HLAS

From 1 January 2021, the UK will apply a UK-specific tariff to imported goods. This UK Global Tariff (UKGT) will replace the EU’s Common External Tariff, which applies until 31 December 2020. The UKGT will apply to all goods imported into the UK unless: An exception applies, such as a relief or tariff suspension the goods come from countries that are part of the Generalised Scheme of Preferences the country you are importing from has a trade agreement with the UK It only shows the tariffs that will be applied to goods at the border when they are imported into the [...]

The Government produced guidance in July 2020 outlining the implementation of Border controls in three stages for importing and exporting goods. This document outlines the processes for moving goods between GB and the EU from 1 January 2021 onwards, including processes to be introduced in April 2021 and July 2021. Import and export controls are generally reserved, but the areas of food safety, the protection of human, animal and plant health, and the environment, are devolved to the governments of Wales and Scotland. This may lead to some differences in precise requirements and enforcement bodies. From January 2021: Traders importing [...]

There is still some uncertainty as to whether the UK or EU will agree a tariff free trade agreement. Either way UK business will face additional documentation for importing and exporting goods to the EU from 1 January 2021. Planning for the new requirements seems sensible right now. There are also other business matters to consider such as data protection, intellectual property and replacing existing agreements with EU suppliers and customers. Use this 20-point checklist to review your Brexit preparedness and the Government information to prepare actions for 1 January 2021. The Government has published guidance: “The transition period ends [...]

At Harris Lacey & Swain, we are proud to announce our support for the Hull foodbank. We are always keen to raise awareness of local good causes and help out in the community wherever we can. This blog post will provide you with more information about Hull foodbank and why it is so important to our area. Why do we need a food bank in Hull? Some people in the UK struggle to put food on the table and feed their families. This issue has only been made worse by the pandemic, as people suffer from job losses and bankruptcy. [...]

Home workers could claim tax relief The ongoing Covid-19 pandemic has seen many employees swap the office for home working. If you’ve asked your employees to work from home for safety reasons, they may be entitled to claim tax relief on any additional household expenses they’ve incurred. They can claim if they work at home regularly, either for the full week or for part of the week, including if they have to work from home because of Covid-19. What additional costs are included? Tax relief can be claimed if additional costs are incurred as a result of the employee being [...]

In the March 2020 Budget, it was announced that CGT Entrepreneurs’ relief (ER) was replaced by CGT Business Asset Disposal relief (BADR) for disposals on or after 11 March 2020. It was also announced that the 10% CGT rate would only apply to the first £1 million of qualifying gains in the taxpayer’s lifetime and many business owners have misinterpreted how this limit applies.  Unfortunately claims under the predecessor ER need to be taken into consideration so if £750,000 ER has already been claimed only the first £250,000 of qualifying gains after 11 March 2020 would qualify for BADR. Any [...]