The latest Finance Act reduced the tax writing down allowance for motor cars that emit more than 110 grams of CO2 to just 6% on a reducing balance basis from April 2019.
How to extract profits from the family company
The start of the new tax year means that shareholders/directors may want to review their salary and dividend mix for 2019/20.
Advisory Fuel Rate for Company Cars
In line with recent reductions in fuel prices, HMRC have reduced their suggested reimbursement rates for employees’ private mileage using their company car from 1 March 2019.
Capital allowance on high CO2 cars and assets in special rate pool reduces to 6%
One of the capital allowance changes announced in the Autumn Budget was the reduction of the writing down allowance on assets in the special rate pool from 8% to just 6% per annum from April 2019. The assets included in this pool include long life assets, such as aircraft, integral features within buildings and cars […]
Increased Capital Allowances Start 1 January 2019
The Chancellor announced a temporary increase in the Annual Investment Allowance (AIA) for expenditure on plant and machinery to £1 million from 1 January 2019.
Joint and Several Liability for Unpaid VAT
Certain traders can be made liable for the unpaid VAT of another VAT-registered business when you buy or sell specified goods. HMRC have recently updated VAT notice 726 which advises traders to carry out due diligence into their supply chain.
