This article does not cover the risks of owning an electric car, depreciation rates etc. Instead it discusses the tax implications if you buy an electric car for business purposes. As electric cars have zero carbon emissions for tax purposes it should be possible to claim what is called a “first year allowance” when the […]
When you make a gift to third parties you are potentially transferring part of your estate and a life-time charge to IHT may be applied. However, in most cases you will not need to open your cheque book as there are a number of exemptions that may cover your intended gifts. The current gift exemptions […]
It is fine to keep working past your State Retirement Age unless your employment is subject to retirement at a compulsory retirement age. If your employer does this, they must give a good reason, for example the job requires certain physical abilities (e.g. in the construction industry) or the job has an age limit set […]
As a general rule, if you sell shares for more than you paid for them, any profit you make will be chargeable to Capital Gains Tax (CGT). Shares and investments you may need to pay tax on include: shares that are not in an ISA or PEP units in a unit trust certain bonds (not […]
Tax Diary October/November 2019
We’re not sure what Brexit will look like but The Institute of Chartered Accountants in England and Wales (ICAEW) have given us a quick-start guide, which outlines questions to ask in order to prepare as best as possible.
Last month we reported the changes that CIS, VAT registered contractors and sub-contractors were about to face with the introduction of the “reverse charge” process from 1 October 2019.
Although the Brexit process continues to throw a spanner into the normal workings of government, there are a few certainties from a tax point of view that will be effective from April 2020. A few property related changes are noted in this article:
Follow the outline below to ensure that the cost of your annual staff party will not create tax issues for you or your staff.