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 […]
HB&O celebrates DFK International’s 60th Anniversary
HB&O is celebrating global independent accountancy association DFK international’s 60th anniversary. We are proud to have been a member of DFK International for over 6 years – an association which benefits both the business and our clients. DFK enables us to support our clients to do business internationally, referring them to like-minded firms with similar […]
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 […]
Research and Development Tax Relief – Your Questions Answered
Many businesses are paying more tax than they need to because they fail to capitalise on potential savings available via Research & Development (R&D) tax relief. Eligibility for R&D is extremely broad – put simply, if you are seeking to create or enhance a product of process (making something faster, shorter, more robust, more economical, […]
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 […]
Autumn 2021 Budget Report
On 27th October 2021, the Chancellor presented the Autumn 2021 Budget Report. In his speech he set out the plans to “build back better” with ambitions to level up and reduce regional inequality. We’ve summarised the key announcements below. Tax measures include: a new temporary business rates relief in England for eligible retail, hospitality […]
Changes to the temporary VAT rate for tourism and hospitality – what happens next and how you can make a VAT saving
What is the reduced rate of VAT? Last year, the Government introduced a temporary reduced rate of VAT to supplies of catering, holiday accommodation and admission to attractions (see our blog post on VAT reduction for hospitality). The reduced rate of 5% therefore applies the tourism and hospitality sector with effect from 15th July 2020. […]
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 are the Tax Allowances for 2021/22?
The tax system can seem very overwhelming for business owners, with so many different tax allowances, tax rates, tax bands. From Personal Tax and Corporation Tax to R&D and Capital Gains, there’s a lot of different figures you may need to refer to. Lucky for you, we’ve put them all in one place here for […]
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 […]
CJRS and SEISS: how to correct an over claimed grant
Unsurprisingly, HMRC has announced how they will be cracking down on fraudulent grant claims. Due to the speed and urgency that claims were made and issued, there are likely to be a number of innocently miscalculated grants and HMRC is requesting that businesses double-check their calculations and notify HMRC within 90 days of receiving any […]
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, […]
