Advice

Video-witnessed wills become legal in England and Wales

The witnessing of wills over video-conferencing platforms in England and Wales has been temporarily legalised, the Government has confirmed. The law still requires a will to be made “in the presence of” at least two witnesses to be legally valid, while the use of video should be a last resort.  However, some people have understandably …

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Maintaining your NIC contributions record during Covid-19

The Covid-19 pandemic has meant that many people will suffer a reduction in income in 2020/21. Not all individuals are eligible for support under the Coronavirus Job Retention Scheme or the Self-Employment Income Support scheme, and those who are eligible for the grants will not generally receive their full pay. Where income drops this may …

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Extracting income from a family company with no retained profits

The Covid-19 pandemic has had an adverse effect on millions of family companies, potentially reducing or eliminating profits. Where there is cash in the business that can be withdrawn, possibly because the business has received a Coronavirus Bounce Back Loan or a Coronavirus Business Interruption Loan, and the family need to withdraw funds to meet …

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Claiming the second grant under the SEISS

Claims for the second grant under the Self-Employment Income Support Scheme (SEISS) can be made from 17 August 2020 onwards. Who can claim? A self-employed individual or member of a partnership who meets the eligibility criteria and whose business has been adversely affected by Coronavirus on or after 14 July 2020 can claim the second …

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Corporate tax planning in 2020/21

Managing and planning during COVID-19. Even among those who follow good tax-planning practice and maintain forecasts running several years forward, it is unlikely that many foresaw the dramatic end to the 2019/20 tax year. With the arrival of COVID-19 and the subsequent lockdown, the economy shrank a record 20.4% in April 2020, and 19.1% in …

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Post-COVID-19 support for businesses

New measures announced in economic update. Since the Budget in March, businesses have seen a stream of different support schemes and policies announced to help them manage the financial impacts of the coronavirus lockdown. When Chancellor Rishi Sunak stood in the House of Commons again on 8 July, it was in the context of the …

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Economic Update 2020

Economic Update 2020 Introduction It’s safe to say Chancellor Rishi Sunak did not expect to be delivering the first official fiscal statement less than four months after his maiden Budget speech back in March, but here we are. The economic impact of COVID-19 has resulted in the UK’s debt-to-GDP ratio breaking the 100% mark for …

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Are workers employees?

“ It is important to know whether a worker is employed or self-employed as there are many differences in the way in which they will be taxed. Broadly, employees are taxed under the PAYE system with income tax and Class 1 national insurance contributions (NICs) being deducted from payments made to them. Class 1 NICs …

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