Tax Advice

EMPLOYERS… with many of your staff working from home due to Covid 19, it is important you make your employees aware of a tax relief they can claim. Even if they had been working from home for just one day, they can claim tax relief for the WHOLE YEAR. The tax relief obtained is £62

  Legal & beneficial ownership From a tax perspective, there is a distinction between legal and beneficial ownership. The legal ownership of a property is whoever the Land Registry owner is, and if the property is mortgaged, who the mortgagee is. However, it is the ‘beneficial’ owner of a property that is taxed on the

The government are moving away from the current test NEDC (New European Driving Cycle) of CO2 emissions on cars and are implementing a new test called ‘WLTP’ (World Light-Duty Test Procedure) which has been designed to gather data more accurately, based on the likely emissions of cars in real-life driving conditions. This new policy is

Many homeowners with large gardens consider selling part of their garden to property developers or building a house themselves, it can be a great way of extracting tax-free cash from your home. Principle Private Residence Relief (PPR) usually exempts most owner occupiers from a charge to tax when they sell their main residence. The relief

OVERVIEW   R & D tax relief allows SME companies to either:   Deduct an extra 130% of their qualifying R & D costs from their profit, which is in addition to the normal 100% deduction Claim a tax credit if the company is loss making, worth up to 14.50% of the surrenderable loss  

The VAT domestic reverse charge for building and construction services comes into effect from 1 October 2019. The reverse charge represents part of a government clamp-down on VAT fraud. A domestic reverse charge means that a contractor receiving a supply of specified construction services must account for the output VAT due, rather than the sub-contractor

  HMRC have introduced a new tax relief for commercial properties, whereby relief will be given at a rate of 2% per annum for expenditure on the construction of commercial property that does not qualify for capital allowances as either plant, machinery or integral features where all contracts for construction work on a project were

CGT changes for property owners from April 2020  HMRC have introduced two changes to private residence relief from April 2020, both of which may result in additional capital gains tax for property owners if they sell a residential property for a gain. On disposal of a residential property which has been occupied by an individual

Get the best out of your employees with an EMI Scheme. EMI schemes are a great way of increasing employee motivation and longevity. Enterprise Management Incentive (EMI) schemes are tax approved schemes for employees and are available to most trading companies. They allow an employer to grant share options to key staff tax efficiently. An