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So far Harris Lacey & Swain has created 2164 blog entries.

Time to review your will?

Top of the to do list for many individuals is to make or update their will. Many think this is something to leave until later in life but it is important to get things in place once property is acquired or when children come along. In the absence of a will there are statutory rules which dictate how your assets are distributed on death. Those statutory intestacy rules may not be tax efficient and you might to want to make specific provision in your Will for your unmarried partner or for the guardianship of your children.

By |December 21st, 2020|Blog|
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Passing on the family home

One recent change that should be taken into consideration when drafting your Will is the additional Inheritance Tax (IHT) nil rate band for passing on the family home to direct descendants on death. We can work with your solicitor to make sure your Will is tax efficient. Now that the additional relief is fully phased in it provides an extra £175,000 on top of to the normal £325,000 nil rate band. Where the allowance is unused on the death of the first spouse, the unused allowance is available on the death of the surviving spouse, potentially allowing a married couple [...]

By |December 21st, 2020|Blog|
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Advisory fuel rate for company cars

These are the suggested reimbursement rates for employees' private mileage using their company car from 1 December 2020. Where there has been a change the previous rate is shown in brackets. Engine Size Petrol Diesel LPG 1400cc or less 10p   7p 1600cc or less 8p 1401cc to 2000cc 11p (12p) 8p 1601 to 2000cc 10p   Over 2000cc 17p 12p 12p Note that for hybrid cars you must use the petrol or diesel rate. You can continue to use the previous rates for up to 1 month from the date the new rates apply.

By |December 21st, 2020|Blog|
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£1 million annual investment allowances extended

The Chancellor recently announced that the temporary increase in the Annual Investment Allowance (AIA) for expenditure on plant and machinery has been extended to 31 December 2021. The tax relief was originally scheduled to revert to just £200,000 from 1 January 2021, but that will now be delayed by twelve months. Remember that there is currently an additional 100% tax relief for the cost of buying a new car for the business where the CO2 emissions of the car are no more than 50g per kilometre. That threshold reduces to 0g from April 2021.

By |December 21st, 2020|Blog|
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New VAT rules for construction sector on 1st March 2021

New VAT rules are finally due to come into effect this March which will impact on accounting for VAT for transactions in the construction sector. These new rules, which were originally scheduled to start back in October 2019, have already been delayed twice as there was a lack of awareness of the changes in the industry. The new “reverse charge” system of VAT accounting will affect sub- contractors supplying their services to main contractors in the construction sector. Under the new rules, supplies of standard or reduced-rated building services between VAT-registered businesses in the supply chain will not be invoiced [...]

By |December 21st, 2020|Blog|
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Pension planning

For most taxpayers the maximum pension contribution is £40,000 each tax year, although this depends on their earnings. This limit covers both contributions by the individual and by their employer. Note that the unused allowance for a particular tax year may be carried forward for three years and can be added to the relief for the current, but then lapses if unused. Hence the unused pension allowance for 2017/18 will lapse on 5 April 2021 if unused. Note that there are rumours that pension tax relief may be restricted in the next Budget. Under the current rules, the net after [...]

By |December 21st, 2020|Blog|
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New year resolutions to save tax

At this time of year we think about New Year’s resolutions. It is also a good time to start planning your tax affairs before the end of the tax year on 5th April. An obvious tax planning point would be to maximise your ISA allowances for the 2020/21 tax year (currently £20,000 each). You might also want to consider increasing your pension savings before 5 April 2021 as the unused annual pension allowance is lost after three years. For those looking to do some inheritance tax planning, it would be a good time to review (or make) your Will.

By |December 21st, 2020|Blog|
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EU Sets out plans in case trade talks with UK fail

Relations with the UK: Commission proposes targeted contingency measures to prepare for possible “no-deal” scenario The European Commission has put forward a set of targeted contingency measures ensuring basic reciprocal air and road connectivity between the EU and the UK, as well as allowing for the possibility of reciprocal fishing access by EU and UK vessels to each other's waters. The aim of these contingency measures is to cater for the period during which there is no agreement in place. If no agreement enters into application, they will end after a fixed period. The Commission is therefore putting forward today [...]

By |December 14th, 2020|Blog|
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UK Government banning the sale of new petrol and diesel cars and vans by 2030 – is it time for you to embrace electric? 

As a part of his ten point plan to make the UK carbon neutral by 2050, Prime Minister Boris Johnson recently announced the sale of new petrol and diesel cars and vans by 2030. What does this mean for your business, and the direction of your company vehicle investment? More about the ban The ban will cover petrol and diesel cars and vans, which will no longer be sold past 2030. Initial projections indicated that 2040 was a likely time to implement such a ban, but the Prime Minister's push for what he calls the "Green Industrial Revolution" has seen [...]

By |December 7th, 2020|Blog|
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Gifts to Charity

Where possible taxpayers should “Gift Aid” any payments to charity to provide additional benefit to the charity. Higher rate taxpayers obtain additional tax relief on the grossed up amount donated. 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. Where the individual is a 40% higher rate taxpayer he or she is able to claim a further £5 tax relief under self-assessment, reducing the net cost of their donation to £15. Note that the donor is required to make a [...]

By |December 1st, 2020|Blog|
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