The recent outcome of the Sambhi v HMRC case has highlighted the complexities and absence of case law surrounding the temporary workplace rules, which govern the tax relief available on travel and subsistence payments for employees working at a ‘temporary workplace’.
HM Revenue & Customs (“HMRC”) has recently reported a 4-year high in Inheritance Tax (“IHT”) revenues after collecting an additional £274m as a direct result of more than 5,000 investigations during the 2019/20 tax year.
With Christmas only one month away, employers and employees will now be thinking ahead on what this means during Christmas when most employers shutdown or employees request holidays during the festive period.
Even with perfect vision, no-one could have foreseen how difficult a year 2020 would have been for UK businesses. However, as we head towards 2021, and the end of the Brexit transitional period, the fresh challenges involved in the import or export of goods and services from the UK are clearer to see.
As we are approaching the end of 2020 which has been a year full of not so pleasant surprises, many employer’s may be thinking of more creative ways to arrange socially distant and ‘lockdown’ friendly Christmas parties, replacing the usual in person events. This may see employers taking advantage of digital platforms such as Zoom and Microsoft Teams which we have all become experts on between work meetings and quiz nights with family and friends over the challenging year we have all had.
Before the scheduled Autumn budget, advisors and taxpayers alike were bracing themselves for a hike in the rate of Capital Gains Tax (“CGT”) as well as the very real possibility that some reliefs might be withdrawn altogether, for example Business Asset Disposal Relief (formerly Entrepreneurs’ Relief).
The events of 2020 have been unlike anything we could have anticipated. They have triggered developments across all organisations as we all continually reacted to new, and rapidly changing, guidelines from the World Health Organisation and both the Scottish and UK Governments.
Additional guidance was released by the government yesterday afternoon, Thursday 5th November 2020, outlining further changes to the Coronavirus Job Retention Scheme (CJRS), which came into effect on 1st November 2020.
For those companies which had to go through the long and painful process of accessing which contracts did and did not contain a lease, the thought of having to process the lease amendments which have arisen as part of COVID-19 filled you with dread. There is however some good news.