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…
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…
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…
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…
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…
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…
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:…
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…
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,…
Employees working from home can qualify for tax relief, Folkes Worton can help identify which expenses are allowable. If you work from home on a regular basis you can claim a tax relief, this is only if you are being told to work from home not if you are choosing…