VAT zero-rating of adapted motor vehicles

VAT: zero-rating of adapted motor vehicles Finance Act 2017 introduced legislation designed to end perceived abuse of the VAT relief on substantially and permanently adapted motor vehicles for disabled wheelchair users. The amended rules, which took effect from 1...

Cheaper Accounts from £20 per month

Cheaper accounts are here! For as little as £20 per month plus VAT, you can now have a great and efficient accountancy service from CloudBook Accountants. What’s included? Our new more basic ‘Annual’ package includes: certified business accounts a...

Working from home

Working from home Over recent years, it has become increasingly popular for employers to allow their employees to work from home, and in doing so, pay an amount to cover any additional household costs incurred. What are the tax implications of such expenses for the...

CGT annual exemption: use it or lose it!

CGT annual exemption: use it or lose it! Capital gains tax (CGT) is normally paid when an item is either sold or given away. It is usually paid on profits made by selling various types of assets including properties (but generally not a main residence), stocks and...

Reform of landlords’ taxation?

Reform of landlords’ taxation? The government’s plans to allow landlords to use the cash basis for tax purposes were confirmed in the 2017 Spring Budget, but although the proposed legislation was included in Finance Bill 2017, it did not appear in the much...

IHT: main residence nil-rate band

IHT: main residence nil-rate band From April 2017, each individual spouse or civil partner will be offered a residence nil rate band (RNRB), which is designed to help pass on a home to ‘direct descendants’, including children or grandchildren, tax-free...

VAT Flat rate scheme: changes take effect

VAT Flat rate scheme: changes take effect The VAT flat rate scheme (FRS) is used by many small businesses to help simplify their VAT reporting obligations. Businesses could often gain a cash advantage from using the scheme, but this advantage has been significantly...

Tax-free savings update

Tax-free savings update Although interest rates for savings generally remain low, there are still a few tax-efficient savings opportunities on offer, with increased savings thresholds taking effect from 6 April 2018. Individual Savings Accounts Broadly, cash ISAs are...

Automatic enrolment for pensions

Automatic enrolment for pensions To encourage workers to start building up retirement benefits, the Pensions Act 2008 introduced certain reforms requiring all employers to offer workplace pension schemes and to enrol eligible workers into their schemes. These reforms...

Cash Basis of Accounting Extended

Increase in the cash basis threshold As announced at the 2017 Spring Budget, the threshold for traders using the cash basis for accounting purposes is increasing from 6 April 2017. This change forms part of the Government’s initiative for simplifying tax paid by...