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NEW CAPITAL ALLOWANCE FOR COMMERCIAL BUILDINGS

HMRC, Tax

The Autumn 2018 Budget announced a new 2% straight line tax deduction for the cost of construction or renovation of commercial buildings and structures. HMRC have now issued a technical note setting out the details for the operation of the new relief. Unlike the old Industrial Buildings Allowance the new relief is available for the […]

PENSION PLANNING

HMRC, Pensions, Tax

For most taxpayers the maximum pension contribution is £40,000 each tax year, although this depends on their earnings. This limit covers contributions by both the individual and their employer. Note that the unused allowance for a particular tax year may be carried forward for three years and can be added to the relief for the current […]

PASSING ON THE FAMILY HOME

HMRC, Tax

New inheritance tax rules for passing on the family home started on 6 April 2017. This additional relief should be taken into consideration when drafting your Will and we can work with your solicitor to make sure your Will is tax efficient. From 6 April 2017 an additional nil rate band of up to £175,000 […]

CAPITAL ALLOWANCE ON HIGH CO2 CARS AND ASSETS IN SPECIAL RATE POOL REDUCES TO 6%

HMRC, Tax

One of the other capital allowance changes announced in the Autumn Budget was the reduction of the writing down allowance on assets in the special rate pool from 8% to just 6% per annum reducing balance from April 2019. The assets included in this pool include long life assets, such as aircraft, integral features within […]

INCREASED CAPITAL ALLOWANCES START 1 JANUARY 2019

Employers, HMRC, Tax

The Chancellor announced a temporary increase in the Annual Investment Allowance (AIA) for expenditure on plant and machinery to £1 million from 1 January 2019. However transitional rules mean that the full amount will not necessarily apply to your business straight away. For example, if your business year end is 30 June 2019 the maximum […]

NEW YEAR RESOLUTIONS TO SAVE TAX

HMRC, Money Matters, Tax

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 2018/19 tax year (currently £20,000 each). You might […]

GIFTS OF UP TO £50 TO EMPLOYEES

HMRC, Tax

From April 2016 new rules were introduced to allow employers to provide their directors and employees with certain “trivial” benefits in kind tax free. The new rules were brought in as a simplification measure so that certain benefits in kind do not now need to be reported to HMRC as well as being tax free […]

NOT ALL SHARES QUALIFY FOR CGT ENTREPRENEURS’ RELIEF NOW

HMRC, Tax

As the result of changes announced in the Autumn Budget, and now incorporated into the latest Finance Bill, not all ordinary shares necessarily qualify for the 10% CGT entrepreneurs’ relief rate on disposal. As mentioned in last month’s Budget newsletter the definition of a personal company was tightened up so that from 29 October the […]

COLLECTING UNPAID TAX FOR 2017/18 THROUGH YOUR PAYE CODING

HMRC, Tax

Under certain circumstances it is possible to arrange the collection of unpaid tax through your PAYE coding rather than making a balancing payment on 31 January. This will depend upon the amount outstanding and the amount of income taxable under PAYE. There is a further condition that the return is submitted to HMRC online before […]

GIFTS TO CHARITY

HMRC, Tax

Where possible higher rate taxpayers should “Gift Aid” any payments to charity to provide additional benefit to the charity and for the individual to obtain additional tax relief on the payment. For example where an individual makes a £20 cash donation to charity the charity is able to reclaim a further £5 from HMRC making […]