One of the measures announced in the March 2017 Budget was the reduction in the annual Money Purchase Allowance (MPAA) from £10,000 to £4,000. This measure was subsequently dropped from the pre-election Finance Bill, but as expected, has now been included in the second Finance Bill of 2017 published ... read more
21/09/2017 Tax relief for electric vehicle charging points
In last year’s Autumn Statement, the Chancellor announced a new capital allowance for electric vehicle charging points. Capital allowances is the term used to describe the allowances which allow businesses to secure tax relief for certain capital expenditure. Most 'capital' items, such as computer ... read more
21/09/2017 When is a car a van for VAT reclaim purposes?
In most cases a business is unable to reclaim the VAT charged when they purchase a car. However, there are different rules for other types of commercial vehicles and in most cases VAT can be reclaimed when a business purchases a commercial vehicle.
For example, vans usually have no rear seats, ... read more
21/09/2017 Reimbursing employer for benefits in kind
It has been confirmed that the promised legislation to allow employees to reimburse their employers for benefits provided, and thereby avoiding a tax charge, will be included in the second Finance Bill 2017.
These changes will align the dates for reimbursing an employer for benefits-in-kind ... read more
21/09/2017 Changing your company’s year end
There are special rules which limit the ability to change a company’s year end date. A company’s year end date is also known as its ‘accounting reference date’ and is historically set by reference to the date the company was incorporated. Under certain circumstances it is possible to make a change ... read more
21/09/2017 Closing down a limited company
There are a number of reasons why a limited company may no longer be required and can be shut down. The limited company structure is no longer suitable as:
being incorporated is not the best option
the business is no longer trading or
the company is insolvent.
It will usually be necessary to ... read more
19/09/2017 New Data Protection Bill introduced to Parliament
Following the Statement of Intent published in August 2017, the new Data Protection Bill has now been introduced to Parliament and it had its first reading in the House of Lords on 13 September 2017. The second reading in the House of Lords, which will include a general debate on all aspects of the ... read more
13/09/2017 Date announced for Autumn Budget 2017
The Chancellor has announced that the Autumn Budget 2017 will be held on Wednesday, 22 November 2017. The announcement was made on the GOV.UK website and included a video message from the Chancellor, Philip Hammond. In the video, the Chancellor said that the budget will 'set out our thinking on how ... read more
13/09/2017 Reduction in dividend allowance confirmed
Now that the second Finance Bill of 2017 has been published, we finally have confirmation that a number of measures announced earlier this year are to be included on the statute books. These measures were cut from the first Finance Bill of 2017 due to the snap election.
These measures includes ... read more
13/09/2017 Making Tax Digital
The new timetable for the introduction of Making Tax Digital (MTD) has been confirmed with the publication of the second Finance Bill. The MTD regime was originally due to start from April 2018. However, there were significant concerns that the roll-out of the MTD was moving too fast and a new ... read more