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So far Harris Lacey & Swain has created 2197 blog entries.

BREXIT TRADE AGREEMENT

The transition period for the UK leaving the EU has ended. The EU and UK have struck a trade deal, and this has been ratified by the UK Parliament so from 1 January we are trading with the EU quota and tariff “free”. There are new Customs regulations and VAT requirements to get to grips with, but we have every confidence once we get used to the new systems, imports and exports will continue to flow. The full agreement is entitled “trade and cooperation agreement between the European Union and the European atomic energy community, of the one part, and [...]

By |January 5th, 2021|Blog|
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We’re still here for you…

We have today moved to remote working in line with Government Guidance. We have set up our phone system to allow for this. Please continue to contact us normal, we are intending to operate at normal capacity for the rest of this period.   We would ask where people need to drop off information with us, they let us know beforehand so that we can ensure that they are handed over safely. Stay Safe, From everyone at Harris Lacey and Swain.

By |January 5th, 2021|Blog|
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The Coronavirus Job Retention Scheme has been extended until 30th April 2021

For the period 1 November 2020 to 30 April 2021 the government grant will cover the full 80% of wages. Employers will not be required to contribute or top-up for the hours not worked. You will still need to pay employer National Insurance contributions and employer pension contributions, you cannot claim for these. You can choose to top up your employees’ wages above the minimum 80% furlough pay amount, but you do not have to. Employees must not work or provide any services for the business during hours which they are recorded as being on furlough, even if they receive [...]

By |December 23rd, 2020|Blog, COVID-19 Updates|
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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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