Weekly tax brief | 8 July 2020

Tax thoughts on the Chancellor’s Summer Statement
Susan Ball, George Bull and Sarah Halsted
The Chancellor has used tax changes in the Summer Statement to get people spending again. We review what has been proposed and what has not.

Residential property: capital gains tax deadline tightens again
Elaine Shiels
The capital gains tax filing deadline is now back to 30 days but HMRC’s online system still has many unsatisfactory features. Property-owners with CGT to pay need to make sure they are well prepared if they are to avoid hefty fines.

Coronavirus grant income is taxable and, for some, this tax will be due sooner than they think
Caroline Hulse
Grants to support small businesses during the coronavirus crisis have been a welcome boost, but now as business owners start to think about their tax returns for the 2019/20 tax year, it is time to take a closer look at the amount of tax payable on these grants and when it will be due.

HMRC hints at plans for an electronic border with the EU 
Brad Ashton and Sarah Halsted
Details are emerging of a new electronic customs system to record imports of goods between the UK and the EU and between Northern Ireland and the rest of the UK after the end of the Brexit transition period. How will it work, and will it be ready on time?

R&D roadmap spells progress but now Government and business must engage
Sheetal Sanghvi
The Department for Business, Energy & Industrial Strategy (BEIS) published its UK R&D Roadmap last week. The plan, which sets out the vision to attract global talent and establish the UK as a world leading science superpower, is welcome progress for UK business. But getting this well-intended plan to a point at which it can be effectively deployed will require real engagement between Government and business over the coming months.

 

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