On 12 February 2024, HMRC issued new tax guidance on the tax treatment of double cab pick-up trucks, which classified them as cars, opposed to commercial vehicles, for benefit in kind (BIK) and capital allowance purposes.
Chartered accountants Lovewell Blake has announced the appointment of two new managers, following promotions within the firm.
As we approach the festive season, one question we are commonly asked is what the tax implications are to gifts we provide to our staff.
The Chancellor announced the Autumn Statement on 22nd November, Shaun Davison and James Shipp give their initial reaction.
You are entitled to Child Benefit payments if you are responsible for bringing up a child who is under 16, or under 20 if they stay in approved education or training. It is a non-taxable benefit, which can be claimed at a current rate of £24 per week for your eldest (or only) child, and then £15.90 per week for each further child. Although Child Benefit isn’t means tested and isn’t taxable as such, you may be subject to a tax charge to essentially ‘claw back’ some or all of the benefit if income exceeds £50,000. This is called the High Income Child Benefit Charge (HICBC).
For over a decade interest rates had been at a historic low and in the last 18 months have perhaps returned to ‘normal’. Whilst that is bad news for borrowers it brings some welcome returns to those with savings, but could the taxman come calling?
The optimal time to sell a business can be influenced by the potential tax implications. UK Corporate sellers can claim the “substantial shareholding exemption” (“SSE”) to exempt a gain on a sale from corporation tax.
There are significant tax advantages to choosing an EV in addition to the environmental benefits, say Calvin Roll and Nathan Bowden of Lovewell Blake.