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‘Outside the Box’ Capital Gains Tax Review

Significant news emerged this week of a letter from Rishi
Sunak to the Office of Tax Simplification requesting a review of how capital
gains are taxed ‘for both individual and smaller businesses’.

Despite being referred to as ‘standard practice’, concern is
growing that the exercise may usher in radical changes as the government seeks
to recover a £300 billion shortfall in public expenditure caused by the
coronavirus crisis.

Capital Gains Tax (CGT) is a tax on the profit when you sell
something that has increased in value. The …

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ARE BOUNCE BACK LOANS A DISASTER WAITING TO HAPPEN?

In the last couple of months, the government announced the
Bounce Back Loan Scheme (BBLS). Its aim is to provide financial support to
businesses that have lost revenue and seen their cashflow disrupted as a result
of COVID-19.

The scheme gives the lender a 100 per cent government-backed
guarantee against the outstanding balance, including capital and interest.

In my experience, these loans have been very easy to obtain.
You just need to answer a few questions on a form and, within a few days, the money
is in …

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Business Summary: The £30bn Summer Statement

Yesterday the Chancellor of the Exchequer Rishi Sunak pumped
another £30bn into the economy as his plans to tackle the immediate economic crisis
now greatly exceed last year’s total health spending.

In the summer statement Mr Sunak was confident that more
would be needed to address the “profound economic challenges” that have been
caused by COVID-19 and the lockdown.

Providing an expert insight on the announcement,
Steven Wiseglass, director at forensic accounting and insolvency practice
Inquesta, said: “The Chancellor clearly wants to see the recovery of the
economy …

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Lockdown Causes an Increase in Divorce Enquiries

According to recent news reports, and from speaking to some
of my clients, it seems the rate of divorce enquiries since lockdown has
increased exponentially.

The Daily Telegraph reported a 42% increase in enquiries to one firm.

It appears that the pressures caused by lockdown have proved too much for many relationships, be they financial, mental or just generally spending too
much time together.

At Inquesta, we are regularly instructed on divorce matters,
particularly where a business is involved.

We are often instructed to value the …

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Business Summary: The Corporate Insolvency & Governance Act

At the end of March, the government announced a package of
measures to protect the economy from complete collapse due to COVID-19. The Act
has now received Royal Assent.

The Act is very much designed
for the challenging times in which we find ourselves. It aims to give companies
the optimum chance for survival and protect jobs.

The headline-grabbing measure involves the suspension of
wrongful trading.

If a director knew, or ought to have known, that there was
no reasonable prospect of their company going into insolvent liquidation, …

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