HMRC Cracks Down on Income from Holiday Homes Abroad

The Government has stepped up investigations into tax avoidance on income from holiday homes abroad. Thousands of landlords could be caught out for not declaring income from these overseas properties. Data from a Freedom of Information request has shown that tax on income from overseas rental properties has jumped by … Continued

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Avoid a tax bill headache next January

Avoid a tax bill headache next January

In May, taxpayers who pay their tax through self-assessment were offered the opportunity to delay their July payment on account for the 2019-20 financial year until 31st January 2021. This may seem a tempting option, helping with cashflow now. However, as only the last two weeks of the 2019-20 tax … Continued

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Inheritance Tax refunds more than double!

It’s ‘Good to Talk’ about Inheritance

Recent research has revealed that less than a quarter of UK adults discuss inheritance within their family group, and less than 17% is aware if they’ll inherit anything at all. Expectations of what any inheritance might be worth can be as much as 60% less than its actual worth. Whilst … Continued

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Maternity Leave U-Turn for Self-Employed Mothers

Maternity Leave U-Turn for Self-Employed Mothers

Self-employed mothers who took maternity leave during the Government’s Self-Employed Income Support Scheme (SEISS) qualification period, were set to be penalised as their earnings would have dropped while taking their leave. Around 70,000 women would have been affected by the way that the SEISS is calculated, as they were only … Continued

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Stamp Duty Threshold Increases

Stamp Duty Land Tax Threshold Increase

Chancellor Rishi Sunak has today, Wednesday 8th July 2020, made a very welcome announcement for the Property Industry, raising the threshold for which Stamp Duty Land Tax is paid from £125,000 to £500,000 until 31st March 2021. This means that if you are buying a house under £500,000 you will … Continued

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Holes in COVID-19 Support

Plugging the holes in Coronavirus Support Schemes

Over the last three to four months, the Government has implemented vast emergency measures, handing out millions of pounds to support businesses and individuals through the COVID-19 crisis. However, there are some categories that have been overlooked so far. These include recently employed workers who had not made it onto … Continued

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Tax Investigations Under Lockdown - Folkes Worton Can Help

Tax Investigations Under Lockdown

As we move towards the new normal for business, HMRC is starting investigations into the use, or more accurately, misuse of Government support under lockdown. It is reported that tax inspectors are being asked to put personal and business tax submissions under greater scrutiny. They will be looking into VAT … Continued

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The People Factor

The People Factor

Employment is an issue which is becoming more and more important to a lot of clients as we start to come out of lockdown. We have found working with The People Factor very useful and recommend them for a wide range of HR issues. Here is a message from them: … Continued

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The COVID-19 effect on remote working

The COVID-19 effect on remote working

Will COVID-19 accelerate remote working practices? The Coronavirus lockdown has forced business to adopt remote working across the board. Will employees want to continue working from home post COVID-19? In the past 10 years or so, the number of people working remotely has increased significantly. Major contributors to this shift … Continued

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Inheritance Tax refunds more than double!

Inheritance Tax Refunds on the Rise

With the stock market crash in February and March this year, the number of people claiming refunds on Inheritance Tax due to falling share prices has more than doubled in the last two years. Inheritance Tax is calculated on the value of an estate at the time of death. However, … Continued

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