As businesses manage the gradual return to the office, some of your team will be able to come back while others may need to continue working remotely. As firms begin to navigate the complexities of returning to the office, some employees will have to contend with challenges around childcare, health issues that prevent them from returning to work, anxiety and …
The government has recently announced that the previous £1,000 limit on the cost of a bicycle provided under the cycle to work scheme has been removed. This will apply where the employer uses a firm authorized by the Financial Conduct Authority (FCA) to hire out cycles to employees who use them to commute to work. Note that where the cycle …
Where possible higher rate taxpayers should “Gift Aid” any payments to charity to provide additional benefit to the charity and for the individual to obtain additional tax relief on the payment. For example where an individual makes a £20 cash donation to charity the charity is able to reclaim a further £5 from HMRC making a gross gift of £25. …
Remember that certain gifts to staff at Christmas are tax free if structured correctly. Ever since April 2016 employers are allowed to provide their directors and employees with certain “trivial” benefits in kind tax free. The rules were brought in as a simplification measure so that certain benefits in kind do not now need to be reported to HMRC, as …
These are the suggested reimbursement rates for employees’ private mileage using their company car from 1 September 2019. Where there has been a change the previous rate is shown in brackets. Engine Size Petrol Diesel LPG 1400cc or less 12p 8p 1600cc or less 10p 1401cc to 2000cc 14p (15p) 10p (9p) 1601 to 2000cc …
The government has announced that there will be a zero P11d benefit for the drivers of electric cars from 2020/21. This is instead of the 2% scale charge that was originally included in Finance Act 2017 to apply for 2020/21. The legislation for the change will be included in Finance Bill 2020 and it is proposed that the benefit will …
A recent case before the tax tribunal saw the liability for a late VAT registration penalty being passed on to a manager of the company. HMRC have the power to impose such a penalty on an individual where (1) there is a penalty payable by the company for a deliberate failure (2) the individual on whom HMRC seek to impose …
There is currently a very generous 100% relief from inheritance tax for passing on businesses and farm land during lifetime and on death. The rationale for Business Property Relief (BPR) and Agricultural Property Relief (APR) is to enable businesses to be passed on without the need to sell off assets to pay the IHT due on the transfer. Currently if …
Although the OTS were tasked with simplifying inheritance tax, they also considered the interaction with CGT as many asset transfers potentially have both CGT and IHT implications. Currently there is no CGT on assets transferred on death and the recipient inherits the asset at its market value. It has been suggested that the capital gains tax uplift on death distorts …
The Office of Tax Simplification (OTS) have undertaken a detailed review of Inheritance Tax (IHT), which is perceived by many as a complicated tax. The government normally takes account of OTS recommendations and their report is likely to lead to future changes to the rules. We will keep you posted as the changes may necessitate amending your will or further …
Currently letting relief provides up to a £40,000 deduction in computing the capital gain on the disposal of a property that was at some time the taxpayer’s main residence. The relief is the lessor of £40,000, the gain attributable to the let period, and the amount of private residence relief. For a couple this could potentially exempt up to £80,000 …
Draft legislation to be included in the next Finance Bill will make important changes to the calculation of CGT private residence relief. As announced in the Autumn 2018 Budget, there will be a reduction in the final period exemption to just 9 months and stricter conditions for letting relief to apply. Currently where a property has been the taxpayer’s main …
The draft Finance Bill clauses issued for consultation on 11 July include legislation to extend the “off-payroll” working rules to the private sector from 6 April 2020. These changes will have significant implications for workers providing their services through personal service companies and also the end user organisations that engage such workers. End users will be required to determine whether …
In order to manage an effective team of people you need to win their trust. If employees don’t have trust in their company and their managers, they can become disengaged. This can lead to high rates of staff turnover and those who stay are likely to be de-motivated. Transparency Honesty is the best policy. Communicate with your team, ensure that …
As a leader in your firm, you are focused on developing the people around you. But who is responsible for your own development? If you want to help your employees to grow and develop, you need to invest time in developing yourself, as a leader. In order to focus on your own personal development, you need to schedule time to …
People move jobs more frequently these days. Here’s what to do when a key team member decides to move on. As talented employees grow and develop in their careers, it is inevitable that some will decide to branch out and move to another firm. Be supportive Congratulate them on their new opportunity. Thank them for their contribution to the firm …
5G is the fifth generation of mobile phone and data networks. The rollout has already started – here’s what you need to know. Today’s mobile phone and mobile data networks tend to use 4G and in some cases, 3G infrastructure. The latest 5G network is designed to work as a “network of networks” in that it will bind together multiple …
