Making Tax Digital for Income Tax Self-Assessment – pushed back to 2026
Making Tax Digital is the government’s initiative for digitising and streamlining the tax return process. VAT-registered businesses are already submitting quarterly VAT returns digitally to HMRC. The good news is that HMRC has pushed back the start date of the next stage of MTD – the introduction of Making Tax Digital for Income Tax Self Assessment (MTD […]
What are the tax benefits of using a company van?
This article will cover van benefits in kind (BIK) for employees and directors. HMRC offers a range of tax options which are dependent on how a van is used by a business. If a van is used solely for business journeys or as a pool van, you do not have to report or pay anything. […]
Changes to Capital Gains Tax for separation and divorce from 6th April 2023
Changes to Capital Gains Tax (CGT) for separation and divorce from 6th April 2023 as outlined in the government’s policy paper: Capital Gains Tax: Separation and Divorce. From 6th April 2023, separating spouses or civil partners will be given up to three years from the year they cease to live together in which they can […]
Electric Vehicle Corporation Tax Explained (2022 Guide)
Electric vehicles are rapidly changing the face of the automotive industry, and with the impacts of increased accessibility, environmental awareness and the rapid hike in fossil fuel costs, the number of electric vehicles globally reached 6.6 million by the end of 2021, compared with the measly 14,260 from ten years ago. The Climate Change Committee […]
Changes to Inheritance Tax reporting requirements
On 23rd March 2021, the Government announced changes to Inheritance Tax reporting requirements for non-taxpaying estates. The new regulations came into force on 1st January 2022 and apply to deaths occurring on and after that date. This article will detail how the new regulations will work and to whom they will apply. What is the main […]
National Insurance and dividend tax increase from April 2022
1.25% increase to National Insurance contributions (NIC) and dividend tax rates from 6th April 2022. Who will be affected by the NIC increase and why? In an effort to pay for the impact of the COVID-19 pandemic on the NHS and health and social care systems, the Prime Minister has announced a 1.25% increase […]
Understanding Annual Investment Allowance & Super Deduction
Changes to the annual investment allowance and the introduction of the super-deduction tax policy have had a big impact on tax allowances. Keep up to date here! The annual investment allowance (AIA) increase has been a blessing for many businesses when looking to weather the pandemic. If you’re unfamiliar, the AIA is a tax relief […]
What can I give to my staff this year seeing as our usual Christmas party is out of the question?
Around this time of year, we are often advising clients on the different tax-efficient ways to treat staff, and usually, that includes the annual Christmas party. The 2020 festive season is going to look a little different, as the usual Christmas ‘do’ is off the cards. In a ‘normal’ year, you don’t have to report a party or social event to HMRC for tax purposes, as long as it meets […]
My employee didn’t use their company car during lockdown – does this mean the benefit in kind stops?
After months of lockdown, many of us have seen a noticeable decrease in petrol costs as cars have stayed stationary on driveways, and workers across the country have swapped the daily commute for days working at the dining room table. If you have staff with company cars who have been working from home or furloughed, […]
Working from home? The ins and outs of how employees can claim expenses for additional household bills.
Due to the current coronavirus pandemic and the restrictions on who can travel to work, there will likely be an increase in expense claims and claims to tax relief.
