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Business Advice

Can we “furlough” company cars?

During the lockdown period many employees and directors have not been using their company cars and it has been sitting on their driveway. You might think that means that the benefit of having a company car does not apply but unfortunately HMRC do not agree.

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Business News

Job retention furlough scheme extended to October

Chancellor Rishi Sunak announced on 12 May that the CJRS furlough scheme will be extended until the end of October. The scheme will continue in its current form until the end of July with the Government paying 80% of employees wages up to £2,500 a month. For accounts purposes the amounts received should be credited to a “grants received” account, and this will therefore increase taxable profits of the business.

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Business Advice

CGT private residence relief changes go ahead

The latest Finance Bill includes important changes to private residence relief that took effect from 6 April 2020.

The first change is to limit to just 9 months the period prior to disposal that counts as a period of deemed occupation

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Business News

Impact on the high-income child benefit charge

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 well fall below the £50,000 limit at which child benefit starts being taxed.

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Business Advice

Cocooning a business

Some businesses are going to need to “mothball” or “cocoon” until the Government considers the Pandemic to be of lower risk and trading conditions improve.

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Business News

Increase in Working Tax Credits

The government has announced that Working Tax Credits payments will be increased from 6 April 2020. As part of a number of measures to support the country during the COVID-19 pandemic, the basic element of Working Tax Credit has been increased by £1,045 to £3,040 from 6 April 2020 until 5 April 2021.

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Business Advice

Buy new equipment before 6 April?

Now might be the time to think about new equipment for your company. Your business year-end, not 5 April, is relevant for capital allowances purposes. If however you are running a business and making up accounts to 31 March or 5 April you should consider buying plant and machinery to take advantage of the £1 million Annual Investment Allowance (AIA).

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Business Advice

Consider other tax efficient investments

If you are looking for tax efficient investments opportunities, have you considered the Enterprise Investment Scheme (EIS)? These investments in certain qualifying companies allow you to set off 30% of the amount invested against your tax bill as well as the ability to defer capital gains tax (CGT) until the shares are sold.

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Business News

Have you used your 2019/20 ISA allowance?

Your maximum annual investment in an ISA for 2019/20 is £20,000. Your investment needs to be made before 6 April 2020.  In addition, have you thought about investing for your children or grandchildren by setting up a Junior ISA? In the 2019/20 tax year, you can invest £4,368 into a Junior ISA for any child under 18.

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Business News

Don’t lose your personal allowance!

For every £2 that your adjusted net income exceeds £100,000 the £12,500 personal allowance is reduced by £1. Pension contributions and Gift Aid can help to reduce adjusted net income and save tax at an effective rate of 60%.

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Business News

Further changes to entrepreneurs relief?

Another tax relief that may be further restricted or even abolished is CGT entrepreneurs relief.  This relief allows business owners to pay just 10% CGT on the first £10 million of capital gains when they dispose of their business and was tightened up in the Autumn 2018 Budget.

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Business News

Inheritance tax in the spotlight

We are expecting major changes to inheritance tax (IHT) in the March Budget following two reviews by the Office of Tax Simplification (OTS) and also a report by an All Party Parliamentary Committee.

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Business Advice

Innovation Champion

The word innovation can conjure up images of disruptive developments such as online streaming services or companies such as Uber, but you can still be an innovation champion. Fortunately, innovation doesn’t have to happen on a grand scale to make an impact in your business.

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