Tax tips and news
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Change to partial exemption VAT treatment
Newsletter issue - July 2020. HMRC have released guidance on changes to their policy for businesses who supply goods by way of hire purchase agreements. Brief 8 (2020) explains HMRC's suggested method for apportionment of VAT incurred on overheads following judgment in Revenue and Customs Commissioners v Volkswagen Financial Services (UK) Ltd (Case C-153/17) (VWFS)…Read More
FTT publishes practice statement on ADR
Newsletter issue - July 2020. The First-tier Tribunal (FTT) has published a practice statement setting out its practice in appeals against HMRC decisions where the parties wish to engage in Alternative Dispute Resolution (ADR) after an appeal has been made to the Tribunal. What is ADR? ADR aims to provide an alternative way of resolving…Read More
Business asset disposal relief update
Newsletter issue - July 2020. The Spring Budget 2020 announced a significant restriction on future availability of entrepreneur's relief (ER) for individuals who dispose of all or part of their business, individuals who dispose of shares in their personal company, and trustees who dispose of business assets. Broadly, the changes will increase the amount of…Read More
Advisory fuel rates update
Newsletter issue - July 2020. HMRC publish rates that can be used by employers wishing to pay their employees the cost of fuel for business journeys in company cars (or, where the employer initially pays for all fuel, for reimbursement of private mileage by company car drivers to their employers). Hybrid cars are treated as…Read More
July questions and answers
Newsletter issue - July 2020. Q. I have been contacted by coronavirus (COVID-19) Test and Trace. Am I eligible for statutory sick pay (SSP) from my employer? A. Under the test and trace system that launched on 28 May, a person who has been notified that they have had contact with a person with coronavirus…Read More
July 2020 Key tax dates
Newsletter issue - July 2020. 5 - Deadline for PAYE settlement agreement for 2019/20 6 - Deadline for 2019/20 forms P11D and P11D(b) to be submitted and copies of P11D to be issued to relevant employees Deadline for employers to report share incentives for 2019/20 14 - Return and Payment of CT61 tax due for…Read More