HLAS

At Harris Lacey & Swain, we are proud to announce our support for the Hull foodbank. We are always keen to raise awareness of local good causes and help out in the community wherever we can. This blog post will provide you with more information about Hull foodbank and why it is so important to our area. Why do we need a food bank in Hull? Some people in the UK struggle to put food on the table and feed their families. This issue has only been made worse by the pandemic, as people suffer from job losses and bankruptcy. [...]

Home workers could claim tax relief The ongoing Covid-19 pandemic has seen many employees swap the office for home working. If you’ve asked your employees to work from home for safety reasons, they may be entitled to claim tax relief on any additional household expenses they’ve incurred. They can claim if they work at home regularly, either for the full week or for part of the week, including if they have to work from home because of Covid-19. What additional costs are included? Tax relief can be claimed if additional costs are incurred as a result of the employee being [...]

In the March 2020 Budget, it was announced that CGT Entrepreneurs’ relief (ER) was replaced by CGT Business Asset Disposal relief (BADR) for disposals on or after 11 March 2020. It was also announced that the 10% CGT rate would only apply to the first £1 million of qualifying gains in the taxpayer’s lifetime and many business owners have misinterpreted how this limit applies.  Unfortunately claims under the predecessor ER need to be taken into consideration so if £750,000 ER has already been claimed only the first £250,000 of qualifying gains after 11 March 2020 would qualify for BADR. Any [...]

Electric Company Car; what you need to know... There is currently a zero P11d benefit for the drivers of electric cars in 2020/21. The legislation for this change is included in Finance Act 2020 which also states that the benefit will be 1% of list price in 2021/22 and then 2% in 2022/23. The zero taxable benefit also applies to hybrid cars emitting no more than 50 grams of CO2 per kilometre with a range using its electric motor of at least 130 miles, but only for cars first registered on or after 6 April 2020. Unfortunately, the range of [...]