Company car purchases fall under specific VAT rules which determine whether the liability can be reclaimed and strict business use only limits. Sarah Kay, technical writer, Croner-i explains the rules When a business purchases, imports or makes and intra-EU acquisition of a car an automatic restriction on input tax recovery may apply, ie, any input tax incurred is irrecoverable regardless of whether or not the car is used by the business to make taxable supplies.
Mid-sized businesses should prepare for a flood of letters from HMRC as furlough draws to a close and the government looks to recoup a suspected £7bn of fraudulent Coronavirus Job Retention Scheme (CJRS) claims HMRC is ramping up activity now that its taxpayer protection taskforce is up to strength, following a recruitment drive to hire more than 1,200 investigators since March.
A number of changes to tax rules have added to compliance requirements for property owners and increased tax bills. In the Spring 2021 Budget, the Chancellor announced a wide range of tax changes with a strong emphasis on encouraging capital spending as a route to achieving recovery in the economy. Although changes to the corporation tax rate were announced, there was no increase in the capital gains tax (CGT) rate, however, this may be revisited in the future. Significant tax changes have been introduced in relation to the UK property market over recent years. These changes are likely to have impacted the majority of UK property owners, whether this be individuals or corporates, UK residents or non-residents and whether they hold the properties for investment or trading purposes. Below is an overview of some of the more recent changes that have been announced in relation to the UK property market.
HMRC has issued updated guidance on the potential dangers posed to business and individuals by mini umbrella companies (MUC) in supply chains HMRC is warning every business which either places or uses temporary labour to be aware of the potential dangers posed to their business by mini umbrella companies fraud in their supply chain as a fraudulent supply chain can lead to reputational and financial damage to businesses, and employees may not receive what they are entitled to.
Kevin Sefton, CEO of untied, the personal tax app, sets out the 10 steps to ensure you reduce your tax liability
As the end of the tax year fast approaches, Kevin Sefton, CEO of untied, the personal tax app, sets out the 10 steps to ensure you reduce your tax liability While the last twelve months have been very hard, many people have been able to continue to earn and found themselves spending less. It’s time to put that to good use. You can reduce your tax bill, help others by giving to charity, and build your own financial future with tax-wise ISA and pension investments.