Churchill Tax Advisers blogs and news

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R&D Tax reliefs: Consultation

The government has an ambitious target to raise total investment in research and development to 2.4% of UK GDP by 2027. R&D tax reliefs have a key role in incentivising this investment by reducing the costs of innovation. It is therefore important to ensure that...

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What the Budget 2021 means for small businesses

The Chancellor, Rushi Sunak, announced in the Spring Budget 2021, that small businesses will have CJRS and SEISS extended. Coronavirus Job Retention Scheme (CJRS) The furlough scheme has been extended to September 2021 across the UK. This means limited company...

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Quentin Skinner 2005 Settlement

The case of HMRC v The Quentin Skinner 2005 Settlement L and others the Upper Tribunal (UT) allowed HMRC’s appeal against a First-tier Tax Tribunal (FTT) decision, finding a number of errors in law. The UT found that section 169J of the Taxation of Chargeable Gains...

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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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