Budget Update Archives - Page 6 of 7

Nov 07 2018

Tax Exemption For Homes Clipped

By admin Budget Update, Capital Gains Tax, HMRC, Potts & Co Accountancy & Business Advice News, Property

When you sell your only or main home, you expect any gain you make to be free of CGT. But that CGT exemption only applies if you have occupied the property as your main home for the entire period of your ownership. If you move out of your home before…

Nov 06 2018

Entrepreneurs’ Relief Curtailed

By admin Budget Update, Potts & Co Accountancy & Business Advice News

When you sell a business or shares in your personal company, the gain made on that disposal will normally qualify for entrepreneurs' relief which applies capital gains tax (CGT) at 10%. Up to £10m of gains can qualify for this relief in your lifetime. For a company to qualify as…

Dec 05 2017

Employee Benefits & Expenses

By admin Budget Update, HMRC, Potts & Co Accountancy & Business Advice News

Employees who charge their electric vehicles at work without being required to pay for the electricity have received a benefit of free power. Few employers would recognise this as a taxable benefit, but from April 2018 the law will be changed to make it clear there is no taxable benefit…

Dec 04 2017

Non-Resident Property Owners

By admin Budget Update, Potts & Co Accountancy & Business Advice News, Property

When UK property is held by overseas landlords, the rental income should be taxed in the UK, but any gains made on selling the property often escape UK tax. Since 6 April 2015 non-resident individuals and private companies must pay non-resident capital gains tax (NRCGT) on any gains accrued since…

Dec 04 2017

SDLT Help For First-Time Buyers

By admin Budget Update, Personal Tax, Potts & Co Accountancy & Business Advice News, Stamp Duty Land Tax

First-time buyers can now take advantage of a permanent exemption from stamp duty land tax (SDLT) when purchasing a property which they intend to occupy as their main home. The exemption removes the SDLT charge for the first £300,000 of the purchase price, for deals completed on and after 22…

Dec 03 2017

Business Rates & Staircases

By admin Budget Update, Potts & Co Accountancy & Business Advice News

The 'staircase tax' is an increase in business rates suffered by businesses who occupy two or more sections of a shared building. Each section must be treated as a separate rateable unit if it is not possible to move between the sections without entering a common area (such as a…

Dec 02 2017

Changes For Companies

By admin Budget Update, HMRC, Potts & Co Accountancy & Business Advice News

Bad News When an asset is sold for a profit, part of its increased value since acquisition is due to the general rate of inflation. Since 1 April 1982 companies have been able to exclude the inflationary element from taxable gains by deducting the indexation allowance. This reduces a chargeable…

Dec 01 2017

VAT, MTD & Fraud

By admin Budget Update, Making Tax Digital (MTD), Potts & Co Accountancy & Business Advice News, VAT

Registration The UK's VAT registration threshold is the highest in the EU at £85,000; some people argue that it holds back growth as businesses deliberately reduce sales to remain outside the VAT net. This may be true and the Treasury is going to look at how the VAT 'cliff edge'…

Nov 30 2017

Who Can Claim The Marriage Allowance?

By admin Budget Update, HMRC, Personal Tax

When an individual is married or in a civil partnership and has little or no income so that they don't use their entire personal allowance (£11,500 for 2017-18), that person can elect to transfer 10% of their allowance to their partner. This is called the marriage allowance. The recipient must…

Nov 29 2017

Diesel Bad, Electric Goodish

By admin Budget Update, Potts & Co Accountancy & Business Advice News

The benefit of having a company car is taxed as a percentage of the vehicle's list price when new. For 2018-19 this percentage will range from 13% for a car with zero CO2 emissions, to 37% for emissions of 180 g/km or more. Diesel cars tend to have lower CO2…

Budget Update

Tax Exemption For Homes Clipped

Entrepreneurs’ Relief Curtailed

Employee Benefits & Expenses

Non-Resident Property Owners

SDLT Help For First-Time Buyers

Business Rates & Staircases

Changes For Companies

VAT, MTD & Fraud

Who Can Claim The Marriage Allowance?

Diesel Bad, Electric Goodish

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