Catherine Scott

Tax Consultant, predominantly (but not exclusively) working in the Teesside and Darlington area.

[STEP @STEPSociety]

Breaking news: We are delighted to share an update from the government that the allowance for 100% relief of agricultural property relief (APR) and business property relief (BPR) will be increased from GBP1million to GBP2.5million.

This means that a couple will now be able to pass on up to GBP5 million of agricultural or business assets between them, on top of the existing allowances such as the nil rate band. This change takes effect on 6 April 2026.

We welcome this change and are pleased that STEP expertise has helped contribute to this change to the policy.

Read more here: Inheritance tax reliefs threshold to rise to £2.5m for farmers and businesses - https://t.co/hW457VDdzF

[Catherine Scott @TaxCath]

@jamesoffofleeds @DanNeidle Back in the (distant!) days when I was an inspector I did so many enquiries into FYA’s & it was nearly always timing that was the problem. Seem (!) to remember policy intent on timing was due to avoidance concerns - easier to use a sledgehammer to crack a nut than target better

[Catherine Scott @TaxCath]

@DanNeidle ** sorry, should say ‘owns’ in chargeable period, not brought into use 😆

[Catherine Scott @TaxCath]

@DanNeidle It certainly appears to - the OOTLAR refers to this as a FYA & the detailed note refers to s52 CAA 2001 ( brought into use in the chargeable period provision) Also interesting to note it isn’t ‘full’ expensing as many assets will be special rate pool & only qualify for 50% FYA

[Catherine Scott @TaxCath]

@DavidGauke I could see a rise in the small profits level from, say £50k to £250k, with marginal relief up to £500k - would be popular with a lot of smaller companies and not that expensive ( comparatively )

[Catherine Scott @TaxCath]

Looks like the new ‘super deduction’ is only for companies - this will be a blow for sole trades / partnerships. #Budget21

[Catherine Scott @TaxCath]

No Self Assessment late filing penalty for those who file online by 28 February https://t.co/nVeuEvFknr

[HM Treasury @hmtreasury]

The Annual Investment Allowance allows firms 100% same year tax relief on plant and machinery investments – extending the £1m cap will boost business confidence and help them grow whilst benefitting the wider economy too.

Read more: https://t.co/rBmuFq1Sci

[BBC Politics @BBCPolitics]

Autumn Budget to be scrapped this year
https://t.co/xSuJsuEmP6

[Stockton-on-Tees Borough Council @stocktoncouncil]

Small businesses owner❓
Ongoing fixed property-related costs❓
Significantly impacted by #COVID19❓
Not eligible for grant funding so far❓

Then you could be eligible for a grant of up to £10,000. Apply by June 15. Full details and application form: https://t.co/cDyi6it4HI

[Carla Keegans @CarlaK75]

If you have resi’ portfolios to sell on #Teesside, esp’ #Middlesbrough, please contact @louisegilbey We are preparing for the recession & rise of #homelessness that the country but particularly Teesside will face post-Covid. The more properties we buy the more people we help 👍🏼

[Vicki Young @BBCVickiYoung]

No changes until end of July - then workers can return part-time but employers will have to split salary cost #FurloughScheme

[Rishi Sunak @RishiSunak]

1/ The job retention scheme will be extended, for four months, until the end of October.

By that point, we will have provided eight months of support to British people and businesses. Until the end of July, there will be no changes to the scheme whatsoever.

[Catherine Scott @TaxCath]

@EthicalLets @EthicalHousing @louisegilbey @CarlaK75 think you might appreciate this !

[My Sisters Place @MSPmbr]

Looking for motivation to start your Spring clean? You’ve found it – now you can donate old books, games and DVDs to help fund our vital work. Head over to https://t.co/bAtple4Wei and download the app. Your items will be collected for free and will raise £
#GivingTuesdayNow

[Catherine Scott @TaxCath]

This looks interesting. Look forward to seeing the details.....

[Rishi Sunak @RishiSunak]

1/ Today, we're announcing a new loan scheme. A simple, quick, easy solution for those in need of smaller loans.

Businesses can apply for new Bounce Back Loans up to a maximum of £50,000, or 25% of turnover, with the government paying the interest for the first 12 months.

[Catherine Scott @TaxCath]

@bandq_help please can you fully reply to my dm from last Monday re missing items ? Have now dm’d my name & address twice !

[Martin Lewis @MartinSLewis]

SELF EMPLOYED (pls share). I know many self-employed are wondering now that the employees Job Retention Scheme is open, when they'll get letters saying if they're getting the Income Support Scheme.

I've just had it confirmed u should expect the letter mid-May & payment in June.

[Caroline Miskin @carolinemiskin]

Chancellor extends furlough scheme to end of June - https://t.co/LzS2hlWDni https://t.co/o8mpRIPnmY

[Catherine Scott @TaxCath]

This is the legal framework for the CJRS - not too long, and relatively readable as far as these things go. https://t.co/hXY8JWKmlI