£1 MILLION ANNUAL INVESTMENT ALLOWANCES EXTENDED

The Chancellor recently announced that the temporary increase in the Annual Investment Allowance (AIA) for expenditure on plant and machinery has been extended to 31 December 2021. The tax relief was originally scheduled to revert to just £200,000 from 1 January 2021, but that will now be delayed by twelve months. Remember that there is[…]

MAKE A CLAIM IF YOU ARE WORKING FROM HOME

With more of us working from home, employees can now make a claim for tax relief to cover some of their costs while they are working remotely. The previous rule for employees was that there had to be a home working arrangement with their employer under which they were required to work from home regularly[…]

UK TARIFFS FROM 1 JANUARY 2021

From the 1st of January 2021, the UK will apply a UK-specific tariff to imported goods. The UK Global Tariff (UKGT) will replace the EU’s Common External Tariff, which applies until the 31st of December 2020. The UKGT will apply to all goods imported into the UK unless: An exception applies, such as a relief or[…]

FOOTBALL REFEREES ARE SELF-EMPLOYED

Many of you will be looking forward to the football season resuming, albeit behind closed doors. There has been an interesting tax case recently concerning the employment status of referees. The Upper Tier Tribunal has rejected an appeal by HMRC concerning whether referees officiating at matches in the Championship and lower leagues were employees of[…]

IR35 “OFF-PAYROLL” TO GO AHEAD AND THEN DELAYED

It was confirmed in the budget that the new rules for workers providing their services through personal service companies would start from 6th April 2020. However, it has subsequently been announced that this would be delayed by a year.  This would have represented a significant additional administrative burden on large and medium-sized businesses which would[…]

REVIEW OF OFF-PAYROLL WORKING RULES

In January the government launched a four-week review of the changes to IR35 “off-payroll” working rules scheduled to come into force in April, as the result of mounting criticism about the way they will operate. The review is scheduled to conclude by mid-February and will see the government hold a series of meetings with stakeholders[…]

AVOID BEING A MICROMANAGER

Holding your employees accountable without micro-managing can prove difficult for any business owner or manager.   We have all been in a situation where we know we can do something better ourselves. We find it difficult to watch someone make mistakes but if we interfere we can end up falling into the trap of micro-managing[…]

GET ON YOUR BIKE!

The government has recently announced that the previous £1,000 limit on the cost of a bicycle provided under the cycle to work scheme has been removed. This will apply where the employer uses a firm authorized by the Financial Conduct Authority (FCA) to hire out cycles to employees who use them to commute to work.[…]

KEEP DETAILS OF YOUR DIRECTOR’S LOAN ACCOUNT

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 charge on the company.[…]