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Our specialist teams offer expert insight into the most topical issues affecting businesses and individuals right now.

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3 June 2021

Tax Benefits of Electric Company Cars

The latest tax rules introduced by the government mean that switching to an electric company car is no longer just about reducing the climate impact, but provides a significant tax benefits for both employer and employee. From April 2021, fully electric company cars attract a Benefit in Kind rate of just 1%, rising to 2% from April 2022. This means, a Tesla Model 3 Standard Range Plus with a purchase price of £80,000 would have a benefit rate of just 1% in 2021-22, equating to an annual taxable benefit of just £800.

Super Deduction Capital Allowances

1 June 2021

Super-Deduction – What is it and how does it work?

Between 1 April 2021 and 31 March 2023, companies can claim a super-deduction in the form of first year relief of 130% on qualifying plant and machinery additions. This means a company spending £100,000 on qualifying assets would have £130,000 deducted against its taxable profits, resulting in a tax saving of £24,700 per £100,000 of expenditure.

26 May 2021

Social distancing with… Dan Anton, Co-founder of Lahpet

The latest in our series of quick-fire client interviews, Jeffreys Henry speaks to Dan Anton, co-founder of Lahpet. Lahpet started life as a pop-up in the railway arches of London Fields by co-founders Dan Anton and Zaw Mahesh, before opening their first permanent site in Shoreditch in 2018. Lahpet remains one of London’s only restaurants to specialise in Burmese cuisine. Dan talks about the success of DIY kits during lockdown, how they prepared for indoor re-opening as restrictions eased, and opening their second and largest site in the midst of the pandemic.

20 May 2021

What would you do with an extra £102,000?

£102,000 – that’s the average amount we’ve secured in R&D tax relief for our clients. R&D tax relief is one of the best tax reliefs available to both loss-making and profit-making companies.

20 May 2021

Applications open for the business recovery loan scheme

The Business Recovery Loan Scheme (RLS) launched on 6 April 2021 as a replacement of the previous coronavirus loan schemes (BBLS, CBILS and CLBILS). It has been designed to support businesses of all sizes across the UK recover from the financial impact of the Covid-19 pandemic. The government-backed scheme is available via a range of lenders.

25 March 2021

Changes to IR35 from April 2021

Changes in IR35 rules from 2021 will mean employees, but through their own Personal Service Company (PSC), pay the same Income Tax and National Insurance contributions as other employees. From April 2021, businesses will have the responsibility of deciding whether the employment taxes and National Insurance contributions should be deducted.

9 March 2021

SME R&D Tax Credit & the new PAYE Cap

HMRC have introduced a restriction for the amount of R&D tax credit received by SMEs in a year. Effective from 1 April 2021, the cap is set at £20,000 plus three times the company’s total PAYE and NIC liability for SMEs claiming R&D tax credits.

4 March 2021

Budget 2021 – Detailed Report

The Chancellor has attempted to strike a balance between continuing to prop up the businesses worst affected by COVID-19, while setting out a roadmap to wean the UK economy off this emergency support.

3 March 2021

Budget 2021 – Read the Key Points and Announcements

The Chancellor, Rishi Sunak, delivered the 2021 Budget on 3 March 2021. Our specialist Personal and Corporate Tax Teams have summarised the key announcements below, with a full report to be published on Thursday 4th March 2021.

25 February 2021

HMRC’s Worldwide Disclosure Facility and its link to Italy

HMRC have began issuing “nudge letters” to UK residents with a financial connection to Italy and potential tax liabilities on overseas income or gains, prompting them to make a disclosure under the Worldwide Disclosure Facility (WDF).