George Hay Blog

Furlough scheme continues as lockdown confirmed
November 2, 2020

Furlough scheme continues as lockdown confirmed

As we face a second lockdown, the government has confirmed the continuation of the furlough scheme until  December 2020. New Coronavirus restrictions will take effect on 5 November 2020 and remain in place for four weeks, until 2 December 2020. The restrictions, akin to the national lockdown we experienced first
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Capital Gains Tax under review
October 20, 2020

Capital Gains Tax under review

Capital Gains Tax (CGT) often makes the headlines for the revenue it generates for HMRC. Receipts seem to reach new highs each year. CGT is levied on gains made from the disposal of assets, if the gain exceeds your annual CGT allowance. The CGT allowance for the tax year 2020-21
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Reduced VAT rate for hospitality sector raises questions
October 13, 2020

Reduced VAT rate for hospitality sector raises questions

In his Summer Economic Update, the Chancellor announced a temporary 5% rate of VAT for certain hospitality and tourism supplies. Following questions put to them by the Association of Taxation Technicians (ATT) about the measure, which applies between 15 July 2020 and 31 March 2021, HM Revenue & Customs (HMRC)
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Beware undisclosed property income!
October 13, 2020

Beware undisclosed property income!

Undisclosed property income has long been on HMRC’s radar and its data sharing system has made it easier to pursue those taxpayers at fault. Last month, Reuters reported on an investigation into the UK arm of Airbnb, conducted by HMRC, during which Airbnb stated that it would share details of
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Time to Pay arrangements & Coronavirus
October 1, 2020

Time to Pay arrangements & Coronavirus

Throughout the pandemic, flexible Time to Pay Arrangements (TTPA’s) have been available to taxpayers struggling to meet their liabilities. The arrangements grant taxpayers additional time to pay the tax that they owe. Consequently, the ‘debt’ will not be pursued as imminently as it may otherwise have been. The online service
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‘Winter Economy Plan’ unveiled as Budget is scrapped
October 1, 2020

‘Winter Economy Plan’ unveiled as Budget is scrapped

Last month, the Chancellor unveiled his ‘Winter Economy Plan’ after scrapping plans to deliver an Autumn Budget this year. With ‘difficult winter months’ ahead, Rishi Sunak announced a handful of new business support measures. The hope, is that these will get businesses and individuals through this upcoming period of economic
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CJRS compliance letters issued by HMRC
September 30, 2020

CJRS compliance letters issued by HMRC

HM Revenue & Customs (HMRC) has been writing to certain employers about issues with Coronavirus Job Retention Scheme (CJRS) compliance. Its focus is on those who have knowingly put forward fraudulent claims and less so on those who have made innocent errors. HMRC recognises that CJRS calculations are complex and
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