Posts Tagged: tax claim

Get back on your bike!

Find out about the Government’s new “Fix Your Bike” initiative, which aims to get the country cycling!     What is it? The Government is handing out thousands of £50 vouchers for people to get their bikes fixed. The hope is that this will boost the retail sector and get cash flowing again, as well… Read more »

Can Evolution and Innovation Reduce Tax?

Could you be missing out on tax relief by misinterpreting Evolution and Innovation?   Are we Innovators? If you ask most business owners if their business is at the forefront of innovation they will probably say no. However, if you ask them whether the business has kept up with the market trends to keep commercially… Read more »

Coronavirus Job Retention Scheme

What is it? The Coronavirus Job Retention Scheme (CJRS) applies to all employers with a PAYE scheme. These employers will be able to access support to continue paying part of their employees’ salaries for those that would have otherwise have been laid off during the crisis. This scheme applies to employees who have been asked… Read more »

Changes to Annual Investment Allowance

Find out how Annual Investment Allowance (AIA) is changing from 31st December 2020.     AIA lets you deduct 100% of qualifying expenditure from your tax bill. It has been capped at £1,000,000 for the years 2019 and 2020. However, from 31st December 2020 the cap is being lowered to its previous level of £200,000.  … Read more »

Stripping away what a dancer can and can’t claim

When in dispute with HMRC case law can be helpful. Daniels v HMRC is one such case where HMRC took on an exotic dancer.     Ms Daniels, the dancer in question, had been claiming all the expense incurred when travelling from her home to Stringfellows and back again. Travelling costs are only allowed between… Read more »

Tax Allowances When working From Home

The amount you can claim when you work from home depends on several conditions.     The general tax rule is that deductions are only allowable where the expense has been incurred wholly and exclusively for work. This means that the tax relief can only be allowed for; The additional cost of gas and electricity… Read more »

A Christmas gift from the VAT man

The corporation tax rules for clients gifts are well known, but what about the VAT rules?     The corporation tax rules for entertaining clients or giving them gifts say that the gifts have to: Advertise to the public (i.e. a free sample) or Cost under £50 and include an advert for the company.  … Read more »

Long-term tax planning for children and shares

Your children might be too young to take over the family company, but can you reduce tax by giving your children shares now?     Parents try to mitigate their tax bills by diverting income to their children that are under 18. These schemes fail because of HMRC’s anti-avoidance rules called settlements legislation. These make… Read more »

Accelerated Capital Gains Tax

There will be major changes to the tax rule for gains made from the sale of residential properties which will take effect from April 2020.   At present capital gains made by individuals are reported through self assessment, i.e if you sell a property between 6 April 2019 and 5th April 2020 you must declare… Read more »