The government has launched an Expanded Retail Discount Scheme, providing 100% business rates reliefs to certain businesses in 2020/21, regardless of their rateable value. Please note that this applies to England only. Properties that will benefit from the relief will be...
The Chancellor recently announced plans to support the self-employed, an attempt to bring parity with the Coronavirus Job Retention Scheme for the employed. However, these plans did not include those who pay themselves a salary and dividends through their own...
Millions of self-employed individuals will receive direct cash grants to help them during the coronavirus outbreak. In the latest step to protect individuals and businesses, the Chancellor Rishi Sunak, has set out plans that will see the self-employed receive up to...
Many businesses with premises will qualify for a one-off cash grant and we summarise below the qualifying criteria: a) Retail, hospitality or leisure businesses with a rateable value of between £15,000 and £51,000 can access an additional cash grant of £25,000. b)...
With lock-down now upon us, Alextra Accountants will continue to be open, providing a remote service for businesses and individuals, with our staff members working from home. Whilst we continue to have regular contact with our clients by way of calls...
On 11 March 2020, the Chancellor of the Exchequer, Rishi Sunak, delivered his first Budget in the House of Commons. Just before the Budget announcement, Mark Carney from the Bank of England announced a reduction in UK interest rates from 0.75%...
HMRC’s application of the IR35 rules remains ambiguous after an IT contractor successfully appealed to the First Tier Tribunal (FTT) against a tax charge arising under the intermediaries' legislation. In RALC Consulting Ltd v HMRC [2019] TC 07474, the FTT allowed...
Although the way in which landlords obtain relief for finance costs on residential properties is changing, there is no change to the type finance costs that are eligible for relief. What Qualifies For Relief The basic rule is that relief is available...
The high-income child benefit charge (HICBC) applies to claw back child benefit from either the claimant or his or her partner where at least one of them has income of £50,000 or more. The charge is perhaps one of the...
There are a number of tax concessions available to married couples and civil partners which recognise that their financial affairs may be interlinked. One of these concessions relates the transfer of assets between spouse and civil partner for capital gains...