BUSINESS RATES TO BE MADE “FAIRER” AND 50% DISCOUNT FOR THE RETAIL AND HOSPITALITY SECTOR
The Government continue to promise a fairer system of Business Rates and will provide new reliefs for investment and improvements to business premises. In order to support businesses and jobs in the retail, hospitality and leisure sectors, the chancellor announced a 50% discount in business rates up to £110,000. High Street businesses still operate at […]
ADVISORY FUEL RATE FOR COMPANY CARS
These are the suggested reimbursement rates for employees’ private mileage using their company car from 1 December 2020. Where there has been a change the previous rate is shown in brackets. Engine Size Petrol Diesel LPG 1400cc or less 10p 7p 1600cc or less 8p 1401cc to 2000cc 11p (12p) 8p 1601 to 2000cc […]
OFF-PAYROLL WORKING RULES GOING AHEAD
The draft Finance Bill clauses issued for consultation on 11 July include legislation to extend the “off-payroll” working rules to the private sector from 6 April 2020. These changes will have significant implications for workers providing their services through personal service companies and also the end user organisations that engage such workers. End users will […]
PERSONAL SERVICE COMPANY CHANGES FROM APRIL 2020
In the Autumn Budget the Chancellor announced that the “off payroll” workers rules that currently apply in the public sector would be rolled out to the private sector in 2020. The government have now issued a consultation paper that sets out proposed tax and national insurance changes that will impact on those supplying their services […]
EXTRACTING PROFIT FROM THE FAMILY COMPANY
The start of the new tax year means that shareholder/ directors may want to review the salary and dividend mix for 2019/20. The £3,000 employment allowance continues to be available to set against the employers national insurance contribution (NIC) liability which means that where the company has not used this allowance it may be set […]
WHEN IS A COMPANY VAN NOT A VAN?
Blog, Business Tips, Money Matters, Tax
The P11d benefits on company vans are generally much lower than company cars and where private use of the van is merely incidental to its business use by the employee, then there is no taxable benefit at all. But when is a van not a van? In a recent tax tribunal case, the judge agreed […]
YEAR END CAPITAL TAX PLANNING
Blog, Business Tips, Estate Planning, HMRC, Investments, Tax
Have you used your 2016/17 £11,100 annual capital gains exemption? Consider selling shares where the gain is less than £11,100 before 6 April 2017. Also, if you have any worthless shares, consider a negligible value claim to establish a capital loss. You may even be able to set off that capital loss against your income […]
BUYING A COMPANY WITH LOSSES
Blog, Business Tips, HMRC, Tax
The new flexible loss relief rules coming into effect from 1 April 2017, will make the purchase of a loss-making company attractive. For many years there has been anti-avoidance to block the use of such losses and it is proposed that these rules will continue to apply. The draft clauses in Finance Bill 2017 will […]
DON’T LOSE YOUR PERSONAL ALLOWANCE
Blog, Business Tips, Pensions, Tax
For every £2 that your adjusted net income exceeds £100,000, the £10,600 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%.
LIQUIDATIONS AND OTHER CAPITAL PAYMENTS MAY BE SUBJECT TO INCOME TAX
Blog, Business Tips, Employers, Tax
One of the anti-avoidance measures announced in the Autumn Statement on 25 November was to introduce legislation to counter the distribution of income accumulated in a company to the shareholders in a capital form, potentially subject to the 10% capital gains tax rate with the benefit of entrepreneurs’ relief. This is a much lower rate […]
