Tax Tips & News

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08/07/2020

July Tax Tips & News

Welcome to Davies Tracey’s Tax Tips & News, designed to keep you one step ahead of the taxman. We are committed to ensuring none of our clients pay a penny more in tax than is necessary and as such, this month’s news and tips include:

Plus, scroll down to our regular content:

We also wanted to use this newsletter to remind our clients of our business advisory services. We’re always happy to be able to give sound, understandable advice but this is particularly important now, as you get your business and finances back on track after lockdown. Please pick up the phone to us, as there may be something you haven’t considered that we could help you with, or we may be able to point you to beneficial opportunities. One such opportunity to make clients aware of at the moment is the Local Authority Discretionary Grant Fund. The Government has provided new funding to Local Authorities, intended for small businesses and charities with high fixed property-related costs who can demonstrate a significant fall in income as a result of the coronavirus outbreak. Eligibility criteria varies from council to council so call us if you think this could help you.

Please also talk to us if you have any questions on topics covered in this newsletter. We’re here to help – on 01642 606003.

Change to partial exemption VAT treatment
HMRC have released guidance on changes to their policy for businesses who supply goods by way of hire purchase agreements. Read More...
 
FTT publishes practice statement on ADR
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. Read More...
 
Business asset disposal relief update
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 dis Read More...
 
Advisory fuel rates update
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 Read More...
 
July questions and answers
Q. I have been contacted by coronavirus (COVID-19) Test and Trace. Am I eligible for statutory sick pay (SSP) from my employer? Read More...
 
July 2020 Key tax dates
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 Read More...
 
About Us

Davies Tracey Accountants are based in Tees Valley, offering local business owners and individuals a wide range of services. All clients are entitled to fixed fees, work delivered on time and unlimited phone support. Visit our website daviestracey.co.uk for more information.

 

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