Biggest tax cut ever? The new super deduction explained
Described by the Chancellor as ‘bold and unprecedented’, the new 130% super deduction for expenditure on new qualifying plant and machinery was a key takeaway from the Budget earlier this year. But what are the terms and conditions? How does it sit alongside the usual rules on capital allowances? And is it the giveaway it’s […]
IR35 in the private sector: will you be affected by the new change?
Off-payroll working rules, known as IR35, are about to change in the private sector. From 6 April 2021, all public authorities and medium and large-sized clients will be responsible for deciding the employment status of workers (sometimes known as contractors). With the start date just around the corner, Nottingham chartered accountants Clayton & Brewill provides […]
Business diversification: implications for tax
Responding to the challenges posed by COVID-19, many organisations have changed their core business in order to adapt to ever-changing lockdown restrictions. But whether you’re a florist making face masks or a farm shop starting home deliveries, it’s important to consider the tax implications that business diversification could have, as Nottingham chartered accountants Clayton & […]
Entrepreneurs’ Relief: a new name and a lower lifetime limit
Despite worries it may be scrapped altogether, Entrepreneurs’ Relief (ER) lives on in 2020, but with a new name – Business Asset Disposal Relief – and a new, lower lifetime limit, as Nottingham chartered accountants Clayton & Brewill explains. What is Entrepreneurs’ Relief (ER)? ER is a capital gains tax (CGT) relief available not just to company […]
Self Assessment deadlines: key dates to be aware of
With key dates for Self Assessments coming up fast, Nottingham chartered accountants, Clayton and Brewill, highlights some important deadlines you need to be aware of and explains why it’s a good idea to get your tax return done sooner rather than later. For those who are self employed, a Self Assessment is the process by […]
Spreading income around the family – advice for business owners
Business owners often seek to minimise the tax position of shareholder-directors by involving members of the same family and using personal reliefs and lower rate tax bands of each person. But is this still an advisable strategy in the current anti-avoidance environment? Yvonne Jackson, partner and chartered accountant at Clayton & Brewill offers advice for business […]
Make the most of your capital allowances
Doug Perry of Nottingham chartered accountants Clayton & Brewill encourages businesses to take advantage of the current generous limits for capital allowances. Capital allowances help you to reduce your tax bill, by allowing you to write off the cost of purchasing qualifying items against the taxable income of your business. Since April 2014, businesses have […]