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Archive: Mar 2016

  1. Author: JP / / Latest News

    Buy New Machinery Before 6 April

    Those running a business and making up accounts to 5 April should consider buying plant and machinery to take advantage of the Annual Investment Allowance (AIA) of £200,000. The AIA provides a 100% tax write off for equipment used in your business.

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  2. Author: JP / / Latest News

    Will Pension Tax Relief Change Again on Budget Day?

    There has been a lot of speculation that the Chancellor may announce further major changes to tax relief on pension contributions in his March Budget, based on consultations with the pensions industry.

    Under the current rules an individual’s contributions can save them tax at their highest marginal rate and also help them avoid losing their personal allowance (see previous article ‘Don’t Lose Your Personal Allowance’)

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  3. Author: JP / / Latest News

    HMRC Advisory Fuel Rates – rates from 1 March 2016

    1 March 2016 – Fuel Only Mileage Rates for Company Cars/Reclaim of VAT on Private Car Mileage

    When an employee is provided with a company car, to avoid a taxable car fuel benefit, fuel must only be provided for business travel.

    To ensure this is the case, two methods are available, the first being preferable:

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  4. Author: JP / / Latest News

    Renewals Basis is back for Buy to Let Landlords

    Following the restriction of tax relief for mortgage interest and the 3% increase in Stamp Duty Land Tax, all is not doom and gloom for buy to let landlords.

    Following on from the consultation this summer, the draft Finance Bill 2016 includes the legislation to reintroduce tax relief for the replacement of furnishings in buy to let properties from 6 April 2016.

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  5. Author: JP / / Latest News

    Proposal to Restrict Tax Relief for Travel Expenses for IR35 Workers

    One of the controversial measures included in the draft Financial Bill 2016 was the proposed restriction of the deduction for travel subsistence expenses incurred by certain workers caught by the IR35 rules. This proposed change was consulted on during summer 2015 and, if enacted, will significantly restrict the tax relief available for those affected.

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