Even among those who follow good tax planning practice and maintain forecasts running several years forward, it is unlikely that many foresaw the dramatic end to the 2019/20 tax year. With the arrival of COVID-19 and the subsequent lockdown, the economy shrank a...
The Coronavirus (COVID-19) has seen an upsurge in homeworking. For many people, there are questions on the tax on the equipment required. What If I Contribute to Employee Costs? You can look to reimburse some specified costs incurred by employees when working from...
Have you considered employing family members in your business? As long as you can justify their involvement, you can employ them in your business. In a limited company, they can be remunerated with a salary, receive benefits, and be included in your company pension...
Before the Budget, there were fears that it might be scrapped altogether. It wasn’t. Entrepreneurs’ Relief (ER) lives on, but with a new name – Business Asset Disposal Relief – and a new, lower lifetime limit. ER, as we will call it for one last time, is a...
How it works and interacts with capital allowances. The VAT capital goods scheme affects input VAT recovery relating to high-value capital assets. Input VAT is a tax incurred on most purchases made by VAT-registered firms, and they can usually reclaim it from HMRC in...
There are many ways in which your eventual liability to capital gains tax (CGT) can be minimised, particularly when share prices are depressed. Many of us may currently have some time on our hands to accelerate tax year end planning. Central to this is making use of...
