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Tax Diary April/May 2020

1 April 2020 - Due date for Corporation Tax due for the year ended 30 June 2019.

19 April 2020 - PAYE and NIC deductions due for month ended 5 April 2020. (If you pay your tax electronically the due date is 22 April 2020).

19 April 2020 - Filing deadline for the CIS300 monthly return for...

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Changes to Entrepreneurs Relief

Prior to 11 March 2020, business owners could sell multiple, qualifying businesses during their lifetime, and as long as the total chargeable gains did not exceed £10m, a reduced rate of Capital Gains Tax of just 10% would apply.

Since budget day, 11 March 2020, this lifetime allowance has been reduced to £1m.

Business owners who are...

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Protecting cash flow – tax payments

It is unlikely that our businesses will be unaffected by the inevitable slow-down in economic activity as the Coronavirus outbreak starts to bite.

Maintaining a strict control over your personal and business cash-flow is going to be a key decider in surviving this process.

A major expenditure item is taxation whether that be VAT, PAYE/NIC, self-assessed liabilities...

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Business rates changes

In England

The government will increase the Business Rates retail discount to 100% for one year, expand it to the leisure and hospitality sectors and increase the rates discount for qualifying pubs to £5,000. Taken together with existing small business rate relief (which provides full relief for businesses using a single property with a rateable value...

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