A reminder that in just a few months the present tax year closes, 5 April 2020. After this date, a whole raft of 2019-20 tax planning options for individuals will cease to be available. These cover a multitude of opportunities to reduce your liability…
News
Working after State Pension age
It is fine to keep working past your State Retirement Age unless your employment is subject to retirement at compulsory retirement age. If your employer does this, they must give a good reason, for example, the job requires certain physical abilities (e.g. in the…
Taxing aspects of electric cars for your business
This article does not cover the risks of owning an electric car, depreciation rates etc. Instead, it discusses the tax implications if you buy an electric car for business purposes. As electric cars have zero carbon emissions for tax purposes it should be possible…
The “loan charge” controversy continues
The following press release was published by HMRC last month. Extracts are reproduced below: Sir Amyas Morse, the former Comptroller and Auditor General and Chief Executive of the National Audit Office (NAO), will lead an independent review of the Loan Charge… The review will…
Property tax changes from April 2020
Although the Brexit process continues to throw a spanner into the normal workings of government, there are a few certainties from a tax point of view that will be effective from April 2020. A few property-related changes are noted in this article: Presently, the…
About face by HMRC
Last month, we reported the changes that CIS, VAT registered contractors and sub-contractors were about to face with the introduction of the “reverse charge” process from 1 October 2019. Shortly after our newsletter was published, HMRC conceded that it was aware that the industry…
Are you making the most of “Trivial Benefits”?
Earlier this year we highlighted the tax concession afforded by the so-called Trivial Benefit rules. We said: It is possible to make small tax-free payments to employees, including directors… Employers and employees don’t have to pay tax on such a benefit if all of…