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Buy New Equipment before 6 April?

March 11, 2021

Your business year end, not 5 April, is relevant for capital allowances purposes. If however you are running a business and making up accounts to 31 March or 5 April you should consider buying plant and machinery to take advantage of the £1 million Annual Investment Allowance (AIA). The AIA provides a 100% tax write…Read More

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Don’t lose your 2020/21 Personal Allowance

March 5, 2021

For every £2 that your adjusted net income exceeds £100,000 the £12,500 personal allowance is reduced by £1. Pension contributions and Gift Aid can help to reduce adjusted net income and save tax at an effective rate of 60%. The restriction applies between £100,000 and £125,000 adjusted net income. Another way that you could avoid…Read More

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Get Ready For New Off-Payroll Working Rules (IR35)

February 18, 2021

This time last year businesses were preparing for important changes to the rules where workers supply their services via their own personal service companies. The start date was then deferred from 6 April 2020 to 6 April 2021. The new rules are scheduled to apply to large and medium-sized businesses as defined by the Companies…Read More

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Passing on the Family Home

February 15, 2021

One recent change that should be taken into consideration when drafting your Will is the additional Inheritance Tax (IHT) nil rate band for passing on the family home to direct descendants on death. We can work with your solicitor to make sure your Will is tax efficient. Now that the additional relief is fully phased…Read More

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£1 Million Annual Investment Allowances Extended

February 12, 2021

The Chancellor recently announced that the temporary increase in the Annual Investment Allowance (AIA) for expenditure on plant and machinery has been extended to 31 December 2021. The tax relief was originally scheduled to revert to just £200,000 from 1 January 2021, but that will now be delayed by twelve months. Remember that there is…Read More

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New Year Resolutions to Save Tax

February 8, 2021

At this time of year we think about New Year’s resolutions. It is also a good time to start planning your tax affairs before the end of the tax year on 5th April. An obvious tax planning point would be to maximise your ISA allowances for the 2020/21 tax year (currently £20,000 each). You might…Read More

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Reverse charge VAT for building services imminent

January 21, 2021

The new rules for certain building services will finally take effect from 1 March 2021. Where the rules apply, a trader will not charge VAT on their invoice. Instead, their customer will account for the VAT by making a “reverse charge” entry on their VAT return. In practical terms, this means that the customer will…Read More

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Self Employed Income Support Scheme (SEISS) third grant deadline

January 14, 2021

The third SEISS grant is open for claims until midnight on Friday 29 January. Eligible people must claim on or before this date. The easiest way to claim is via https://www.gov.uk/guidance/claim-a-grant-through-the-self-employment-income-support-scheme Eligibility for the third SEISS grant is limited to people whose business has faced reduced demand, or has been temporarily unable to trade due…Read More

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A Different Happy Christmas!

December 14, 2020

We have always enjoyed seeing our Clients visit the office over Christmas and some have been lucky enough to win a gift in our Christmas Tombola. This Christmas, as we can’t invite clients to visit the office, and in the light of the difficult year it has been, we have decided on a different approach.…Read More

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Make a claim if you are working from home

December 10, 2020

With more of us working from home there is good news from HMRC that employees can now make a claim for tax relief to cover some of their costs while they are working from home. The previous rule for employees was that there had to be a home working arrangement with their employer under which…Read More

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How about a virtual Christmas party?

December 7, 2020

HMRC are not the Grinch after all. They have recently announced that employers may arrange a “virtual” Christmas party this year and there will be no taxable benefit for employees provided that all staff are invited and the cost per head does not exceed the normal £150 limit. Plus Christmas gifts of up to £50…Read More

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More time to pay Tax due on 31 January 2021

November 19, 2020

Those taxpayers who may have difficulty paying the tax due under self-assessment on 31 January 2021 can agree more time to pay with HMRC provided the amount outstanding is no more than £30,000. The government have already agreed that amounts due under self-assessment on 31 July 2020 could be deferred until 31 January 2021 but…Read More

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Rent Covered by Rent a Room Relief

November 16, 2020

For many property owners the rental income will be tax free if it is within the £7,500 rent a room relief and will not even need to be reported. This applies where room(s) in the taxpayer’s main residence are rented out, typically to lodgers. Where the house is owned jointly they would qualify for £3,750…Read More

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Airbnb Reporting Property Rental Details to HMRC

November 13, 2020

You may have seen in the newspapers that Airbnb will share data with HMRC about the earnings of hosts (those who let out property) on its UK platform in the years 2017/18 and 2018/19. It is anticipated that HMRC will use this data to open enquiries into the tax affairs of individuals who have not…Read More

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Considering an Electric Company Car?

October 30, 2020

There is currently a zero P11d benefit for the drivers of electric cars in 2020/21. The legislation for this change is included in Finance Act 2020 which also states that the benefit will be 1% of list price in 2021/22 and then 2% in 2022/23. The zero taxable benefit also applies to hybrid cars emitting…Read More

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