On 19 April, a government-backed mortgage scheme to help people with 5% deposits get on to the housing ladder was made available to lenders. First announced at the 2021 Budget, the scheme will help first-time buyers or current homeowners secure a mortgage with just a 5% deposit to buy a house worth up to £600,000. The government says this will provide 'an affordable route to h ...

CCEW has published a series of simple, easy to understand ‘5-minute’ guides designed to help trustees understand their responsibilities for the management of the charities they are involved with. Five guides have been published, which cover the basic requirements of: Financial oversight Achieving a charity’s purposes Good decision making Addressing conflicts of interest ...

Since the introduction of the new 30-day window for capital gains tax (CGT) reporting and payment in April 2020, HMRC has issued over £1.3m in late filing penalties. The new law that was introduced on 6 April 2020 means that anyone selling a second home must declare and pay any CGT that is due, via HMRC’s new ‘CGT on UK property account’, within 30 days of completion or face p ...

On 21 April, the online service for applications for the fourth Self-employment Income Support Scheme (SEISS) grant was opened for claims, HMRC confirmed. All applications must be submitted by the individual self-employed worker and cannot be handled by accountants or tax advisers. The fourth grant will be 80% of three months' average trading profits, to be claimed from late ...

For many reasons the last year has been unique, and the impact on people’s mental health and wellbeing has been considerable. This is especially so for those working in the charity sector, where the focus will often be on trying to help others that are reliant on the charity for the help and support they need. This can often lead to very stressful situations, to the detriment o ...

The Institute of Chartered Accountants in England and Wales (ICAEW) has urged HMRC to rethink the requirement for companies to report quarterly under Making Tax Digital for corporation tax (MTD for CT). In response to HMRC's consultation on expanding the MTD initiative to corporation tax, the ICAEW suggested that HMRC should reconsider reporting requirements 'at the very least ...

The Chancellor delivered his Budget speech on 3 March, with an attempt to balance the need to continue providing support to those affected by the COVID-19 pandemic, whilst raising taxes to meet the substantial costs that have been incurred in doing so. There were a number of measures announced that will be of interest to charities, including confirmation that the Coronavirus Jo ...

Individuals who previously made an election to stop receiving child benefit due to the high income child benefit charge (HICBC) may wish to consider revoking the election in order to restart their claim, if they feel that their income is likely to drop in the current climate below the HICBC upper income threshold of £60,000. The child benefit, or a proportion thereon, may need ...

For over a year now we have been working under exceptional circumstances as the country battles with the COVID-19 pandemic. The success of the UK’s vaccination programme though has contributed to the government’s roadmap for coming out of lockdown and returning to a more normal state, although it must be stressed that the situation is a fluid one and these plans are subject to ...

The UK government has unveiled a £20 million Brexit support package to help small and medium-sized enterprises (SMEs) with changes to customs and tax rules when trading with the EU. The SME Brexit Support Fund aims to help businesses prepare for the implementation of further import controls which come into force later this year. Businesses who trade only with the EU and are t ...