The number of electric vehicles on the road continues to grow at an ever-faster pace as businesses and individuals seek out environmentally friendly cars and vans. With the world’s attention focused on the future of the planet, as world leaders reach an agreement at COP26, Surrey accountants TWP say that more businesses need to look at the cost […]
Find out how your businesses can benefit from this Government-backed funding Although much of the COVID-19 financial support has been withdrawn, the Government still wants businesses to access funding to aid their recovery. That is why the Chancellor, Rishi Sunak, has extended the Recovery Loan Scheme until 30 June 2022 – instead of it ending […]
Many were expecting the chancellor to announce changes to inheritance tax (IHT) in his Autumn Budget, However, like capital gains tax (CGT), the rules have remained broadly the same as last year. That means that each tax year individuals may make gifts of up to £3,000 in total and that amount is not included in […]
One tax planning opportunity that many thought the chancellor might restrict was the exemption from inheritance tax for regular gifts out of an employee’s income. Inheritance tax is designed to tax transfers of capital so if the donor can demonstrate that the gifts are made out of surplus income then the transfers are not taken […]
Another tax planning strategy that is still available despite rumours that it would be closed in the Budget was the CGT hold over relief when assets are transferred into or out of a trust. This relief currently enables a non-business asset, such as an investment property, to be transferred without paying CGT. The relief applies […]
Where possible taxpayers should “Gift Aid” any payments to charity to provide a further benefit to the charity. Higher rate taxpayers obtain additional tax relief on the grossed-up amount donated. For example, where an individual makes a £20 cash donation to charity the charity is able to reclaim a further £5 from HMRC making a […]
Last year many businesses put on a “virtual” Christmas party event and HMRC agreed that would be acceptable in order for there to be no taxable benefit for the employees involved. There continues to be no taxable benefit for employees provided that all staff are invited, and the cost does not exceed £150 a head, […]
Remember that certain gifts to staff at Christmas are also tax free if structured correctly. Employers are allowed to provide their directors and employees with certain “trivial” benefits in kind tax free. This exemption applies to small gifts to staff at Christmas, on their birthday, or other occasions and includes gifts of food, wine, or […]
The latest version of the CT600 Corporation Tax Return requires companies to report CJRS furlough payments received and the amounts that the company was entitled to during the period. Where any overpayments have already been disclosed to HMRC that amount should be reported. If the company has overclaimed “Eat Out to Help Out” grants that […]
December 2021/January 2022 Date What’s Due 01/12/21 Corporation tax for year to 28/02/2021 unless quarterly instalments apply 19/12/21 PAYE & NIC deductions, and CIS return and tax, for month to 5/12/21 (due 22/12 if you pay electronically) 30/12/21 Deadline for filing 2020/21 tax return online in order to request that HMRC collect outstanding tax […]
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