Posts by: jamieroach

Reducing Income Tax on Jointly Held Properties

 

Legal & beneficial ownership

From a tax perspective, there is a distinction between legal and beneficial ownership. The legal ownership of a property is whoever the Land Registry owner is, and if the property is mortgaged, who the mortgagee is. However, it is the … Read article

Company Car Tax Changes April 2020

The government are moving away from the current test NEDC (New European Driving Cycle) of CO2 emissions on cars and are implementing a new test called ‘WLTP’ (World Light-Duty Test Procedure) which has been designed to gather data more accurately, based on the likely emissions … Read article

IR35 – Changes to off-payroll working from April 2020

 

 

IR35 – Changes to off-payroll working from April 2020

In October 2018, the Chancellor delivered his Autumn Budget and confirmed that the proposed reform to the taxation of personal service companies (PSCs) in the private sector is to be implemented from 6 April … Read article

Selling Part of your Garden for Development

Many homeowners with large gardens consider selling part of their garden to property developers or building a house themselves, it can be a great way of extracting tax-free cash from your home.

Principle Private Residence Relief (PPR) usually exempts most owner occupiers from a charge … Read article

R & D Tax Relief

OVERVIEW

 

R & D tax relief allows SME companies to either:

 

  • Deduct an extra 130% of their qualifying R & D costs from their profit, which is in addition to the normal 100% deduction
  • Claim a tax credit if the company is loss
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Could you be Overpaying your National Insurance?

Many high earners (who earn over £50k), who have more than one source of income which are subject to NI have been overpaying.

In the current tax year the NI rates and thresholds are as follows:

• Class 1 (paid by employees) – 12% on

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VAT Reverse Charge for Construction Services

The VAT domestic reverse charge for building and construction services comes into effect from 1 October 2019. The reverse charge represents part of a government clamp-down on VAT fraud.

A domestic reverse charge means that a contractor receiving a supply of specified construction services must … Read article

Structures and Buildings Allowance (SBA)

 

HMRC have introduced a new tax relief for commercial properties, whereby relief will be given at a rate of 2% per annum for expenditure on the construction of commercial property that does not qualify for capital allowances as either plant, machinery or integral features … Read article

CGT changes for property owners

CGT changes for property owners from April 2020 

HMRC have introduced two changes to private residence relief from April 2020, both of which may result in additional capital gains tax for property owners if they sell a residential property for a gain.

On disposal of … Read article

EMI Share Options

Get the best out of your employees with an EMI Scheme.

EMI schemes are a great way of increasing employee motivation and longevity.

Enterprise Management Incentive (EMI) schemes are tax approved schemes for employees and are available to most trading companies. They allow an employer … Read article