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TERMINATION PAYMENT CHANGES DELAYED TO 2020

HMRC, Tax

HMRC have announced that the changes to the national insurance (NIC) treatment of termination payments and sporting testimonials have been delayed to 6 April 2020. From 6 April 2020 Employer class 1A NIC will become payable on termination payments in excess of £30,000 and on sporting testimonials that exceed £100,000 (lifetime limit). The changes are […]

CORPORATION TAX RELIEF BACK FOR ACQUIRED GOODWILL

HMRC, Tax

A further late change to the Finance Bill will re-introduce relief for acquired goodwill on the acquisition of businesses with eligible intellectual property from 1 April 2019. This relief was withdrawn back in July 2015 and the restoration of relief for goodwill and customer-related assets is very welcome although the new form of relief will […]

WELCOME CGT ENTREPRENEURS’ RELIEF CHANGE FOR SHAREHOLDERS

HMRC, Tax

In the December 2018 newsletter we alerted you to important changes to CGT entrepreneurs’ relief included in the latest Finance Bill that could have the effect of denying the relief to certain employee shareholders. As the result of lobbying by the professional bodies the government have made a late change in the Finance Bill to […]

DON’T BE LATE IN PAYING YOUR PERSONAL TAX BILL

HMRC, Tax

Individual’s 2017/18 income tax, CGT, class 2 and 4 NIC liabilities should have been paid by 31 January 2019. Note that if the balance is still unpaid at the end of February 2019 a 5% surcharge penalty is added in addition to the normal interest charge unless a time to pay arrangement has been agreed […]

NO DEAL BREXIT – WHAT ABOUT VAT?

Brexit, HMRC, Tax

The Government and HMRC have updated its collection of high-level guides called “partnership packs”, intended to help businesses involved in importing and exporting prepare for changes to customs procedures after 29 March 2019 in the event of a “no deal” scenario. If the UK exits the EU without a deal, UK businesses will have to […]

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 […]