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Fraud alert: Blackbaud compromised
There have been several breaches that have come into the public domain recently – for the more athletic amongst us the Garmin services being down for several days would have been an inconvenience, but breaches have serious impacts for organisations. It was recently reported that the cloud computing company Blackbaud was compromised by ransomware. In this case […]
Charity and Not for Profit eNews
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Government announces new £500m scheme to kickstart film and television production
Last night the Culture Secretary, Oliver Dowdon, announced a new £500m government backed scheme to support film and TV productions struggling to get COVID-19 related insurance. The film and TV production industry in the UK supports 180,000 jobs and is worth £12bn to our economy. The scheme proposes to get film and TV production up […]
Life insurance policy gains: full Personal Allowance available
Gains realised on life insurance policies are subject to income tax at the individual’s marginal rate under the chargeable event gain regime. The gains accrue over a number of years but are taxed in one year. This can result in gains being taxed at a higher rate. Top Slicing Relief (TSR) is available to mitigate the impact of this higher tax charge.
VAT changes and support for hospitality and tourism sectors
In a move to urgently support businesses most severely affected by forced closures and social distancing measures, the Government announced on 8 July 2020 that a reduced rate of VAT at 5% would apply from 15 July 2020 to 12 January 2021 for the supply of certain supplies linked to hospitality and tourism. Outline of the […]
Partial exemption and COVID-19
Now that the current moratorium on HMRC VAT payments has come to an end, managing your VAT effectively will be a key priority in the coming months for many businesses in the Financial Services sector. VAT payments that are due to HMRC will become due on time again as normal.
Corporate and Private Client eNews
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Chancellor orders review of Capital Gains Tax
The Chancellor has asked the Office of Tax Simplification (OTS) to carry out a fundamental review of the Capital Gains Tax (CGT) regime. The wide-ranging review will consider the fundamentals of the regime, including tax rates, exemptions, and reporting. We expect the OTS to consider aligning CGT rates (currently 10%-28%) with Income Tax rates (up to 45%), […]
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