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Key Trends to Watch in 2018

Technology and innovation are driving the evolution of most businesses these days. Here are some of the key business trends to watch out for in 2018.

Changes to the Government Gateway

The government gateway that many businesses use to make online submissions for VAT Returns, EC sales lists, and CIS Returns is to be decommissioned on 14 February 2018. This will be replaced with a new platform.

HMRC PCThis change will affect some businesses using old software that currently integrates with the gateway to make online submissions.

Advisory Fuel Rate for Company Cars December 2017

These are the suggested reimbursement rates for employees' private mileage using their company car from 1 December 2017.

Note that for hybrid cars you must use the petrol or diesel rate.

Where there has been a change the previous rate is shown in brackets.

No Indexation of Company Gains After December 2017

Indexation allowance was introduced in the 1970s to provide relief from paying tax on inflationary gains based on increases in RPI. The relief was abolished in 1998 for individuals and trusts, and replaced with taper relief. However, it was retained for companies. The Autumn Budget announced that indexation for corporation tax would cease for disposals from January 2018 onwards, although indexation up to December 2017 would be retained. 

Relief From Additional 3% SDLT Charge

Much of the focus in the Autumn Budget on Stamp Duty Land Tax (SDLT) concerned the abolition of the duty for first time buyers of property up to £300,000. There was also welcome news for those involved in other property transfers where the 3% supplementary SDLT charge potentially applies when an interest in a second property is acquired. 

Downsizing to a Smaller Property?

The new inheritance tax relief for passing on the family home is protected even when you downsize to a smaller property.

Tax Relief for Energy Saving Technology

For a number of years there has been a generous 100% tax break for businesses that install energy saving technology in their premises. This is in addition to the £200,000 annual investment allowance for plant and machinery.

Consider Making Regular Gifts Out of Surplus Income

Whilst on the subject of inheritance tax planning why not consider setting up a standing order to family members? Such regular gifts can be outside of the scope of inheritance tax provided they are made out of surplus income and not out of capital.

Passing on the Family Home

New inheritance tax rules for passing on the family home started on 6 April 2017. This new relief should be taken into consideration when drafting your Will and we can work with your solicitor to make sure your Will is tax efficient.

Pension Planning

For most taxpayers, the maximum pension contribution is £40,000  each tax year, although this depends on their earnings. This limit covers both contributions by the individual and their employer.