At Smarter Accounting, we’re here to help your business through the Coronavirus and would like to take this opportunity to update you on some items of news as follows:
- Self Employed Income Support Grant
- URGENT Reminder: The first round of this grant will close on the 13 July. If you have not yet made your application, then make sure you do it by 13 July. If you are unsure if you qualify then click on the link below to check
- The Chief Executive of HM Revenue & Customs was on Martin Lewis’s show last night (02/07) and indicated that 17 August was the date that the second tranche of grant system would open. We will update you as soon as we receive more details
- Capital Gains Tax (CGT) on UK Property Sales
- Importantly there is no Capital Gains Tax to pay on most property sales. Where you are selling your main home, and it has been your main home throughout ownership, tax reliefs mean that no GCT is payable
- Where you are selling other forms of property e.g. buy to lets, commercial property, land then Capital Gains Tax may be payable. As per an earlier blog, for UK residential sales, from 6 April 2020, Capital Gains Tax must be reported and paid within 30 days
- Due to Coronavirus then any sales from 6 April to 30 June 2020 have an extended reporting deadline of 31 July 2020. Interest will still be payable for any payments made after the 30-day payment deadline
- From 1 July 2020 the reporting deadline reverts to 30 days
- The reporting process is not straightforward and therefore if you are selling a UK Residential Property and you think that Capital Gains Tax may be payable, then please contact us early as possible in the sale process. We can help and advise and importantly manage the reporting process, thus ensuring that fines do not become due
- P11D Forms (HMRC Benefits in Kind Form) – These forms have a deadline of 6 July i.e. next Monday. For Smarter clients, most have now been completed and the rest are in hand. If you complete your own payroll then please ensure that this deadline is met, if required. Payment of the National Insurance Class 1A sums are due by 19 July 2020
- Chancellor Update – We are expecting an update form the Chancellor next Wednesday 8th July. If any further changes are to be made relating to the Coronavirus pandemic, we would expect this to be the time for the announcement. We will be looking for any indication regarding changes to VAT Rates, such as a short-term cut to VAT from 20% to 17% in order to encourage the public to get spending and lift the country’s economic crisis
The Smarter Accounting Offices continue to be staffed, but not open for face to face meetings. We can always make other arrangements for video conferencing, telephone calls and at times garden meetings if required. If you are dropping off or collecting records via the office, please notify us in advance. We will review these policies on a weekly basis.
We provide more regular updates via Facebook. Therefore, if you want the latest news then like our Facebook page.
Best wishes and stay safe!