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News & Articles

  • HousesWednesday 12th February 2020

    Changes to paying Capital Gains Tax on residential property from 6 April

    From 6 April 2020 there is a major change in the reporting and payment of CGT on residential property disposals. From that date, it will be necessary to report the disposal of the property within 30 days of completion of the disposal and pay CGT on account to HMRC. This will be a significant ...

  • HMRC and coinsWednesday 22nd January 2020

    New Year's resolutions to save tax

    At this time of year we think about New Year’s resolutions. It is also a good time to start planning your tax affairs before the end of the tax year on 5th April. An obvious tax planning point would be to maximise your ISA allowances for the 2019/20 tax year (currently £20,000 ...

  • Directors Loan AccountWednesday 20th November 2019

    Keep 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 ...

  • Electric carsWednesday 23rd October 2019

    Time 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 ...

  • Van 2Wednesday 25th September 2019

    When 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 ...

  • CGTTuesday 27th August 2019

    CGT 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 ...

  • EntertainingWednesday 24th July 2019

    A 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 ...

  • Money growWednesday 26th June 2019

    High 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 ...

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