Limited Companies
Virtual Christmas parties will qualify for tax exemption
HMRC has confirmed that they will accept a virtual Christmas party as an event which is capable of falling within the tax exemption rules for annual functions. The Association of Taxation Technicians (ATT) has received the following statement from HMRC:
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Gifts to employees can be tax-free
Some employers may wish to give a small gift to their employees. As long as the employer meets the relevant conditions, no tax charge will arise on the employee. A tax exemption is available which should help employers ensure that
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Advisory fuel rates for company cars
New company car advisory fuel rates have been published and took effect from 1 December 2020. The guidance states: ‘You can use the previous rates for up to one month from the date the new rates apply’. The rates only apply
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Self-assessment taxpayers warned to watch out for scammers posing as HMRC
HMRC is warning self-assessment taxpayers to be alert to the danger of scammers posing as the tax authority in the lead up to the tax return deadline. Every year HMRC issues thousands of SMS messages and emails as part of
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HMRC confirms MTD for corporation tax to be mandated from 2026
In a new consultation HMRC has confirmed that Making Tax Digital for corporation tax (MTD for CT) will not be implemented until 2026 ‘at the earliest’. The consultation considers how the principles created for MTD could be established for companies
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£1 million Annual Investment Allowance cap extended
The Treasury has confirmed that the £1 million cap on the Annual Investment Allowance (AIA) is to be extended for an additional year as the government continues to look at ways to stimulate the economy. The AIA provides a tax
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Electric Vehicles – To buy or not to buy??
Or should we say to lease or not to lease?? In the company, or keep it personal?? Have you guessed what I’m talking about yet? Well, probably as it’s in the title, which we have to do from an SEO
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Crown Preference – what you need to know!
What is Crown preference? Why does it make a difference? Will it impact a personal guarantee? In the World of Covid, with Brexit around the corner, it is easy to forget that there is another change that will impact the
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Brexit imports and exports
From 1 January 2021, the UK will operate a full external border with the EU, which will entail major changes for imports and exports to and from the trading bloc. From 1 January 2021, declarations will be needed to import
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Tax relief for working at home
HMRC has received more than 54,800 claims from taxpayers using a new online portal which allows workers to claim tax relief for working at home. From 6 April 2020, employers have been able to pay employees up to £6 a
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Chancellor approves grants for businesses closed by lockdown
Chancellor Rishi Sunak has announced approved additional funding for cash grants to support businesses required to close in England due to the lockdown. Those businesses affected will be eligible for the following: For properties with a rateable value of £15,000
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HMRC Employer Bulletin October 2020
HMRC has published the latest issue of the Employer Bulletin. The October issue has information on various topics including: Coronavirus support schemes and what employers need to do from November onwards National Insurance Number delays Guidance on off payroll working
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