There is plenty happening in these unusual times and here are just a selection of items that may be of interest.
A Company car?
A reminder that its now worth considering having a Company car as long as its electric. The personal tax charge has been removed. Thus the Company can buy the car and enjoy a measure of tax relief with no cost to the employee.
Lower rates apply for Hybrid cars.
Deferment of second instalment 19/20
Many have taken advantage of the deferment of the liability originally due on 31st July to postpone to 31st January. A reminder that this will coincide with the first payment on account for 20/21and therefore it’s worth trying to settle this is you can before the final date after which interest and penalties will apply.
There have been some recent changes to the law on the distribution of Assets where there is no Will. A reminder here that if you haven’t completed a Will now is the time to consider one.
Second grant for the Self Employed
Communication should be sent automatically by HMRC for this which commences for those eligible on 17th August.
The 80% calculator is reducing to 70% and is capped at £6570 previously £7500.
NB the business has to be adversely effected by Covid19 on or after 14th July.
Feel free to contact Redwoods Accountancy Services Ltd on the above and other Tax planning ideas 0203 0027700