News & Articles
Wednesday 12th February 2020Changes 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 ...
Wednesday 22nd January 2020New 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 ...
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 ...