Tax Planning: Annual Investment Allowance set to reduce
The annual investment allowance (AIA) is a capital allowance which allows a 100% tax deduction for qualifying expenditure (most expenditure which qualifies for capital allowances) incurred in an accounting period. This relief is normally capped at £200,000 per annum but was temporarily increased to £1,000,000 for each of the two years ended 31 December 2020, […]
Changes to off-payroll working rules (IR35)
There are some important changes to employment taxes coming into effect from 6 April 2020. Are you affected? You are affected by the changes to the off-payroll working rules (IR35) if: You are a contractor who works through an intermediary, e.g. your own limited company, often known as a personal service company (PSC), and You […]
Our tax change predictions for 2020
Usually, by this time of year we’d have a fairly clear picture of the tax changes set to take effect in April. But 2019 has been unusual in many ways, and as the Budget originally planned in November was cancelled to make way for the general election, there’s been no major fiscal announcement this year. […]
No company car tax from April on pure electric vehicles
HMRC rules from 6 April 2020 mean that company car drivers choosing a pure electric vehicle will pay no benefit-in-kind (BIK) tax in 2020/21. In its long-awaited response to the review of WLTP and vehicle taxes, HMRC has removed the previously published BIK rates for 2020/21. Standing in their place it has created two new […]
‘Tis the season for trivial benefits
With the season of goodwill upon us our tax team look at a little known and little utilised tax saving, known as trivial benefits. Trivial benefits is a mechanism whereby employees and/or directors can be given trivial benefits such as vouchers or maybe even office pizzas. The benefits are limited to £50 per person in […]
HMRC issues tax return scam warning
Taxpayers who have yet to submit their 2018/19 tax return through self-assessment are being warned about fraudulent scams. HMRC has warned millions of taxpayers to be on their guard ahead of the deadline at midnight on 31 January 2020. Over the last year, the Revenue received almost 900,000 reports from members of the public about […]
To VAT or not to VAT, that is the question
For smaller businesses and sole traders, VAT can be complicated issue. Knowing when is right, or required, to register can be difficult. When does a business need to register for VAT? A business must register for VAT when its taxable turnover exceeds the VAT registration threshold, which is currently set at £85,000. However, a business […]
HMRC set to launch enhanced employment status checker
HMRC has confirmed an improved version of its check employment status for tax (CEST) tool should launch before the end of the year. The tool was first introduced in 2017 as part of an extension to the off-payroll (IR35) rules that applied to the public sector. It aimed to help public-sector contractors and organisations decide […]
New rules tighten reporting period for capital gains on residential property
The rules regarding reporting a capital gain on a residential property are changing, in particular the deadlines for reporting the gain are getting shorter. Anyone anticipating the sale of a residential property on which a capital gains tax (CGT) charge may apply are advised to consider the changes to the reporting and payment of this […]
NR Barton visited by Metalfloor UK chairman Lord Digby Jones
It was a pleasure for the team at NR Barton to host Lord Digby Jones at the offices today. Neil Whittingham and Paul Flint from the team at NR Barton work closely with directors Phil Preston and Jacqui Ward to provide strategic advisory as the business continues to grow from strength to strength. The appointment […]
