Employment Allowance Reform What are the new changes coming into play? With effect from 6 April 2020, employers with a National Insurance contributions (NICs) liability of £100,000 or more, or employers who are connected to other employers where their cumulative secondary Class 1 NICs liability is £100,000 or more, will no longer be able to…
CAPITAL ALLOWANCES (claimable by the company against corporation tax profits) Until 1 April 2021 (5 April 2021 for income tax) a low or zero emission car can qualify for a 100% first year allowance (FYA) if its CO2 emissions do not exceed 50g/km and the car is purchased new and unused.. PERSONAL INCOME TAX…
The implementation of domestic reverse charge for construction services, which has caused much consternation for the construction industry, has been delayed until 1 October 2020. Full details can be found in Revenue and Customs Brief 10 (2019): domestic reverse charge VAT for construction services – delay in implementation.
A major change in the way Subcontractors invoice Contractors for services provided within the construction industry (being CIS supplies) takes effect from 1st October 2019. In summary, where a Subcontractor makes a CIS supply of services to a Contractor then VAT should not be charged by the Subcontractor and VAT should not be claimed…
We are finding that more clients are attempting to cut their costs by running their business from home. If this applies to you then the following CronerTaxwise article may be of interest: https://www.cronertaxwise.com/community/vqotw-home-office/
Tax-Free Childcare is a government scheme available to working parents, including the self-employed, with children aged 0 to 11. Eligible parents can get up to £2,000 per child per year towards qualifying childcare. For clients with 2 children, it could mean a £4,000 saving per year on the family’s budget. Parents can use it on…