The fuel crisis last September has encouraged many people to consider buying an electric car. Drivers of company-owned electric vehicles will find it particularly rewarding as the taxable benefit for using an electric company car is currently just 1% of its list price and there is zero taxable benefit for using an electric company van.
Child benefit is not taxable but sometimes needs to be declared on tax returns. Since 2013 the high income child benefit charge (HICBC) claws back some or all of the child benefit paid to families where the highest earner in the family has total income of £50,000 or more. It is not necessarily the person…
HMRC has recently issued guidance which provides much anticipated clarification on the covid testing services and their liability to VAT. Further details can be found below.
The latest advisory fuel rates (AFR) for company car users have been published by HMRC. These are effective from 1 September 2021 and mileage rates have increased by 1p or more for all petrol and diesel vehicles.
The ‘Non-Resident Landlord Scheme’ (NRLS) is a scheme for taxing the UK rental income of non-resident landlords. Under the scheme basic rate tax (20%) is deducted from the net rent collected by an agent (less expenses paid). There is an exception to this where an agent/tenant has authority from HMRC to pay the landlord gross.
Where a property business ceases there is a relief for expenses incurred in relation to the business after it has ceased. The business typically would cease where the property is no longer let or is sold.
The SEISS is the main source of government funding for self-employed individuals who have been affected by the Covid-19 pandemic. Thus far, four SEISS grants have been made and the 5th grant is expected to open later this month with a claim deadline of 30th September 2021.
From April 2021 HMRC’s Official Interest rate has been cut from 2.5% to 2%. As a result of the cut the tax payable by a higher rate taxpayer with an employer-provided interest-free loan will reduce. This is also the case for director loans taken from companies. Where an employer-provided loan is cheap rather than interest-free, the…
