Cars and vans business expenses for 2020-21
There are a number of changes that apply from the start of the 2020/21 tax year that relate to the taxation of company cars and vans. New way of measuring CO2 emissions The way in which the level of a...
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Annual investment allowances 2020-21
From January 2019, businesses considering investing more than £200,000 in plant and machinery may benefit from a change to the capital allowances rules, which should allow them to obtain tax relief at...
Leaving your main residence to go into care
There may come a time when an individual can longer manage on their own at home and must leave their main residence to go into care. Depending on their financial circumstances, they may need to sell t...
Profit extraction in 2020-21 through optimal salary
A popular tax-efficient profit extraction strategy used by personal and family companies is to take a small salary and extract further profits as dividends. Where this approach is adopted, the startin...
Additional lettings relief
Lettings relief provides additional relief for tax where a property that has been occupied as a main residence is let out. For disposals prior to 6 April 2020, relief was available where a property wa...
Claiming the National Insurance employment allowance for 2020-21
The National Insurance employment allowance is available to eligible employers and can be set against the employer’s secondary Class 1 National Insurance liability. In the 2020 Budget, the Chancellor...