Tax
No Change to Rent a Room Scheme for Air BnB Landlords
Last year HMRC carried out a review of rent a room relief that was introduced in 1992 to offer a wider range of low cost rented accommodation. It was proposed that the availability of this generous relief would be restricted to situations where the taxpayer was resident for at least part of the time when…
Read MoreNon-Resident Capital Gains Tax (CGT) on Property
Non-UK residents will from 6 April 2019 must pay Capital Gains Tax (CGT) on the disposal of UK real estate. Prior to the legislation CGT on real estate for non-residents was only on disposals of residential property. Moving forward CGT will be applied to all UK land (including commercial). Indirect disposals The CGT will also…
Read MoreDisguised Remuneration Loan Charge April 2019
Disguised remuneration charges will apply to certain loans to directors and employees that are still outstanding after 5 April 2019. The charge affects arrangements involving loans made via Employee Benefit Trusts (EBTs) and similar disguised remuneration schemes. The new reporting and payment obligations came into force for employers using such schemes on 5 April 2019.…
Read MorePersonal Service Company Changes from April 2020
In the Autumn Budget, the Chancellor announced that the “off payroll” workers rules that currently apply in the public sector would be rolled out to the private sector in 2020. The government have now issued a consultation paper that sets out proposed tax and national insurance changes that will impact on those supplying their services…
Read MoreIncreased Pensions Contribution
Pensions contributions for Auto Enrolment are due to increase 6 April 2019, meaning you are likely to be at least £20 short on your next payday. What is Auto Enrolment? The Auto Enrolment was introduced by the government in 2012, the scheme was set up to ensure everyone has a private pension to add to…
Read MoreTermination Payment Changed Delayed until 2020
HMRC have announced that the changes to the national insurance (NIC) treatment of termination payments and sporting testimonials have been delayed to 6 April 2020. From 6 April 2020 Employer class 1A NIC will become payable on termination payments in excess of £30,000 and on sporting testimonials that exceed £100,000 (lifetime limit). The changes are…
Read MoreCorporation Tax Relief Reintroduced for Acquired Goodwill
A further late change to the Finance Bill will re-introduce relief for acquired goodwill on the acquisition of businesses with eligible intellectual property from 1 April 2019. This relief was withdrawn back in July 2015 and the restoration of relief for goodwill and customer-related assets is very welcome although the new form of relief will…
Read MoreNo Deal Brexit and its Impact on VAT
The government and HMRC have recently updated their ‘partnership packs’. The packs were created with the intention of helping businesses prepare for customs changes in the event of a ‘no deal’ Brexit. The UK is set to leave the EU on 29 March 2019, below are key changes that will affect VAT registered businesses trading…
Read MoreTax Efficiently Pass on your Family Home
New inheritance tax rules for passing on the family home started on 6 April 2017. This additional relief should be taken into consideration when drafting your Will and we can work with your solicitor to make sure your Will is tax efficient. From 6 April 2017 an additional nil rate band of up to £175,000…
Read MoreCapital Allowance on High Co2 Cars and Assets in Special Rate Pool Reduces
One of the other capital allowance changes announced in the Autumn Budget was the reduction of the writing down allowance on assets in the special rate pool from 8% to just 6% per annum reducing the balance from April 2019. The assets included in this pool include long-life assets, such as aircraft, integral features within…
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