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Blog: How could the Spring 2021 Budget affect insurance brokers?

Small businesses are VOLUNTARILY closing due to economic uncertainty and fears over Capital Gains Tax rises? ?

Small businesses are VOLUNTARILY closing due to economic uncertainty and fears over Capital Gains Tax rises? ?
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Farm holiday lets face tighter scrutiny on tax

HMRC highlights common self assessment errors

HMRC highlights common self assessment errors 15 December 2020. HMRC highlights common self assessment errors and issues in its latest Agent Update. Some are more relevant to unrepresented taxpayers filing their own returns, but several are also relevant to agents. Marriage allowance The processing of self assessment (SA) returns which include relief for marriage allowance may be delayed if the transferor has not already submitted a marriage allowance claim online or by telephone/letter. Where both partners are in SA, it is recommended that the transferor’s return is submitted before the transferee’s return to avoid processing delays. Submitting a return as an amendment

Neil MacGillivray: Business owners beware of potential CGT changes

Neil MacGillivray: Business owners beware of potential CGT changes OTS report Neil MacGillivray: It is important to note that a capital loss isn’t an allowable loss unless it is notified to HMRC. Neil MacGillivray The recommendations that the Office of Tax Simplification (OTS) put forward in its review of capital gains tax (CGT), published on 11 November, has created quite a stir. Neil MacGillivray warns that, if the key proposals are adopted, current CGT planning opportunities may be lost, particularly for owner managed businesses The OTS report highlights how the CGT rules can distort behaviour and do not meet policy intent, in particular, their interaction with income tax and inheritance tax (IHT). For example, the lower rates.

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