COMPANY VAN OR MOTOR CAR?

The court of appeal have now ruled on the tax status of certain vehicles provided to employees of Coca Cola. The court has upheld the HMRC view that vans with windows and a second row of seats behind the driver are not goods vehicles but motor cars for benefit in kind purposes. Consequently, the income[…]

RECENT CGT UPDATES

REPORTING PROPERTY GAINS WITHIN 30 DAYS Since 6 April 2020 where UK residential property is disposed of, the resulting capital gain needs to be reported and the capital gains tax paid within 30 days of completion of the disposal. There have been a number of teething problems with the new online reporting system and HMRC[…]

NEW AUTHORISED ECONOMIC OPERATOR PORTAL OPENS 1 JUNE

The Government are still committed to the transitional Brexit period ending on 31 December 2020 and businesses trading with the EU need to make sure they are ready for major changes. If you are applying for Authorised Economic Operator (AEO) status from 1 June 2020, you must submit them through the EU Customs Trader Portal.[…]

P11D FORMS STILL DUE BY 6 JULY

Despite the Coronavirus lockdown, HMRC have announced that they will still expect P11D forms reporting expenses and benefits to be submitted by the normal 6 July deadline. Remember that reimbursed expenses no longer need to be reported where they are incurred wholly, exclusively, and necessarily in the performance of the employee’s duties. Dispensations from reporting[…]

CAN WE FURLOUGH THE COMPANY CAR?

During the lockdown period many employees and directors have not been using their company cars and they have been left sitting in the driveway. You might think that means that the benefit of having a company car does not apply, but unfortunately HMRC do not agree. HMRC have recently confirmed that there continues to be[…]

MORE DETAILS ON SELF-EMPLOYED GRANT SCHEME

Like the CJRS scheme for employers, the initial HMRC guidance on the grant scheme to support the self-employed and members in partnerships was also very vague. The self-employed income support scheme (SEISS) allows the self-employed to claim 80% of their average profits for the period up to 2018/19, limited to £2,500 a month, initially for[…]

IMPACT ON THE HIGH-INCOME CHILD BENEFIT CHARGE

With many employees and the self-employed being furloughed, being made redundant, or making lower profits, their income for 2020/21 may fall below the £50,000 limit at which child benefit starts being taxed. The charge is 1% for every £100 that adjusted net income exceeds £50,000 multiplied by the child benefit claimed in respect of the[…]