The current Finance Bill was published on 11 March 2021. However, some changes have been made during its passage through Parliament. Why is one subtle change bad news for owners of furnished holiday lets? Budget 2021 included the announcement that there will be a temporary extension to loss relief for self-employed traders. The extension allows losses [...]
The government is committed to “green” motoring as part of its carbon reduction programme and has gone ahead with its planned extension to tax breaks for zero- emission cars. What will the impact be? Extension Businesses wanting to take advantage of the capital allowances (CAs) tax break for environmentally friendly cars and other vehicles have been [...]
Employees may have additional household costs if they have to work at home on a regular basis, either for all or part of the week. This includes having been told to work from home because of coronavirus. Additional costs include things like heating, metered water bills or business calls, that they can demonstrate have been [...]
Further grants . Before Budget 2021 the Chancellor had already announced third and fourth instalments of the Self-Employment Income Support Scheme (SEISS) payments for sole traders, and members of partnerships, whose income had been hit by the pandemic. The Budget brought the welcome news that there will be a fifth payment. Wider application. While the same general conditions [...]
The Sunday Times has published an article suggesting that more and more regular workers are turning to tax avoidance schemes. Is this right, and if so what do you need to look out for? The Sunday Times published a table this weekend showing the “biggest tax avoiders by location” , showing that the area with the most [...]
Minimise the VAT bill on a building conversion You have purchased the freehold of an office block to convert into six flats to let commercially. You cannot claim input tax on the project costs because rental income is exempt. How can you minimise your VAT bill on the building conversion? Basic Facts You intend to [...]
The start of a new tax year is always a cause of concern for anyone involved in payroll. There are so many new rates, thresholds and other changes to be incorporated. What are the key ones to look out for this time around? Tax rates and thresholds There is a small increase in the personal [...]
The message from the Chancellor was that this is a Budget with three aims: • protecting the jobs and livelihoods of the British people • strengthening the public finances • supporting an investment-led recovery You can read the individual measures and details of some of the numerous consultations below. *I HAVE DETAILED PDF REPORTS [...]
Getting your company to buy your home You’re moving to take advantage of the stamp duty holiday. You already have a mortgage offer but as your company has the funds would it be more tax efficient for it to buy your new home? Company home ownership Using your company to buy your home was once [...]
Many businesses took advantage of the VAT deferral scheme and have been awaiting guidance on how to spread the repayment of the deferred amount. The scheme has now launched, so what are the key points? The government says that over 500,000 businesses used the VAT deferral scheme in 2020. Originally, the due date for deferred [...]
Forbes Watson are pleased to announce the launch of a brand new dedicated payroll company, Forbes Watson Payroll Limited. The specialist company will cater for all the payroll needs of existing FW clients, as well as payroll services for new businesses throughout the UK. Based in the Lytham office the new payroll team are located [...]
Do you know how much profit you made last month? How does this affect the dividend you've been taking out each month? How much is your tax bill likely to be this year? We can help. Here at Forbes Watson we want to help you know the answers to the above questions, and as directors [...]