News & Articles
Wednesday 20th November 2019Keep details of your Director's Loan Account, and keep it in credit
In a recent Tax Tribunal case the judge agreed with HMRC that a detailed breakdown of directors loan account transactions is required, including dates. The significance is that where the loan account is overdrawn (debit balance) there may be a possible P11d benefit on the director and also a tax ...
Wednesday 23rd October 2019Time for an electric company car?
The government has announced that there will be a zero P11d benefit for the drivers of electric cars from 2020/21. This is instead of the 2% scale charge that was originally included in Finance Act 2017 to apply for 2020/21. The legislation for the change will be included in Finance Bill 2020 and ...
Wednesday 25th September 2019When is a van not a van?
HMRC are being urged to provide clarity and consistency on the tax treatment of commercial vehicles such as VW Kombi Vans marketed as goods vehicles. The need for clarity follows the ruling in an important tax tribunal case involving “vans” provided to employees of Coca Cola. The ...
Tuesday 27th August 2019CGT private residence relief changes
Draft legislation to be included in the next Finance Bill will make important changes to the calculation of CGT private residence relief. As announced in the Autumn 2018 Budget, there will be a reduction in the final period exemption to just 9 months and stricter conditions for letting relief to ...
Wednesday 24th July 2019A staff summer party can be a tax-free benefit
Your organisation may have an annual Christmas party for staff, but the tax rules also allow staff parties at other times of the year which are a tax-free benefit if certain conditions are satisfied. The exemption applies to an annual party (for example, a Christmas party), or similar annual ...
Wednesday 26th June 2019High income child benefit charge and state pension
We've recently been looking at tax planning to minimise or eliminate the high income child benefit to keep both husband and wife (or civil partners) looking after a child below the £50,000 threshold. Where the income of one of the individuals exceeds £60,000 such that the whole ...
Tuesday 21st May 2019Delivering Customer Value
Understanding what your customers really value can help you to market your products and services more effectively. Customer value is the perception of what a product or service is worth to the customer. Customers don’t buy features - they buy benefits. Your customers will buy your ...
Wednesday 20th March 2019Year End Tax Planning
DON’T LOSE YOUR PERSONAL ALLOWANCE! For every £2 that your adjusted net income exceeds £100,000 the £11,850 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 ...