We are increasingly working with clients on Creative Industry Tax Relief claims. We have recently helped make significant claims for Theatre Tax Relief and Video Games Tax Relief. In 2018-19, £1.1bn was paid out across all of the creative industries tax reliefs, according to the HMRC’s latest statistics. This is an increase from £0.9bn in 2017-18. Basic […]
The definition of a “motor car” for plant and machinery allowances purposes is a mechanically propelled vehicle except a vehicle: constructed in such a way that it is primarily suited for transporting goods of any sort, or of a type which is not commonly used as a private vehicle and is not suitable for use […]
Although the OTS were tasked with simplifying inheritance tax, they also considered the interaction with CGT as many asset transfers potentially have both CGT and IHT implications. Currently there is no CGT on assets transferred on death and the recipient inherits the asset at its market value. It has been suggested that the capital gains […]
Tax scams: There are numerous tax-related scams in circulation. These include fake audits and erroneous demands that can carry a lot of weight when a business owner doesn’t want to get on the wrong side of the tax authorities. See http://tinyurl.com/kfhw837 for examples of HMRC-related phishing emails and bogus contacts.
Plastic Packaging Tax is due to take effect from 2022. This is a tax on unrecyclable plastic packaging content. The government are currently undertaking a consultation on this.
The Enterprise Investment Scheme (EIS) and Seed Enterprise Investment Scheme (SEIS) give tax savings to individuals who invest money into companies in return for shares. The individuals’ tax bill is reduced by 30% (EIS) or 50% (SEIS) of the amount invested. The first stage to offering this tax reduction to potential investors is for the […]
HMRC have reminded business that barter or contra transactions (supplies with no money payment) are subject to tax and VAT. All receipts arising from contra, barter or reciprocal arrangements must be valued at the money’s worth of the goods and services exchanged. The corresponding expenses should also be brought into account. If both businesses involved […]
HMRC have announced that businesses can record their petty cash expenditure in aggregated form. In other words, petty cash expenditure can be added up outside of your bookkeeping system and recorded as one item per month for example. This is only allowed for individual items of up to £50 including VAT and for aggregated petty […]
New tax codes prefixed with C (Welsh) or S (Scottish) have been issued to taxpayers by HMRC. For the time being, Welsh tax remains the same as English tax whereas Scottish tax has higher rates. In both cases a proportion of the tax collected is allocated to the relevant country.
HMRC have published a policy paper about the new tax relief for qualifying expenditure on new structures and buildings on or after 29 October 2018. View the policy paper here: https://www.gov.uk/government/publications/capital-allowances-structures-and-buildings-allowance/capital-allowances-structures-and-buildings-allowance