Watch it back: ‘Virtual Breakfast’ Q&A with Director & Rural Adviser, Paul Neate & Rural Tax Adviser, Catherine Vickery

Rishi Sunak’s Summer Statement

5:00 VAT reducing from 20% to 5% for restaurants, accommodation and attractions.

I have a holiday let, can I utilise the VAT reduction?

Someone is coming to my holiday let in August but they have already paid, do I need to pay them back the reduced VAT?

12:12 Stamp Duty Land Tax

15:29 Job Retention Bonus

18.43 Property energy efficiency grant

22.40 Self-Assessment – deferral of your July tax payment on account

Can you explain self-assessment tax in easy to understand terms?

Do I have to pay my July tax payment on account?

Do I still have to file my self-assessment tax return if I am deferring?

What does the government deferral mean for me?

What advantages are there to defer?

What will I need to pay if I defer?

Does deferring my payment on account stop me from being entitled to other coronavirus support from the government?

Should I continue to pay the July tax payment if I have the cash to do so?

I don’t want a large tax bill in January, what other options are there for me?

31:31 Kick starting tourism package

What are the details of this grant?

How could this help our farming clients?

How do I access the funding?

What will I be able to use the grant for?

36:24 Reviewing your tax position

Should I be reviewing my tax position for the benefit of the next generation now and why?

43.20 Decision making in farming

Five top tips to help you make the right decision for your farming business

For more information, or if you have any questions about any of the above, please contact your Old Mill adviser or email enquiries@om.uk.