Another tax planning strategy that is still available despite rumours that it would be closed in the Budget was the CGT hold over relief when assets are transferred into or out of a trust. This relief currently enables a non-business […]
Category: Tax Planning
Christmas is the time for giving
Many were expecting the chancellor to announce changes to inheritance tax (IHT) in his Autumn Budget, However, like capital gains tax (CGT), the rules have remained broadly the same as last year. That means that each tax year individuals may […]
let’s have a real christmas party this year!
Last year many businesses put on a “virtual” Christmas party event and HMRC agreed that would be acceptable in order for there to be no taxable benefit for the employees involved. There continues to be no taxable benefit for employees […]
report CJRS furlough grants on corporation tax returns
The latest version of the CT600 Corporation Tax Return requires companies to report CJRS furlough payments received and the amounts that the company was entitled to during the period. Where any overpayments have already been disclosed to HMRC that amount […]
advisory fuel rate for company cars
HMRC have again increased the advisory fuel rates that apply for the reimbursement of employees’ private fuel for their company cars. The new rates apply from 1 December 2021, but you can continue to use the previous rates for up […]
Is this the best of times when it comes to making an investment in R&D?
It very well may be, but they could still do with a leg-up, according to Iain Robertson from Chartered Accountancy firm ammu. For many the Autumn Budget 2021 was looked upon as uneventful. However, according to Iain Robertson from accountancy […]
Autumn budget: business taxes
Overall the UK autumn budget is uneventful and some of the announcements outlined below will not impact Scottish businesses. We look forward to the Scottish budget on the 9 of December and will be sharing announcements that will have a […]
autumn budget: personal taxation and investments
income tax For 2022/23 to 2025/26, the personal allowance will remain at £12,570 and the higher rate threshold at £50,270, as previously announced. In Scotland, the higher rate threshold for non-savings, non-dividend income will be announced in the Scottish Budget […]
autumn budget overview & highlights
The first autumn Budget for three years was a three-part presentation. The Chancellor’s well-trailed speech was accompanied by the first multi-year Spending Review since 2015 and the latest Economic and Fiscal Outlook (EFO) from the Office for Budget Responsibility (OBR). […]
capital allowances on plant in residential property
The capital allowance legislation specifically denies tax relief for plant and machinery installed in a dwelling house. However, plant and machinery installed in the common areas of blocks of flats such as hallways, stairs and lift shafts would qualify as […]
advisory fuel rate for company cars
As the result of recent increases in petrol and diesel prices, HMRC has increased the advisory fuel rates that apply for the reimbursement of employees’ private fuel for their company cars. The same rates apply when the employer reimburses employees […]
New VAT penalties regime on the horizon
The existing penalty regime for VAT returns has the advantage of simplicity, but it’s something of a blunt instrument. The new system coming in for return periods beginning on or after 1 April 2022 will be fairer, but some businesses […]
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