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Check that your shares qualify for CGT Business Asset Disposal Relief

A recent case before the tax tribunal has confirmed that all of a company’s shares are ordinary shares except those that carry a fixed rate of return. This is crucial as CGT business asset disposal (BAD) relief requires a shareholder to be entitled to at least 5% of a company’s ordinary share capital in addition…Read More

Not all benefits need to be reported on Form P11D

Despite the coronavirus lockdowns HMRC still expect P11d forms reporting expenses and benefits to be submitted by the normal 6 July deadline.  Remember that reimbursed expenses no longer need to be reported where they are incurred wholly, exclusively and necessarily in the performance of the employee’s duties. Dispensations from reporting are no longer required, although…Read More

Advisory fuel rate for company cars

These are the suggested reimbursement rates for employees’ private mileage using their company car from 1 June 2021.  Where there has been a change the previous rate is shown in brackets. Engine Size Petrol Diesel LPG 1400cc or less 11p(10p)   8p  (7p) 1600cc or less   9p     1401cc to 2000cc 13p(12p)    9p(8p)  1601…Read More

Reimburse private fuel by 6 July 2021 to avoid fuel benefit

Another consequence of the lockdown periods is that employees may have driven fewer private miles in their company cars, particularly where they have not been driving to the office. If they are to avoid being taxed on the provision of private fuel they need to fully reimburse their employer for the cost of private fuel…Read More

Car benefit reduced where unavailable

P11d forms reporting benefits in kind provided to employees and directors need to be submitted to HMRC by 6 July. Where a company car is “unavailable” for private use for 30 or more consecutive days the benefit is proportionately reduced.  During the various lockdown periods many employees and directors have not been using their company…Read More

Beware mini-umbrella company fraud

HMRC are urging businesses to look out for the use of mini-umbrella companies (MUCs) to pay contractors supplying their labour via agencies and other intermediaries. Businesses need to be aware of the financial and reputational risks of such entities in their labour supply chain and carry out due diligence to minimise those risks. You may…Read More

SUMMER ECONOMIC UPDATE – 8 July

On Wednesday, the Chancellor Rishi Sunak made a speech entitled “Summer Economic Update” where he unveiled further Government supports and he unveiled the Government’s plan for jobs which he described as the “Second phase in in the Government’s economic response to the crisis.” Here are the highlights and we will update you on the details in…Read More

15 JUNE 2020 / COVID-19 BUSINESS NEWS UPDATE

Today face masks become compulsory on public transport in England and the Government has outlined its recovery strategy. The Coronavirus job retention scheme rules (CJRS) are changing, and these are outlined below and other Government news. At the end of the newsletter are details of allowable expenses for home working. Please contact us if you…Read More

12 JUNE 2020 / COVID-19 BUSINESS NEWS UPDATE

The news today is about the drop in the UK’s GDP by over 20% and the Government has been releasing figures showing the amount and number of claims for CJRS and SEIS schemes.  Speculation on the reduction of the 2-metre rule continues. Regardless of these figures and the speculation, staying safe is our main priority…Read More

10 JUNE 2020 / COVID-19 BUSINESS NEWS UPDATE

Today we catch up with the launch of the Local Authority Discretionary grant funds in England and how you can watch videos and register for the free Government webinars to learn more about the  support available to help you deal with the economic impacts of coronavirus. The Government has been updating a lot of the support…Read More

8 JUNE 2020 / COVID-19 BUSINESS NEWS UPDATE

The Government has turned its attention to looking at how the UK can best recover from the Pandemic. It has also updated the list of businesses that may now open, updated the Job Retention Scheme website and it has issued new guidance to those needing to travel, including a travel checklist. We have also added…Read More

5 JUNE 2020 / COVID-19 BUSINESS NEWS UPDATE

We have seen a lot of business-related activity from the Government over the last couple of days and below is a summary of what has happened and where to see more. Please go through the newsletter and if you need any assistance please contact us for clarification. FACE COVERINGS TO BECOME MANDATORY ON PUBLIC TRANSPORT…Read More

3 JUNE 2020 / COVID-19 BUSINESS NEWS UPDATE

In this RA update we outline details of the Government’s advice on how to treat certain expenses and benefits provided to employees during the Pandemic. We also outline support from business representative organisations and trade associations, public health border measures and other pertinent Government updates. HOW TO TREAT CERTAIN EXPENSES AND BENEFITS PROVIDED TO EMPLOYEES…Read More

1 JUNE 2020 / COVID-19 BUSINESS NEWS UPDATE

In this newsletter we detail the latest Government supports and guidance. The Furlough scheme is changing, and we will keep you updated about your record keeping requirements in due course. The self-employment support scheme has been extended and we detail this below. FAQ’s on what we can and cannot do have also been updated over…Read More

29 MAY 2020 / COVID-19 BUSINESS NEWS UPDATE

HELP AND SUPPORT IF YOUR BUSINESS IS AFFECTED BY CORONAVIRUS (COVID-19) Watch videos and register for the free webinars to learn more about the  support available to help you deal with the economic impacts of coronavirus. See:  https://www.gov.uk/guidance/help-and-support-if-your-business-is-affected-by-coronavirus-covid-19?utm_source=a4b7c6f4-7063-4d88-957b-b68d6480a86d&utm_medium=email&utm_campaign=govuk-notifications&utm_content=immediate COVID-19: SCOTLAND EXTENDS REFUND PERIOD FOR SECOND-HOME PURCHASE TAX  21 May: Homeowners in Scotland temporarily have three years to…Read More