There are a number of changes that apply from the start of the 2020/21 tax year that relates to the taxation of company cars and vans. The new way of measuring CO2 emissions The way in which the level of a car’s CO2 emissions is determined changes...
There may come a time when an individual can longer manage on their own at home and has to leave their main residence to go into care. Depending on their financial circumstances, they may need to sell their home or rent it out in order...
From January 2019, businesses considering investing more than £200,000 in plant and machinery may benefit from a change to the capital allowances rules, which should allow them to obtain tax relief at a much earlier time. Broadly, business profits, after any adjustments for tax purposes (for...
Small businesses can choose to be taxed on the basis of the cash that passes through their books, rather than undertaking the more complex accounting calculations designed for larger businesses. This is known as the ‘cash basis’, and where a business opts to use it,...
As a result of the Coronavirus (COVID-19) pandemic, many workers have been forced to work from home. While working from home saves the costs of commuting to the workplace and perhaps allows workers to adopt a more relaxed dress code, there are also costs associated...
The annual tax on enveloped dwelling applies in the main to companies that own residential property in the UK. The amount of the tax depends on the value of the property and only applies where the property is valued at more than £500,000. Scope of the...
Lettings relief provides additional relief for tax where a property that has been occupied as a main residence is let out. For disposals prior to 6 April 2020, relief was available where a property was let as long as that property had at some time...
The National Insurance employment allowance is available to eligible employers and can be set against the employer’s secondary Class 1 National Insurance liability. In the 2020 Budget, the Chancellor announced that the allowance would be increased to £4,000 for 2020/21. However, from 6 April 2020,...
Employers can offer employees a tax-free cheap or interest-free loan of up to £10,000 per year. Subject to a few conditions, as long as the total amount outstanding on all loans from an employer to an employee does not exceed £10,000 at any time in the...
As the Government’s response to the COVID-19 pandemic evolves, various measures have been announced to help business struggling to cope with the impact of the virus. The measures include help through the business rate system for smaller businesses and those in certain sectors. Grants for businesses...
