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HMRC Advisory Fuel Rates (AFR) from 1st December

The 1st December 2020 Advisory Fuel Rates (AFR) have been cut by 1p per mile for petrol vehicles with engines of 1400-2000cc, while the diesel amount per mile for vehicles across all engine sizes remains unchanged. The rates can only be applied to: reimburse employees...

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UK Budget set for 3rd March 2021

Chancellor Rishi Sunak sets the UK Budget for 3rd March 2021 Rishi Sunak has described the Budget as ‘will set out the next phase of the plan to tackle the virus and protect jobs’. Sunak become Chancellor in February 2020 after Sajid Javid's shock resignation.  This...

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Business Property Relief (BPR)

Inheritance tax and business property relief You probably know that inheritance tax is due at 40% on your estate after death over and above any nil rate band available. You may know that business property relief can exempt trading assets from that tax. What you may...

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Tax is on HMRC’s menu for restaurants and takeaways

It has been announced that HMRC will issue thousands of letters to businesses it believes have made incorrect or suspicious claims under the Eat Out To Help Out scheme. At the beginning of November, three people were arrested in London linked to fraudulent claims.  If...

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Deadlines for The EU Settlement Scheme

Free movement for European nationals will come to an end on 31 December 2020 and from 1 January 2021, EU/EEA/Swiss citizens who wish to move to the UK to work and study will have to meet the requirements of the new points-based immigration system, unless they have...

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Working From Home Tax Relief Claims Spike Since CoVid

On 14 October 2020, HMRC boasted that in the space of 11 days almost 55,000 individuals made a claim for tax relief on expenses incurred as a result of being required to work from home during the Covid-19 pandemic. These claims could well rise in the coming weeks as...

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Self Assessment Deadline Is 31st January 2021

Every year, approximately 11 million people complete a self assessment tax return. Taxpayers can complete their 2019-20 tax return at any time up to the deadline but HMRC recommends completing it early to allow them time to pay their tax bill or set up a payment plan....

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Collective Investment Vehicles (CIV), Possible Changes

HMRC are considering changes to the legislation on the taxation of UK property rich collective investment vehicles (CIVs) and their investors. The proposed changes aim to address instances where disproportionate burdens can arise for certain investors, alongside...

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“HMRC ‘nudge’ Letters To Property Owners

We are aware that HMRC has recently issued some 14,000 letters to property owners. This specifically relates to information HMRC has concerning property sale transactions in 2018 and 2019. HMRC will have checked the addresses against tax returns and have a suspicion...

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Dispute Resolution

This is a reminder to all our readers that when HMRC may make their final decisions at the end of their investigations, that is not necessarily  the end of the matter. If you dispute the decision that HMRC are making then there are two courses of action you can...

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Family Investment Companies

What is a Family Investment Company or FIC? In many ways, a FIC is nothing more than a company which holds a pool of investments for a family. Now that trusts are not tax-efficient, a FIC can offer the same sort of structuring but without the tax costs. A FIC also...

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“Furlough Fraud” – 20 October Deadline

As the Coronavirus Job Retention Scheme (CJRS) payments scheme comes to an end HMRC’s investigations of alleged fraud will increase. Media reports estimate that £3.5 Billion of payments have been made by the Government to fraudulent claims or errors.  There have...

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