The super-deduction, which allowed companies to claim an immediate deduction of 130% of their qualifying expenditure, came to an end on 31 March 2023. It was replaced with full expensing. As with the super-deduction, unincorporated businesses cannot benefit from full expensing (although the Annual Investment Allowance (AIA) will secure a 100% deduction for qualifying expenditure
Full Expensing for Companies Read More »
Spouses and civil partners enjoy certain tax breaks, including the ability to transfer assets between them at a value that gives rise to neither a gain nor a loss. Prior to 6 April 2023, a couple are only able to benefit from no gain/no loss transfers until the end of the tax year in which
Capital Gains Tax on Separation and Divorce Read More »
Employees often need to undertake business trips and it is common practice to reimburse the employee’s fuel costs by means of a mileage allowance. The tax rules allow mileage payments to be made tax-free up to certain limits. However, the rules are different depending on whether the employee is driving their own car or a
Mileage Allowances – What Can You Pay Tax-Free? Read More »
In his March Budget, the Chancellor announced a number of changes to the pension tax rules, including an increase in the annual allowance and the abolition of the lifetime allowance. Annual Allowance The annual allowance places a cap on tax-relieved pension savings. Individuals can obtain tax relief on contributions to a registered pension scheme
Pre-pandemic, giving discounts to employees was invariably only offered by the larger companies. However, because employee benefit schemes save the employer money, many SMEs are looking to provide such schemes. The discounts need not relate to the company’s products – there are schemes available that give employees access to a wide range of deals with
Discounts For Employees – A Taxable Benefit In Kind? Read More »
Many businesses view entertaining clients and customers to be an important part of their marketing budgets, whether as a networking opportunity, a thank you for business or an incentive to attract more business – but what is the tax position? The tax rules are clear. HMRC define entertainment expenses as those costs incurred when providing
Business Entertaining – The Tax Position Read More »
HMRC are currently taking an inordinately long time to issue VAT registration numbers. You used to be able to get a VAT number within 24 hours but HMRC now advise a delay of up to three months. The delay is because HMRC have updated the registration process, requiring businesses to submit applications via a new
When Should A Business Leave A VAT Scheme? Read More »
Where a property is purchased in England or Northern Ireland and the consideration exceeds the relevant threshold, stamp duty land tax will be payable. However, where the property is an additional residential property, a supplement applies. For properties in Scotland, the charge is to Land and Buildings Transaction Tax (LBTT) and in Wales, the charge
SDLT, LBTT and LTT Hit of Buying an Investment Property Read More »
Furnished holiday lettings are generally liable to business rates rather than council tax. This can be very beneficial, particularly where the landlord only has one business property and is eligible for 100% small business rate relief, meaning that there is nothing to pay. However, new eligibility rules are being introduced from 1 April 2023 for
Furnished Holiday Lettings and Business Rates Read More »
Under English law, there are two ways in which property can be owned jointly – as joint tenants or as tenants in common. The way in which a joint property is owned can have tax implications. Joint Tenants Where a property is owned by two or more people as joint tenants, they collectively own
Jointly-Owned Property – Joint Tenants Vs Tenants in Common Read More »
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