News

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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NO DEAL BREXIT - WHAT ABOUT VAT?

The Government and HMRC have updated its collection of high-level guides called “partnership packs”, intended to help businesses involved in importing and exporting prepare for changes to customs procedures after 29 March 2019 in the event of a “no deal” scenario.
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PASSING ON THE FAMILY HOME

New inheritance tax rules for passing on the family home started on 6 April 2017. This additional relief should be taken into consideration when drafting your Will and we can work with your solicitor to make sure your Will is tax efficient.
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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 2018. Where there has been a change the previous rate is shown in brackets.
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ANNUAL INVESTMENT ALLOWANCE

Philip Hammond, recently announced in the Budget that significant changes were being made to the way UK businesses can obtain tax relief via Capital Allowances.
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ALLOWABLE EXPENSES

Staff Entertaining The cost of an annual function e.g. a Christmas party is an allowable expense for businesses as long as:
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A TIME FOR GIVING

Those thinking about making gifts at Christmas should take advantage of the various inheritance tax (IHT) exemptions and reliefs available to them. Note that certain gifts can also have capital gains tax (CGT) implications.
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GETTING CLIENTS TO PAY YOU ON TIME

You’ve done the work. You’ve invoiced the client 60 days ago. You are still waiting to get paid 30 days after payment was due. It’s time to chase for payment
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SPOTLIGHT ON CAYSH

Bryden Johnson have been working with local charity, CAYSH for many years and this has provided our team with a clear and concise understanding of the challenging needs of not-for-profit organisations. In the current climate charities are clearly under ongoing pressures to keep pace with demands for transparency, governance and accountability and we are delighted to be able to continue providing accounting support.
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MAKING TAX DIGITAL - WHAT IS IT?

During the 2015 Budget, the government set out its vision for a transformed tax system, and in December 2015 it published the Making Tax Digital roadmap. This set out the government’s plans to make fundamental changes to the tax system. The idea was to transform tax administration by 2020 to make it more effective, efficient, and easier for taxpayers.
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