Tax Tips

With restrictions on travelling to their usual haunts in the Mediterranean, British holidaymakers have headed for UK destinations this year. Landlords have not been slow to react.

Approximately 225,000 UK Airbnb hosts are facing bills for thousands of pounds in back taxes and fines after failing to declare income from renting their properties.

Chancellor Rishi Sunak has announced his Winter Economy Plan and replacement for the furlough scheme. Here’s all you need to know.

As we sit here today, nearly 5 months on from going into lockdown, it is easy to underestimate the sheer size and scale of the unprecedented measures put in place by the government to support businesses, large and small, and shield them from the worst impact of the COVID-19 lockdown. Widely praised, the furlough scheme alone could cost £69 billion by the time it comes to an end. To put that into context, it is estimated the amount spent on bailing out the banks in 2009 was around £137 billion and most of this has now been repaid. Furlough costs won’t be.

Under the new Coronavirus Job Retention scheme, government grants will cover 80% of the salary of PAYE employees who would otherwise have been laid off during this crisis. The scheme, open to any employer in the country, will cover the cost of wages backdated to 1 March 2020 and will be open before the end of April. It will continue for at least three months, and can include workers who were in employment on 28 February.