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Tax specialists in Sheffield, Doncaster and Northampton
Delay of VAT Making Tax Digital ‘phase two’

Delay of VAT Making Tax Digital ‘phase two’

Delay of VAT Making Tax Digital 'phase two' The government has announced that, in light of the impact of Covid-19, the digital links requirement of Making Tax Digital for VAT will be deferred by 12 months to 1 April 2021. What is being delayed? The first phase of MTD...

Self-employment Income Support Scheme

Self-employment Income Support Scheme

Self-employment Income Support Scheme  On 26 March the Chancellor Rishi Sunak announced his plans to support the self-employed during the COVID-19 pandemic. In some ways it is very similar to the previously announced Job Retention Scheme. The Self-Employment Income...

Contactless spend limit to be increased; COVID-19

Contactless spend limit to be increased; COVID-19

Contactless spend limit to be increased; COVID-19 On 1 April the spending limit for contactless card payments will be increased from £30 to £45. This is an attempt to reduce the use of paper money during the COVID-19 pandemic. This decision has been made by the...

Deferral of Tax Payments

Deferral of Tax Payments

HMRC have updated their guidance to confirm that all individuals in Self Assessment, not just the self-employed, will now be eligible to defer their July 2020 payments on accounts until January 2021. This will be an automatic process and no interest or late payment...

COVID-19 Government Funding Update

COVID-19 Government Funding Update

COVID-19 Government Funding Update Please note that current guidance is changing all the time but the following is an up to date summary as at 23 March 2020 of current schemes in place to assist with business interruption resulting from the Coronavirus outbreak....

Tax Rates 2020/21

Tax Rates 2020/21

Introduction We have summarised the key rates and allowances which are fundamental to our business and personal lives. We are sure that you will find them a useful point of reference and have set out below a few examples of how they can be used. Personal tax rates As...

Hawsons are here to help COVID-19

Hawsons are here to help COVID-19

During this difficult time Hawsons are here to help and support their clients as best they can The Government has announced new measures to help businesses through this difficult time. The first being the tax helpline to support businesses affected by coronavirus. If...

Bank of England Update for Businesses and Households

Bank of England Update for Businesses and Households

Bank of England Update for Businesses and Households During this difficult time for businesses and households the Bank of England have put together a list of sites where you can find the latest updates from the Government. The following has been circulated by the bank...

IR35 reforms to be delayed until 2021

IR35 reforms to be delayed until 2021

IR35 reforms to be delayed until April 2021 There is a little bit of good news. The Chief Treasury Secretary, Steve Barclay, has announced that the IR35 reforms will be pushed back by one year, to help protect the economy from the impact of the coronavirus outbreak....

Budget 2020: Entrepreneurs’ Relief

Budget 2020: Entrepreneurs’ Relief

Entrepreneurs’ Relief – What changes were announced in Budget 2020?   Business owners should be aware that the lifetime limit for Entrepreneurs' Relief, a valuable tax relief when selling or liquidating a business, has been reduced from £10 million to £1 million with...

The Budget 2020 – changes to R&D tax relief

The Budget 2020 – changes to R&D tax relief

The Budget 2020 - changes to R&D tax relief The Chancellor has set out plans to increase support for Research and Development (R&D) and has announced further enhancements to R&D tax relief in order to boost investment from the private sector. Investing in...

Budget 2020 Summary

Budget 2020 Summary

Budget 2020 The Chancellor Rishi Sunak presented his first Budget on Wednesday 11 March 2020. In his speech he stated 'we are at the beginning of a new era in this country. We have the freedom and the resources to decide our own future'. 'It is a Budget of a...

DAC6: disclosure of cross-border tax arrangements – are you affected?

DAC6: disclosure of cross-border tax arrangements – are you affected?

DAC6: Disclosure of cross-border arrangements - are you affected?  DAC6 is a new EU directive which will require the reporting of certain cross-border arrangements and structures that could be used to avoid or evade tax. The new regime comes into force on 1 July 2020....

Budget 2020: Predictions

Budget 2020: Predictions

Budget 2020: Predictions Rishi Sunak will deliver the 2020 Budget on Wednesday 11 March.  But what can we expect when the Chancellor opens his red box? Craig Walker, a tax specialist at Hawsons, gazes into his crystal ball: With a substantial majority, the government...

