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Welcome to the July 2020 issue of our newsletter.
We are sure you will find the newsletter an interesting read. Please contact us if you have any questions regarding any of the articles we have included in our newsletter or if you would like further information on a topic we haven't covered.
Your views are always important to us and we welcome your feedback.
Covid-19 spotlights research and development (R&D). Funding initiatives like the Fast Start Competition, managed by Innovate UK, have recently been available for break-through projects in science and technology.
If you are VAT-registered and work in construction, take note. The VAT domestic reverse charge for building and construction services (DRC) was due to take effect from 1 October 2020, and you are likely to have had a letter from HMRC giving this as the start date.
Covid-19 has seen an upsurge in homeworking. For many people, the follow-up question is the tax on the paraphernalia involved.
The Job Retention Scheme (JRS) has been a lifeline for employers looking to avoid staff lay-offs because of Covid-19. Now it's changing.
A temporary cut to VAT, targeted at the hospitality and tourism sectors, was announced on 8 July 2020. From 15 July 2020 to 12 January 2021, a reduced rate of VAT of 5% (rather than the usual 20% standard rate) will apply in some cases.
Disposals of residential property bring the potential for any gain to trigger a capital gains tax (CGT) liability. If you dispose of your main home, principal private residence relief (PRR) usually renders the gain exempt.
Covid-19 brings significant change to many aspects of workforce operations.
Why not contact Wilkes Tranter & Co Limited today for more information or a FREE no obligation quote.
The government has delayed the introduction of Making Tax Digital (MTD) for Income Tax Self Assessment (MTD for ITSA) for a year.
From April 2022, the government plans to create a new social care levy which will see UK-wide tax and National Insurance Contribution (NIC) increases.
As always, the wellbeing of our staff and clients remains our priority and is at the forefront of our mind when considering our response to the current coronavirus situation. At present our office remains open during normal working hours however we are discouraging face to face contact and are moving to telephone/ e-mail communication wherever possible in an effort to protect ourselves and our clients.
In the absence of face to face meetings, you can contact us as follows:
Please be assured that we will be continuing to offer the best service and advice during this difficult period.
We will continue to closely monitor government advice on the situation and act accordingly.