Blogs from Larking Gowen

HMRC have announced that the Extra Statutory Concession (ESC) which exempts employer provided living accommodation from being a taxable benefit when made available to a ‘representative occupier’, will be withdrawn from 6 April 2021.

There has of course been a huge increase in employees working from home as a result of the coronavirus outbreak. The employer may have closed their premises, or employees may be following advice to self-isolate.

A recent report from Mark-to-Market titled ‘April 2020 valuation barometer’ painted a positive picture in terms of deal volumes and values achieved across the UK mergers and acquisition markets (M&A) for the period 1 January to 31 March 2020 (Q1).

Whilst the Government has communicated the support available for businesses and the self-employed, for many, navigating the numerous assistance packages available can be a confusing and stressful experience.

During the current crisis it is important that we can continue to receive and process your accounts documentation. This can be tricky whilst maintaining social distancing. To help we are currently offering all clients the use of an online application called Receipt Bank at no cost, until October 2020.

If you have previously dismissed claiming child benefit as your income is over the £60,000 per annum threshold, now is a good time to review your situation and maybe start to reclaim.

Over the past few weeks, we’ve seen the Chancellor unveil an unprecedented number of financial measures to support those impacted by the Coronavirus. 

Over the past few weeks, we’ve seen the Chancellor unveil an unprecedented number of financial measures to support those impacted by the Coronavirus. 

When somebody dies, their personal representative must pay the inheritance tax (IHT) due by the end of the sixth month after the death. So, if someone died on 1 January 2020, the inheritance tax would be due for payment on 31 July 2020.

There’s no doubt about it, the COVID-19 pandemic is deeply concerning for everyone. And it is everyone! Other than World Wars, it’s difficult to think of anything which has or ever will affect so many of us across the world simultaneously. 

This afternoon, Rishi Sanuk, the Chancellor of the Exchequer delivered his first Budget. There was lots on insightful content, of which our tax experts will give their thoughts on tomorrow during our budget Review Webinar, but I wanted to highlight an announcement that affects the medical sector about the annual allowance threshold.