Tax Diary November/December 2019

1 November 2019 – Due date for Corporation Tax due for the year ended 31 January 2019. 19 November 2019 – PAYE and NIC deductions due for the month ended 5 November 2019. (If you pay your tax electronically the due date is 22 November 2019.) 19 November 2019 – Filing deadline for the CIS300 […]

Selling shares?

As a general rule, if you sell shares for more than you paid for them, any profit you make will be chargeable to Capital Gains Tax (CGT). Shares and investments you may need to pay tax on include: shares that are not in an ISA or PEP units in a unit trust certain bonds (not […]

Working after State Pension age

It is fine to keep working past your State Retirement Age unless your employment is subject to retirement at a compulsory retirement age. If your employer does this, they must give a good reason, for example: the job requires certain physical abilities (e.g. in the construction industry) or the job has an age limit set […]

Gifts and Inheritance Tax

When you make a gift to third parties you are potentially transferring part of your estate and a life-time charge to IHT may be applied. However, in most cases you will not need to open your cheque book as there are a number of exemptions that may cover your intended gifts. The current gift exemptions […]

Taxing aspects of electric cars for your business

This article does not cover the risks of owning an electric car, depreciation rates etc. Instead it discusses the tax implications if you buy an electric car for business purposes. As electric cars have zero carbon emissions for tax purposes it should be possible to claim what is called a “first year allowance” when the […]

Negligible value claims

Occasionally, the tax system in the UK throws up an issue that does not make sense. For example, how can you create a tax loss for capital gains tax (CGT) purposes without disposing of the asset? After all, CGT applies when an asset subject to CGT is sold or otherwise disposed. If you sell an […]