Entrepreneur Relief but not as we know it

The Spring Budget 2020 announced a significant restriction on future availability of entrepreneurs’ relief (ER) for individuals who dispose of all or part of their business, individuals who dispose of shares in their personal company, and trustees who dispose of business assets. Broadly, the lifetime limit of £10m is to [...]

Claiming the National Insurance employment allowance for 2020/21

The National Insurance employment allowance is available to eligible employers and can be set against the employer’s secondary Class 1 National Insurance liability. In the 2020 Budget, the Chancellor announced that the allowance would be increased to £4,000 for 2020/21. However, from 6 April 2020, it is only available [...]

Cars and vans – What’s new for 2020/21

There are a number of changes that apply from the start of the 2020/21 tax year that relate to the taxation of company cars and vans. new way of measuring CO2 emissions The way in which the level of a car’s CO2 emissions is determined changes from 6 April 2020. The [...]

Check If You Can Claim A Grant Through The Self-Employment Income Support Scheme

HMRC updated their guidance 4 May to outline the process for applying for SEISS. Full details:  https://www.gov.uk/guidance/claim-a-grant-through-the-coronavirus-covid-19-self-employment-income-support-scheme The scheme will allow you to claim a taxable grant of 80% of your average monthly trading profits, paid out in a single instalment covering 3 months, and capped at £7,500 altogether. You will get [...]

reduced payment window for residential property gains

Currently, capital gains on the sale of residential property in the UK are reported on the self-assessment tax return and the total capital gains tax liability for the tax year is payable by 31 January after the end of the tax year. For example, the capital gains tax on residential [...]

allowable finance costs

Although the way in which landlords obtain relief for finance costs on residential properties is changing, there is no change to the type finance costs that are eligible for relief. what qualifies for relief The basic rule is that relief is available for expenses that are incurred wholly or exclusively for [...]

using company vans for tax-free home to work travel

As a general rule, travel between home and work is regarded as private travel and if the employer meets the cost of that travel, a benefit-in-kind tax charge will be triggered. However, it is possible for employees with a company van to use that van to travel between home [...]

utilising the 2019/20 dividend allowance

The dividend allowance is quite unusual in that it is available to everyone and everyone has the same allowance. For 2019/20 the allowance is set at £2,000. In common with many allowances, it is a case of use it or lose it. As the end of the 2019/20 tax year [...]

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