Tax and your home: five key points to be aware of
Your home is likely to be your most important capital asset, so it’s important to consider how tax rules may impact what you can do with it. For instance, do you have to pay tax if you sell your home? What about inheritance tax and planning in later life? In this article, Clayton & Brewill […]
What travel expenses can I claim?
When it comes to travel expenses incurred by directors and other employees, the tax rules can be difficult to follow. But inadvertent errors can have expensive consequences, both for the business and for the employee. Here, Clayton & Brewill discusses the taxation of travel expenses and explains where relief is allowed. Are all travel expenses […]
Trust Registration – act now for 1 September deadline
UK express trusts, and some non-UK trusts in existence on or after 6 October 2020, must be registered with the UK Trust Registration Service (TRS) by 1st September 2022. The Trust Registration Service (TRS) is an online register of the beneficial ownership of trusts. It was set up in 2017 as part of an EU […]
Working from home tax relief: new claim needed
During the pandemic, employees required to work from home have been able to claim tax relief for additional costs, if these are not reimbursed by their employer. Tax relief for the 5 April 2022 tax year is also available, and employers may like to bring this to the attention of relevant members of staff so […]
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 […]
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 […]