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Christmas Eve – We have a last minute trade deal!

The devil will be in the detail of course, but the prospect of the UK crashing out of the EU without a trade deal on WTO terms looks to have receded Parliament will be recalled before New Year to vote on the proposed plan, but The UK government says “We have taken back control of… Read More

Happy Christmas from the Dafferns team

2020 has truly been a year like none other in living memory, with the Covid global pandemic impacting every aspect of our personal, family and business lives From Covid back to Brexit, Biden our time until 2021 As active members of AGN International, an association of over 200 separate independent accounting firms in approaching 100… Read More

Third Sector Income Generation

Whether your charity generates its income from Endowed Funds that have been invested; local authority service level agreements; trading activities; or from fundraising from the public, its ability to generate income at pre 2020 levels will have been affected. Share values fell dramatically early 2020 and dividend income continues to be depressed; rental incomes are also suffering as… Read More

Did cross border just get more complicated?

The UK has taken advantage of a variety of compliance simplifications as a result of being members of the EU VAT regime, Customs Union and Single Market. So, as we cease to be members after 31st December 2020, does this mean that cross border is now going to be more complicated? Potentially so. Therefore it’s… Read More

BREXIT – out via the front door

Friday 13 November 2020 brought the shock news that two of Boris Johnson’s top advisers had left with immediate effect. Dominic Cummings and Lee Cain, neither of whom were elected representatives, held considerable influence over Government policy. Both men were among the key architects of the 2016 Vote Leave campaign, Johnson’s rise to Party Leader… Read More

Extension of £1m Annual Investment Allowances limit

The Annual Investment Allowance (AIA) for expenditure on plant and machinery is £1 million. This was a temporary rate which was set for the period 1 January 2019 to 31 December 2020, after which the rate was planned to revert back to £200,000. The Government, however, has just announced that they are extending the £1… Read More

Are significant changes to capital gains tax imminent?

There has been recent speculation that the rate of capital gains tax is likely to be increased and some reliefs and exemptions may go. A Government review has been conducting a review about simplifying capital gains tax. This is not surprising as capital gains tax is taxed at 10%, 18%, 20% or 28% depending on… Read More

Furlough extended until 31 March 2021

The furlough scheme is to be extended across the UK until the end of March, Chancellor Rishi Sunak has announced today The scheme will continue to pay up to 80% of a person’s wage, up to £2,500 a month. He told the Commons that the Government will review the policy in January. Originally the Coronavirus… Read More

Working from home – Tax Relief

If you have previously been an office worker and have been working from home during the current Coronavirus crisis, you are able to claim the working from home tax allowance. For the 2020-2021 tax year, employees can claim up to £6 a week or £26 month in tax relief for working from home. This can… Read More

Lockdown 2.0 from 5 November

On Saturday evening, 31 October, the Prime Minister announced a new lockdown in England from Thursday 5 November until at least 2 December. The Coronavirus Job Retention Scheme, which has been with us in various forms since March was set to end on 31 October, to be replaced by the Job Support Scheme. That is… Read More

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