The Marriage Allowance – Time is running out to claim

The Marriage Allowance – Time is running out to claim

The Marriage Allowance - Time is running out to claim The Marriage Allowance can enable eligible married couples and civil partners to save up to £250 of tax a year.  And despite being introduced almost five years ago, many eligible couples are still missing out on...

Canny romantics: The tax benefits of marriage

Canny romantics: The tax benefits of marriage

Considering popping the question on Valentine’s Day?  Here we look at some of the tax breaks married couples can benefit from and how it can pay to get hitched The Marriage Allowance The Marriage Allowance can enable eligible married couples and civil partners to save...

HMRC announces a change to the off-payroll working rules

HMRC announces a change to the off-payroll working rules

HMRC announces a change to the off-payroll working rules As part of a review into changes to the operation of the off-payroll working rules (IR35), HMRC has announced that the rules will only apply to payments made for services provided on or after 6 April 2020. ...

Key tax relief at risk in 2020 Budget

Key tax relief at risk in 2020 Budget

Business owners should be aware that Entrepreneurs’ Relief, a valuable tax relief when selling or liquidating a business, could be limited or even abolished altogether on 11 March. What is Entrepreneurs’ Relief? Entrepreneurs’ Relief applies a reduced capital gains...

Is the UK falling behind in developing automation and robotics?

Is the UK falling behind in developing automation and robotics?

Is the UK falling behind in developing automation and robotics? The First Industrial Revolution was led by the UK in 1760 and yet there are serious concerns that the UK is falling behind other countries. This was the conclusion to a report conducted by the House of...

Budget date announced

Budget date announced

Chancellor Sajid Javid announces 2020 Budget for 11 March 2020. The Budget is the government’s annual announcement on its plans for spending and taxation for the upcoming financial year. It will be Sajid Javid’s first Budget since he became Chancellor in July 2019 and...

HMRC offers tips on avoiding Self-Assessment tax scams

HMRC offers tips on avoiding Self-Assessment tax scams

HMRC offers tips on avoiding Self-Assessment tax scams HMRC is giving information to taxpayers to help them avoid scams ahead of the Self-Assessment deadline. HMRC is warning millions of Self-Assessment taxpayers to be aware of fraudsters in the run up to the 31...

Hawsons makes history after 165 years in business

Hawsons Chartered Accountants is 165 years old Hawsons Chartered Accountants was founded in the city of Sheffield in 1854 – more than 25 years before the creation of the Institute of Chartered Accountants in England and Wales – by Alfred Allott and John Hewett....

Increase in probate fees abandoned

Increase in probate fees abandoned

Increase in probate fees abandoned  The government has abandoned its planned increase in probate fees. The increase in fees was originally expected to take effect from 1 April 2019. However, in March 2019 HMRC postponed the introduction of the increase, attributing...

Self assessment deadline is approaching

Self assessment deadline is approaching

The deadline for submitting your 2018/19 self-assessment return is 31 January 2020. The deadline applies to taxpayers who need to complete a tax return and make direct payments to HMRC in respect of their income tax, Classes 2 and 4 National Insurance Contributions...

Changes to Principal Private Residence (PPR)

Changes to Principal Private Residence (PPR)

When an individual dispose of a property that is their only or main residence under PPR rules usually an exemption on their capital gains tax applies. The exemption applies if the relevant conditions are met throughout the period of ownership. This relief is...

Charity Tax group launch a national survey on charity VAT relief

Charity Tax group launch a national survey on charity VAT relief

Charity Tax group launch a national survey on charity VAT relief The Charity Tax Group are launching a national survey on charity VAT relief. The group say the research will gather information on the amount of VAT relief claimed by UK charities, which they say will...

PM pledges increase in support for Research & Development

PM pledges increase in support for Research & Development

PM pledges increase in support for Research & Development Boris Johnson has told the CBI Conference that he will increase the amount of annual Research and Development (R&D) tax relief. He told business leaders “In order to help businesses innovate, this...

Corporation tax cuts on hold

Corporation tax cuts on hold

Planned cuts to corporation tax next April are to be put on hold, Boris Johnson has told business leaders. The tax rate paid by companies on their taxable profits was due to fall from 19% to 17%, with the aim of boosting business. However, the Prime Minister told the...

UK’s economy is growing at the slowest annual rate in a decade

UK’s economy is growing at the slowest annual rate in a decade

According to the most recent data by the Office of National Statistics the economy is growing at its slowest rate in almost a decade. In the third quarter Britain’s economy grew by just 0.3% after a dramatic shrink in the second quarter. This means that annual growth...

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