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Archive:July 2017

Please find below all the articles from July 2017.

Tax & Financial Strategies 2017/18

Recent months have seen significant changes to the UK’s economic and political landscape. With further landmark changes in the pipeline, it is more important than ever to plan ahead and ensure that you are making the most of your business and your personal finances.

 

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Savvy Forward-Planning Will Deliver Succession Success

If you have been at the helm of your own business for some years, nurturing it from germination to becoming a fruitful concern, your thoughts will, at some point, turn to passing it on – and enjoying the rewards of your hard work.

Long before you start to dream about a relaxing retirement sampling the verdant golf courses of the world, you have another very important duty to perform in order to safeguard the long-term vitality of your business – and to safeguard your nest-egg.

Exiting a business, whether you…

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New state pension and contracted-out NICs

Most people will be aware that the state retirement pension system has changed for people who reach state pension age on or after 6 April 2016 – that is men born after 5 April 1951 and women born after 5 April 1953. The full new state pension is currently £159.55 per week, but the amount that employees who have previously paid National Insurance contributions (NIC) at the contracted-out rate may be affected under the new system. The introduction of the new state pension from 6 April 2016 brought…

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Rent a room scheme

Although Budget 2017 announced that the Government intends to review the rent-a-room scheme, it currently remains a tax-efficient way of letting out a spare room. Broadly, HMRC’s rent-a-room scheme is an optional exemption scheme, which allows individuals to receive up to £7,500 of tax-free gross income (income before expenses) from renting out spare rooms in their only or main home. The exemption is halved where the income is shared with a partner or someone else. Broadly, as long as income is below the annual threshold, it does not…

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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 April 2017, now specify a limit on the number of vehicles within a specified period of time that an individual can purchase under this relief.

An eligible individual will be able to purchase one vehicle every three years. There are some instances when this limit can be exceeded, so if an individual’s car is written off or…

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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 employee?

Broadly, no tax liability will arise where an employer make a payment to an employee for reasonable additional household expenses, which the employee incurs in carrying out duties of the employment at home under ‘homeworking arrangements’.

‘Homeworking arrangements’ are arrangements between the employee and the employer under…

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