Business Eplus - Autumn/Winter 2020

  • Planning for the storms ahead

    To say that 2020 has been a difficult year is clearly a colossal understatement. And we sit here contemplating a winter where our health and economic wellbeing are set on what seems like an unstoppable collision course. Whilst the Government have made several mistakes in the handling of this crisis I, for one, would not want to be in their shoes as they attempt to navigate a path that inevitably has to compromise in both areas.
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  • Construction DRC for VAT

    Due to the impact of the Coronavirus pandemic, the overhaul of how VAT is accounted for in the construction sector is now due to come into effect on 1 March 2021. The Domestic Reverse Charge for VAT was originally scheduled to become effective on 1 October 2019. This was postponed 12 months to allow more time for businesses to prepare however, the impact of Coronavirus has further postponed implementation by five months.
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  • Don’t forget – 30-day CGT rule

    As of 6 April 2020, if you sell a residential property in the UK you must report and pay Capital Gains Tax (CGT) within 30 days of the disposal.
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  • Off payroll working

    The new off-payroll working (“IR35”) rules that were deferred from April 2020 will come into effect from 1 April 2021.
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  • MTD for VAT

    The initial “soft landing period” for MTD for VAT comes to an end on 31 March 2021.
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  • Annual Investment Allowances – don’t miss out

    The AIA (currently set at £1m per year), is the amount of capital expenditure on qualifying plant & machinery that a company can claim 100% Capital Allowances on, giving full tax relief in the year of purchase. Expenditure that doesn’t qualify for AIA gains relief much more slowly, using writing down allowances at the rate of either 18% or 6% per annum (depending on the type of expenditure) on a reducing balance basis.
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  • Entrepreneurs’ Relief and business exits

    Entrepreneurs’ Relief, or rather Business Asset Disposal Relief (“BADR”) as it is now known, has seemingly long been the focus of government scrutiny, having been labelled “expensive, ineffective and unfair” and failing to fulfil its purpose of encouraging investment and growth of new business. To tackle this perception, the Spring Budget saw the Chancellor cut the lifetime limit dramatically for disposals made on or after 11 March 2020, from £10 million to just £1 million. Yet BADR is not out of the spotlight yet, with its future still the subject of much speculation, particularly given the likelihood of impending tax increases in the wake of the current Coronavirus pandemic.
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  • The benefit of the Employee Share Scheme in difficult times

    Employee share schemes can be an effective means of incentivising staff for the long term; giving them a stake in the future of the business so that they benefit if it does well. Since the crisis began in March, we have seen a surge in share schemes of various sorts, but why is this the case, and what have companies been implementing?
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  • Update for landlords – tax planning in uncertain times

    Since the outbreak of the Coronavirus pandemic, the Government has introduced a large variety of measures to help support individuals and businesses respond to the resultant financial impacts.
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  • Team Talk – Matt Herd

    Matt Herd joined Ensors in January 2020 as a Tax Director working across the Cambridgeshire offices. With 23 years’ experience under his belt, Matt assists individuals and business owners with the whole range of personal taxation matters including supporting business owners with the structuring of their retirement and business succession plans.
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