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“RENT A ROOM” RELIEF TO CONTINUE FOR AIR BNB LANDLORDS

Last year HMRC carried out a review of rent a room relief and it was proposed that the availability of this generous relief would be restricted to situations where the taxpayer was resident for at least part of the time when the “lodger” was paying rent.
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TAX PLANNING TO MINIMISE THE HIGH INCOME CHILD BENEFIT

The substantial increase in the higher rate threshold to £50,000 is good news for many taxpayers. However, that same figure is the point at which child benefit starts being clawed back and there has been no increase in that threshold since the High Income Child Benefit Charge was introduced in 2013/14.
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PERSONAL SERVICE COMPANY CHANGES FROM APRIL 2020

In the Autumn Budget the Chancellor announced that the "off payroll" workers rules that currently apply in the public sector would be rolled out to the private sector in 2020. The government have now issued a consultation paper that sets out proposed tax and national insurance changes that will impact on those supplying their services through personal service companies.
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FOUNDATIONS FOR BUSINESS EVENT

Bryden Johnson were delighted to co-host the latest Foundations for Business Event run in conjunction with Barclays Bank and Streeter Marshall earlier this month.
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TAX DIARY APRIL/MAY 2019

6/04 New workplace pension limits apply, 5% from the worker and 3% from the employer, an overall minimum of 8% of earnings
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ADVISORY FUEL RATE FOR COMPANY CARS

In line with recent reductions in fuel prices, HMRC have reduced their suggested reimbursement rates for employees' private mileage using their company car from 1 March 2019. Where there has been a change the previous rate is shown in brackets.
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Brexit – what now for businesses that trade with the EU?

There is still uncertainty around what Brexit will mean and planning for a “No Deal” scenario seems sensible right now. Businesses that buy and sell from the EU should have contingency plans in place which will need to be flexible to cope with a variety of possible outcomes.
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ISSUES TO CONSIDER BEFORE END OF THE TAX YEAR

DON’T LOSE YOUR PERSONAL ALLOWANCE For every £2 that your adjusted net income exceeds £100,000 the £11,850 personal allowance is reduced by £1. Pension contributions and Gift Aid can help to reduce adjusted net income and save tax at an effective rate of 60%.
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TAX DIARY MARCH/APRIL

19/03 PAYE & NIC deductions, and CIS return and tax, for month to 5/03/19 (due 22/03 if you pay electronically)
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WELCOME CGT ENTREPRENEURS’ RELIEF CHANGE FOR SHAREHOLDERS

In the December 2018 newsletter we alerted you to important changes to CGT entrepreneurs’ relief included in the latest Finance Bill that could have the effect of denying the relief to certain employee shareholders. As the result of lobbying by the professional bodies the government have made a late change in the Finance Bill to the definition of “personal company” so that fewer shareholders will be denied the relief when they dispose of their shares.
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