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Last Chance for Energy Efficient Capital Allowances?

From April 2020 the Enhanced Capital Allowances (ECAs) available on energy and water efficient assets will be withdrawn. Currently, 100% first-year allowances are available on these assets, and where the allowances create a loss, this can be converted into a payable tax credit from HMRC.

CGT Relief on Homes Slashed

The 2020 Finance Act is set to reduce the scope of the valuable Private Residence Relief (PRR), which prevents Capital Gains Tax (CGT) being charged when you sell your home. From 6 April 2020, the CGT payable on the sale of a residence may increase by up to £11,200 due to a restriction to PPR ‘Letting Relief’.

R&D Relief for SMEs

The UK corporation tax relief for expenditure on Research and Development (R&D) is extremely generous, particularly for small and medium-sized enterprises (SMEs).

Changes to Conditions for Entrepreneurs’ Relief

Entrepreneurs’ Relief has been the subject of recent changes including an extension to the length of the required qualification period and the introduction of a measure or protection for taxpayers who find that their shareholding has been diluted below the Entrepreneurs’ Relief threshold.

IR35 Changes Loom for the Private Sector

On 6 April 2017, changes to the way that the taxation of workers’ services provided through intermediaries was implemented has had a huge impact for workers in the Public Sector. The Government now intends to roll out similar changes for the Private Sector, with effect from 6 April 2020.

Year-end personal tax planning tips 2018/19

The last day of the 2018-19 UK tax year (5 April 2019) is looming large and for those who seek to be tax efficient, it is time to examine ways of potentially mitigating 2018-19 personal tax liabilities via year-end planning reviews.

Non-Resident CGT – April 2019 Changes

From 6 April 2019 the scope of UK CGT on non-residents is being extended to include all UK real estate property as well as to assets deriving at least 75% of their value from UK land.

Changes to Entrepreneurs Relief

Changes to Entrepreneurs Relief potentially threatened the availability of capital gains tax relief for owners of companies with alphabet share classes.

Budget 2018 Summary

On 29 October 2018, the Chancellor set out his budget to Parliament, stating that austerity is “finally coming to an end” as the economic outlook improves, and appearing to spread some of the potential benefits around. The budget offered little in the way of significant overhaul, largely focussing on adjustments to existing reliefs, but what were the actual changes to the UK tax environment?

Non-Resident Landlords – UK Tax Update

Non-Resident Landlords – A UK Tax Update In the face of continuing budgetary pressure on the UK Treasury, HM Revenue & Customs (HMRC) is continuing its drive to collect the right amount of tax owed by non-residents on UK property letting income. Income tax payable on UK property income If you are a non-resident of […]