TIME TO REVIEW YOUR WILL?

Top of the to-do list for many individuals is to make or update their will. Many think this is something to leave until later in life, but it is important to get things in place once a property is acquired or when children come along. In the absence of a will, there are statutory rules[…]

£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[…]

‘TIS THE SEASON

HMRC are not the Grinch after all. They have recently announced that employers may arrange a virtual Christmas party this year and there will be no taxable benefit for employees provided that all staff are invited and the cost per head does not exceed the normal £150 limit. CHRISTMAS GIFTS OF UP TO £50 TO[…]

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[…]

MORE TIME TO PAY TAX DUE ON 31 JANUARY 2021

Taxpayers who may have difficulty paying the tax due under self-assessment on 31 January 2021 can agree more time to pay with HMRC provided the amount outstanding is no more than £30,000. The government has already agreed that amounts due under self-assessment on 31 July 2020 could be deferred until 31 January 2021, but this[…]

STILL CONSIDERING AN ELECTRIC COMPANY CAR?

There is currently a zero P11d benefit for the drivers of electric cars in 2020/21. The legislation for this change is included in Finance Act 2020 which also states that the benefit will be 1% of list price in 2021/22 and then 2% in 2022/23. The zero taxable benefit also applies to hybrid cars emitting[…]