Introduction to Spring 2019 Newsletter

Capital expenditure is an important area for every business. There have been several changes to the capital allowances regime over recent months, ranging from the introduction of the new non-residential structures and buildings allowance, introduced by Autumn Budget 2018; to the temporary increase in the annual investment allowance. Read more

Claiming capital allowances

Getting tax relief on a claim for capital allowances is not always plain sailing. This was recently highlighted at the tax tribunal, where a taxpayer faced the possibility of forfeiting tax relief on 80% of his expenditure. Read more

Auto-enrolment pension rules

The Pensions Act 2008 brought the requirement for employers to enrol particular qualifying employees in a workplace pension scheme, and to make scheme contributions. This auto-enrolment regime provides for an increase in minimum contributions on set dates – sometimes called phasing. Read more

Don’t lose out when disposing of your business

Entrepreneurs’ Relief (ER) is a valuable tax relief for those disposing of a business. It can give access to a 10% rate of capital gains tax, subject to a £10 million lifetime limit. ER is potentially available to company shareholders, owners of unincorporated businesses and trustees. But for a claim for ER to be successful, close attention to the detail of the rules is critical – and important new conditions have recently been added. Read more

Keeping the VAT inspector sweet

Negotiating the VAT rules is a complex business, considerable risk attaching to errors. But one recent tax tribunal case – which the taxpayer won – made more entertaining reading than many. Read more

Probate issues

A substantial increase in probate fees was planned for April 2019, but is still making its way through parliament, due to pressure of other business. The media has been quick to call this a new ‘death’ tax. Strictly speaking, however, this is an ‘enhanced fee’, rather than a tax. It would apply in England and Wales, not Scotland and Northern Ireland, which have their own procedures. Read more