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Late Tax Return Penalty Pushed Back

Self-assessment tax returns for 2019/2020 are due for submission by 31 January 2021, but HMRC has announced that late filing penalties will not be charged if the return is submitted online by 28 February 2021.

Furlough Scheme Extended

New measures, including the extension of the Furlough scheme, have been announced to provide support for businesses and employees during the new lockdown.

Non-Cash Employee Benefits

Employers can give employees non-cash benefits as part of their remuneration. The value of non-cash benefits provided to an employee is normally taxable, but there are tax-free non-cash benefits available.

Employee-Ownership Trusts

The Employee Ownership Trust (EOT) was introduced by the Coalition Government in 2014 with the aim of promoting employee ownership in the UK, similar to the John Lewis model. The 2014 rules provide an incentive for owners to sell a controlling stake in their business.

Salary Sacrifice Update

The UK tax treatment of Salary Sacrifice schemes changed from 6 April 2017, removing the advantage of using such schemes for many benefits. As we approach the end of the transition period on 5 April 2021, we look at the ways in which a salary sacrifice scheme can still work to your advantage.

Chancellor’s Summer Statement – SDLT Holiday, Hospitality VAT Cut and Staff Furlough Bonus

As the economy reopens, the Chancellor has announced temporary, targeted cuts in VAT and SDLT, along with a bonus for employers who rehire furloughed employees.

Car Subscription Services and the Company Car Charge

We discuss benefit in kind (BIK) and other business tax implications for company cars with car manufacturers moving to subscription-based models

Family Investment Companies

Companies are increasingly being used as a vehicle for family investments due to a low rate of tax (Corporation Tax is currently payable at just 19%) and the ability to use shares and directorship roles to keep control with certain family members, while allowing the whole family to benefit from income and capital growth.

Coronavirus Job Retention Scheme [Updated]

Further details have been announced about the new Coronavirus Job Retention Scheme, but the online service through which claims will be made is not yet available.

April 19 Loan Charge Repayment

The April 2019 loan charge was introduced to tackle tax avoidance using employer-funded third parties, but following an independent review, this measure has been significantly rolled back.