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In his Spring 2021 Budget the Chancellor announced that there would be 8 “Freeports” in England with generous tax breaks to encourage businesses to set up and invest in those areas.
If as an employee you are working at home as a result of Coronavirus but have not been reimbursed the additional costs by your employer, you may claim a deduction from earnings.
Firstly, we would like to say a big thank you to all clients for your donations so far. We are delighted to confirm we have now completed our 20,000 press-ups for Royal Manchester Children’s Hospital and we are so close to reaching our target of £3000!
A&C’s Christmas Jumper day has been a great success! The team at A&C Chartered Accountants have had a fantastic day on 10th December 2021, to help raise money for the Royal Manchester Children’s Hospital Charity
Please see below the list of main tax events for December 2021/January 2022. If you need any further help please do not hesitate to contact us.
HMRC have again increased the advisory fuel rates December 2021 that apply for the reimbursement of employees’ private fuel for their company cars.
The latest version of the CT600 Corporation Tax Return requires companies to report CJRS furlough payments received and the amounts
Remember that certain gifts to staff at Christmas are also tax free if structured correctly. Employers are allowed to provide their directors and employees with certain “trivial” benefits in kind tax free.
Last year many businesses put on a “virtual” Christmas parties and HMRC agreed that would be acceptable in order for there to be no taxable benefit for the employees involved.
Where possible taxpayers should “Gift Aid” any payments to charity to provide a further benefit to the charity.
Another tax planning strategy that is still available despite rumours that it would be closed in the Budget was the CGT hold over relief when assets are transferred into or out of a trust.
One tax planning opportunity that many thought the chancellor might restrict was the exemption from inheritance tax for regular gifts out of an individual’s income.
Many were expecting the chancellor to announce changes to inheritance tax (IHT) in his Autumn Budget, However, like capital gains tax (CGT),
An employer may spend up to £150 per head (inclusive of VAT) per year, in providing annual functions and events to entertain its staff.
This time of year we need to consider gift giving and tax. It is easy during the Christmas period to to be generous, but most of us feel we are quite generous enough to the taxman during the rest of the year.
In 4 weeks time, it is Christmas Jumper day! In the 20 working days leading up to the day our team will be taking on the challenge of 20,000 press ups
As we come to the end of 2021, its time to start thinking about the budget for next year. One thing is certain – uncertainty.
Business planning and budgeting have become increasingly complex in today’s uncertain and volatile environment. Firms have had to adapt and become more agile in order to react quickly to changing market conditions and budgets should be created with this in mind.
We have compiled a list of tax-free benefits and perks you can provide an employee. These perks are completely free of tax and National Insurance Contributions (NICs).
As the result in recent increases in petrol and diesel prices HMRC have increased the advisory fuel rates that apply for the reimbursement of employees’
With more employees going back to work after the end of CJRS furlough support, they need to start thinking about childcare if they have children.
Please see below for the diary of main tax events October/November 2021. If you have any questions, please feel free to contact our team.