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June 30, 2022
The shortage of semiconductors has meant long delays in the delivery of new cars. This has caused many company car drivers to choose a second hand car instead, but what are the tax consequences? Unless the car has zero emissions, the capital allowance rules are the same for new and used cars bought by the…Read More
June 20, 2022
A relaxed staff outing on a beautiful summers evening, chatting about the early 90’s when Barry started up Cowley Holmes almost 30 years ago! We’re looking forward to the celebrations ahead!
June 17, 2022
P11D forms for reporting expenses and benefits in kind provided to employees and directors in 2021/22 need to be submitted by 6 July 2022. Remember that reimbursed expenses no longer need to be reported where they are incurred ‘wholly, exclusively and necessarily’ in the performance of the employee’s duties. HMRC do however expect internal controls…Read More
May 26, 2022
Unless there is full reimbursement of fuel provided for the private use of a company car there is a benefit in kind charge based on a fixed figure of £24,600 which is multiplied by the CO2 emissions percentage that is used to calculate the company car benefit for that vehicle. For a high emission car…Read More
May 19, 2022
Many in the hospitality sector were hoping that the Chancellor would extend the 12.5% reduced rate that has applied since 1 October 2021 but, as scheduled, the rate has reverted to 20% from 1 April 2022. The increase applies to hospitality, visitor attractions, catering services including restaurants and takeaways. This has a consequential effect on…Read More
May 17, 2022
The 130% super-deduction for companies that invest in new plant and machinery applies where the expenditure is incurred between 1 April 2021 and 31 March 2023. Many companies recovering from the coronavirus pandemic have not had the resources to commit thus far and the war in Ukraine may have made them reluctant to invest until…Read More
May 13, 2022
In the March 2021 Budget, it was announced that the normal one year carry back for trading losses would be extended to three years. That means that many businesses that have made losses during the COVID-19 pandemic may be able to obtain a repayment of tax paid in that earlier three-year period. This enhanced carry…Read More
April 11, 2022
For individuals and businesses wanting to donate money to help to support those suffering in Ukraine, there are a number of charities providing humanitarian relief. Ideally this should be done via the Disasters Emergency Committee (DEC) Appeal at www.dec.org.uk/. Individual UK taxpayers should make sure to tick the Gift Aid box as that will increase…Read More
April 8, 2022
Increase in the starting NIC threshold for individuals The annual level at which employees and the self-employed start to pay NICs was due to increase from £9,568 to £9,880 from 6 April 2022. This increase will go ahead but be further uplifted to £12,570 from 6 July 2022, effectively aligning the point at which an…Read More
March 14, 2022
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
March 10, 2022
For every £2 that your adjusted net income exceeds £100,000 the £12,570 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 £125,140 adjusted net income.
February 14, 2022
Now that the economy is starting to recover, this could be a good time to think about selling your business. Remember that under the current capital gains rules, the first £1 million of an individual’s gains potentially qualify for a 10% rate of tax, provided business asset disposal relief applies. We can check whether or…Read More
February 10, 2022
A new, and arguably fairer, system for determining penalties for late returns and late payment of VAT was due to be introduced from April 2022. However, it has been recently announced that the start has been delayed until January 2023. The same system will also apply to returns under MTD for income tax and those…Read More
January 27, 2022
Normally self-assessment tax returns need to submitted by 31 January, otherwise there is an automatic £100 late filing penalty. Don’t panic however, as HMRC have recently announced that provided 2020/21 tax returns are received by the end of February, the late filing penalty will not be applied. Filing late will, however, extend the period during…Read More
December 17, 2021
Thank you for all your business in 2021 Wishing you all a Merry Christmas and a Prosperous 2022 CHRISTMAS OPENING HOURS: Please note the office will be closed on Thursday 23rd December at 12 noon to Tuesday 4th January. During this period, messages can be left on our answer machine by calling 01234 355300 or email…Read More
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