Hi all, Just a quick newsletter for you today as I wanted to share the information with you now rather than waiting for the next full newsletter. CJRS – Job Retention Scheme Just a quick reminder that from 1st July, the Government will pay 70% of the wages up to a maximum £2187.50 for the hours the employee is on furlough. Employers must top up employees’ wages to ensure they receive 80% of wages, up to £2,500 in total, for the hours the employee is on furlough. For the months of August and September, the Government will pay 60% up to a maximum of £1,875 , with the employer needing to finding the remaining 20% up to £2,500. Stamp Duty Land Tax and Land Transaction Tax Just a quick reminder that in respect of residential property purchases in England and Northern Ireland (Stamp Duty Land Tax) and Wales (Land Transaction Tax) changes come into play from 1st July 2021. From 1st July 2021, as regards SDLT, only the first £250,000 of a property purchase will attract the zero percentag...

I hope you have all enjoyed the wonderful weather we have been having? Although saying that, as I write this, it is pouring with rain! Classic English summer. In this newsletter we look at Ecommerce Import One Stop Shop (IOSS) and SEISS Tax Return Issues Import One Stop Shop Who should consider registering for IOSS? Great Britain (GB) businesses (which excludes Northern Ireland), selling goods with a value not exceeding €150/£135, via their own website, to EU customers. Online marketplaces (OMP). It should be noted that it is optional to register for IOSS. When can you register for IOSS? You can do so now and the chosen portal opens for use from 1st July 2021. What is happening on 1st July 2021? The EU VAT ecommerce rules are changing. All commercial goods imported into the EU from GB will be subject to VAT irrespective of their value. What is the aim of IOSS? To facilitate and simplify the collection, declaration and payment of the VAT for distance sales of imported goods to the E...

Crypto Assets UK Tax Position In recent years, crypto currency has become more and more popular. But do you know where you stand when it comes to tax? In this newsletter we look into what it could mean for you in terms of taxes in the UK. HMRC’s viewpoint There is no specific Crypto Assets (CAS) tax legislation. The tax position will depend upon a number of factors such as the level of activity involved, how the CAS were acquired and what happened to the CAS in your possession. When might a capital gains tax liability arise? When you sell CAS for money. When you exchange one type of CAS for a different kind of CAS. When you use CAS to pay for goods or services. With the exception of your spouse or civil partner, when you gift CAS to another person. When might an income tax liability arise? When you receive rewards from mining, staking and/or airdrops, such as receiving free (or below market value) CAS and/or a share in future transaction fees. When might an income tax and national...