Creative Industry Tax Relief

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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 […]

Capital Allowances definition of “motor car”

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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 […]

No tax free CGT uplift on death

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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 savings from Enterprise Investment Scheme (EIS) and Seed Enterprise Investment Scheme (SEIS)

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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 remind businesses that barter or contra transactions are subject to tax and VAT

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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 […]

Making Tax Digital – recording petty cash expenditure

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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 […]

Changes to Welsh and Scottish tax codes

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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.

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