CHANGES TO DIESEL COMPANY CARS

Company car benefits are based on CO2 emissions data which has encouraged employees to choose diesel cars due to lower CO2 emissions. The government is trying to reduce the number of diesel cars and will increase the current 3% diesel supplement to 4% from 6 April 2018. As previously announced radical changes to the company...

PERSONAL ALLOWANCE AND HIGHER RATE LIMIT INCREASED

In the 2017 Autumn Budget Chancellor reminded us that the government are committed to increasing the personal allowance to £12,500 in 2020 and the higher rate tax threshold to £50,000. However, the personal allowance for 2018/19 was only increased in line with inflation to £11,850 and the higher rate threshold to £46,350.  Note that up to...

VAT REGISTRATION LIMIT FROZEN

The VAT registration limit normally increases in line with inflation each year, however the limit has been frozen at £85,000 until 1 April 2020. At the same time the deregistration limit remains at £83,000.  There had been rumours that the VAT threshold would be reduced so that more businesses would be required to charge VAT...

MILEAGE ALLOWANCE FOR BUY TO LET LANDLORDS

Another measure hidden away in the Chancellor’s Autumn Budget 2017 was the proposal that buy-to-let landlords will be able to claim 45p a mile for necessary visits to their rental properties. This will be as an alternative to claims for capital allowances and deductions for actual expenses incurred, such as fuel.  

EIS TAX RELIEF INCREASED FOR INVESTMENT IN TECH BUSINESSES

The Government will double the amount that an individual may invest under the EIS in a tax year to £2 million from the current limit of £1 million, provided any amount over £1 million is invested in one or more knowledge-intensive companies. The annual investment limit for knowledge-intensive companies receiving investments under the EIS and...

BUSINESS RATES RELIEF FOR SMALL BUSINESSES

There has been much lobbying from the small business sector to reduce business rates. The Chancellor stated that 600,000 small businesses currently benefit from small business rates relief. In order to support the licensed trade from April 2017, pubs with a rateable value up to £100,000 are able to claim a £1,000 business rates discount...

SDLT RELIEF FOR FIRST-TIME BUYERS

In an attempt to help first-time buyers get on the property ladder and stimulate the housing market the chancellor announced that for property purchases completed on or after 22 November 2017 there would be no SDLT payable if the purchase price is below £300,000.  This will be a permanent measure rather than a temporary holiday....

R&D TAX RELIEF INCREASED

The rate of the R&D expenditure credit is being increased from 11% to 12%, in order to support business investment in R&D. This is the relief available to those companies that do not qualify for the more generous relief available to SMEs. Find out more about R & D Tax relief…  

R&D Tax Relief: Why Your Business Might Be Eligible

Our latest Infographic outlines some basic information about R&D [Research & Development] Tax Relief and how it might benefit your business.

The First Autumn Budget

On Wednesday 22nd of November the Chancellor of the Exchequer will deliver the first ‘Autumn Budget’ as opposed to the usual ‘Autumn Statement’. We are moving to an important Budget each autumn and then a watered down Spring Statement as the Government wants only one significant fiscal event a year, instead of two. Phillip Hammond...