generating new income, but it is important for farmers to consider the full tax implications that any new enterprise could have on their farming business. Nottingham chartered accountants Clayton & Brewill explain how diversification can affect your VAT liability. In years gone by, the vast… View Article