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August 2020

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To August’s Tax Tips & MYOB News.

Furlough Reminders for August
From August,
Employers NI and pension contributions can no longer be reclaimed as part of the Coronavirus Job Retention Scheme.  See our June Newsletter which explains the changes. If you are eligible for the Employment Allowance we will make sure that you are reclaiming employers NI (up to £4000 over a year) that way from August. 

We can submit furlough claims this month from August 17 so send details of changes to your claim as soon as you can by . If you have staff on flexi furlough we need their usual hours as well as furloughed hours.

COVID-19 Self-Employment Income Support Scheme (SEISS). HMRC’s claims portal for the second grant for the self-employed will open on 17 August. Those eligible can claim a second grant worth 70% of average monthly trading profits, covering three months’ worth of profits, and capped at £6,570 in total.
August 2020
· MacOS Catalina Compatibility
· CGT reporting deadline
· Reduced property transaction charges
· VAT FRS temporary rate reductions confirmed
· August questions and answers
· August key tax dates
MacOS Catalina Compatibility top
A new announcement has been made regarding upgrades of AccountEdge to macOS Catalina.  Acclivity/Mamut were not able to upgrade the 30-year-old codebase to provide a native Mac version of AccountEdge with Catalina compatibility.  That hasn’t changed.

However, we are working on an alternative that they believe can provide the most cost-effective, straightforward option; a version of AccountEdge that runs within a Catalina environment without needing Parallels or hosting your file. They are still in the development and testing phase, but progress is encouraging. If your goal is to remain on AccountEdge, our advice is to delay your Catalina upgrade for a couple more months, if possible. It’s our intent to release a single-user version soon.

For our multi-user customers, while we remain optimistic for a multi-user version, there are too many variables to be as definitive at this time. We will share more details on our efforts, as they become available.
CGT reporting deadline top
Reduced property transaction charges top
Capital gains tax (CGT) on disposals of UK residential property between 6 April and 1 July 2020 had to be reported to HMRC by 31 July to avoid a penalty.

Finance Act 2019 made certain changes regarding payment of CGT, which took effect from April 2020 and broadly align the position of UK residents and non-UK residents. From 6 April 2020, a UK resident who sells a residential property in the UK will have 30 days to tell HMRC and pay any CGT owed.
Read More
Recent research revealed that property transactions fell by more than 50% in May and house prices have fallen for first time in eight years. In an attempt to help boost the housing market, a temporary reduction in stamp duty land tax (SDLT) in England and Northern Ireland has been introduced. The Scottish and Welsh Governments have also announced corresponding reductions to Land and Buildings Transaction Tax (LBTT) and Land Transaction Tax (LTT).
Read More
VAT FRS temporary rate reductions confirmed top
In the Government’s Summer Update on 8 July 2020, the Chancellor announced a six-month reduction in the VAT rate on supplies of food and non-alcoholic drinks from restaurants, pubs, bars and cafes, as well as to supplies of accommodation and admission to tourist attractions.

The rate cut from 20% to 5% took effect on 15 July 2020 and will be in place until 12 January 2021 to support businesses and jobs in the hospitality sector across the UK.
Read More
August questions and answers top
August key tax dates top
Q. I am a sole trader trading as a graphic designer. I am voluntarily registered for VAT and I have several commercial clients who are also registered for VAT. Due to the coronavirus outbreak my graphic design business is very quiet, so to supplement my income I want to buy and sell bicycles to private individuals. Can I run the bicycle business as a different non VAT-registered business whilst keeping the graphic design business registered for VAT? Answer

Q. My father died in 2019 and my brother and I inherited a small commercial business unit. Probate is nearly complete now. If we sell the property in the future, will capital gains tax be payable on the disposal proceeds? Answer

Q. How long do I need to keep VAT records for? Answer
19/22 – PAYE/NIC, student loan and CIS deductions due for month to 5/8/2020
Need Help? top
New Clients Welcome top
Please contact us if we can help you with these or any other tax or accounts matters.

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See details of our Business Companion Service.
About Us top
Simple Accounting Limited offers a cost effective Business Companion service to business owners who use MYOB, Acclivity, Mamut, Solar Accounts, Quickbooks or Clearbooks.

‘All clients using these software packages can benefit from our support. Visit our website for a look at the resource on offer.’

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