Selling Property? – Watch Out for the New 30-Day Tax Penalties

If you are selling a residential property other than your private residence, then you must report the sale to HMRC within 30 days, or you will have to pay penalties. New rules introduced from April 2021 mean that anyone selling a residential property, where there is capital gains tax to pay, will have to report … Continue reading Selling Property? – Watch Out for the New 30-Day Tax Penalties

What Should I Consider When Creating a Home/Garden Office?

More people are working from home due to the pandemic, and many business owners are considering creating a dedicated home or garden office. However, there are several things to be considered before doing this. Tax on construction/conversion When building a dedicated office from scratch, for example, a garden office, or a part of your home … Continue reading What Should I Consider When Creating a Home/Garden Office?

Super-Deductions: Budget Changes for Business

‘Bold and unprecedented’. That was the Chancellor’s description of the new 130% super-deduction for expenditure on new qualifying plant and machinery announced in the Budget. The headlines announced that for every pound invested; tax is cut by up to 25p. But what are the terms and conditions, how does it sit alongside the usual rules … Continue reading Super-Deductions: Budget Changes for Business

Landmark Case Highlights the Rules Around Commercial Vehicles

Many business owners provide their employees with vehicles to help them perform their work duties. But with commercial vehicles attracting a lower level of tax than company cars, the vehicle must meet the criteria set out by HMRC. HMRC states that a commercial vehicle must be ‘constructed primarily for the conveyance of goods or burden with … Continue reading Landmark Case Highlights the Rules Around Commercial Vehicles

How Do I Set up a Payment Plan for My Tax Liability?

Once you have submitted your tax return, you will know how much you are due to pay by 31 January.  To arrange an instalment plan (a 'time to pay' agreement), you will need your Government Gateway account details to log on to HMRC's online tool. You must meet all the following criteria to be eligible: No outstanding … Continue reading How Do I Set up a Payment Plan for My Tax Liability?

Advisory Fuel Rates

This post was originally published in 1 September 2020 and was updated on 1 September 2021 for freshness, accuracy and comprehensiveness. For employees using a company car, the new fuel rates for use from 1 September are as follows: Engine SizePetrolLPGDieselAmount per mile (in pence)1400cc or less127101401cc to 1600cc148101601cc to 2000cc14812Over 2000cc201215 For the purpose … Continue reading Advisory Fuel Rates

Temporary Land Transaction Tax Changes in Wales

Last week, the Chancellor, Rishi Sunak, announced that the stamp duty threshold in England and Northern Ireland was being increased from £125,000 to £500,000. The tax break didn’t apply in Wales, but additional funding was being provided for the Welsh Government to implement a similar policy. It has been announced that the change to the … Continue reading Temporary Land Transaction Tax Changes in Wales

New Support Announced by the Chancellor in His Summer Statement

On Wednesday 8 July 2020, the Government held an emergency mini budget to minimise the pain as the economy faces the challenges of the past few of months. The main priority on the agenda was unemployment rates, with the Chancellor announcing that he wants to ‘protect, support and create jobs.’ What’s changing? Furlough Scheme With … Continue reading New Support Announced by the Chancellor in His Summer Statement