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From 6 April 2021 new rules were introduced for medium and large companies in the private sector, which shifted the responsibility for deciding if the existing ‘off-payroll working’ (IR35) rules applied to each worker.

With a ban on the sale of new petrol and diesel cars planned in the UK from 2030, the rise in popularity of electric vehicles (EV) seems certain.

Now is the time to have that discussion with your Adviser to start planning to protect your family’s financial future.

When it comes to tax relief on capital expenditure, the devil is in the detail – not all types of expenditure are going to be eligible for tax relief in the same way. If your company is planning to make a capital investment, you may be considering whether to invest in brand new or second hand machinery, as well as asking the crucial question: how can I maximise tax relief?

The Finance Bill 2021 received early Royal Assent earlier this summer, bringing into force; the extended loss carry back legislation, the ‘super-deduction’ for capital allowances, the increased rate of Corporation Tax from April 2023 and other measures first announced in the March Budget.

For some businesses, the objective has been merely to survive. For others, due to the nature of their business, or perhaps due to an inspired new business idea, trading during the pandemic has been a roaring success. For others, the effects of the pandemic were strangely inconsequential.

The home/office working landscape has shifted significantly and businesses are asking questions about how to manage the key risks and capitalise on the opportunities that this presents

Having an abundance of cash on hand may not seem like too much of a problem for most of us, however there are potential downsides for businesses who are reporting excess cash on their balance sheets.

New UK employment tax rules apply from 6 April 2021 when engaging contractors in the UK through intermediaries such as personal service companies. These rules are often referred to as “IR35” or “off-payroll worker rules” and require workers to be assessed under a number of indicators to determine if they are genuinely in business or really just an employee.

From 1 March 2021, a new domestic VAT reverse charge will be introduced for specified building and construction services. The new regime, which will have a significant impact on the sector, will require the purchaser rather than the supplier to account for VAT on certain construction services.

We are delighted to launch the second year of the Grant Thornton tax technical network, which was designed to provide accounting professionals with specialist tax expertise and training for any issues you wish to outsource, allowing you to concentrate on growing your practice.

In July 2020, the Chancellor asked the Office of Tax Simplification (OTS) to carry out a review of Capital Gains Tax (CGT). The stated purpose was to ‘identify opportunities relating to administrative and technical issues as well as areas where the present rules can distort behaviour or do not meet their policy intent’.

6 April 2020 brought further changes to the taxation of UK property as the UK government continues its effort to level the playing field between UK and offshore investors. This latest phase of measures transitions non-resident companies, that carry on a UK property business or have other UK property income, often referred to as Non-resident Landlords (NRLs), from the UK income tax regime to the UK corporation tax regime.

New EU mandatory disclosure requirements, commonly known as “DAC6”, have been introduced to require intermediaries and taxpayers to disclose reportable cross border arrangements to the relevant national tax authority, which will then be automatically exchanged with tax authorities in the UK and EU Member States.

In our April 2020 Tax newsletter we look at: COVID-19 tax issues and support, Budget summary, Changes to reporting and paying Capital Gains Tax on UK residential property disposals; and 2019/20 Self Assessment.

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