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CGT On Separation And Divorce

When a married couple or civil partners separate, tax planning is understandably not at the top of the list of their thoughts. However, a ‘no gain/no loss’ rule allows capital assets to be transferred between them free of Capital Gains Tax (CGT) up to the end of the tax year in which they permanently separate. […]

Read more June 23rd, 2022

Report Employee Benefits On Form P11D By 6 July

P11D forms for reporting expenses and benefits in kind provided to employees and directors in 2021/22 need to be submitted by 6 July 2022. 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. HMRC do however expect internal controls […]

Read more June 19th, 2022

Salary Sacrifices – Get The Timing Right

Many employers and employees have been putting in place salary sacrifice arrangements to give up some of their contractual salary in exchange for additional pension contributions or an electric company car. In these specific cases and if correctly structured, the employee is taxed on the lower of the taxable benefit and the salary foregone. In […]

Read more June 9th, 2022

Is Your Business Entitled To The Employment Allowance?

The Employment Allowance (EA) is a £5,000 allowance set against employer National Insurance Contributions (NICs) and has to be claimed each tax year by qualifying employers. The EA was increased from £4,000 to £5,000 this tax year to help to soften the blow of the 1.25% increase in employer contributions, now calculated at 15.05%. If […]

Read more June 8th, 2022

Advisory Fuel Rates For Company Cars June 2022

Unbelievably there were very few changes to the HMRC advisory fuel rates from 1 March 2022, which may not have been your experience at the filling station! Now that the increased prices have fed through into the HMRC calculations there are some significant increases from 1 June 2022, as set out in the table below. […]

Read more June 7th, 2022

Buying A Used Electric Car?

The shortage of semiconductors has meant long delays in the delivery of new cars. This has caused many company car drivers to choose a second-hand car instead, but what are the tax consequences? Unless the car has zero emissions, the capital allowance rules are the same for new and used cars bought by the business. […]

Read more June 6th, 2022

Property Prices Continue To Rise

Despite the higher cost of living, property prices continue to rise. It’s no secret that the cost of living is increasing. With energy prices soaring and hikes in interest rates, this has put a strain on pockets across the country. Now, experts are predicting a sharp rise in property prices due to there not being […]

Read more June 1st, 2022