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  • Tax Rates - Car and van mileage allowances
    Car and van mileage allowances HMRC approved mileage rates from 6 April 2011HMRC approved mileage allowance payments (AMAPs) can be paid tax and NI free to employees using their own cars, motorcycles or bicycles for business as shown in the table below. Vehicle typeAmount per mileCars and vans, mileage up to 10,000 45pCars and vans, mileage over 10,000 (for NI the rate is 45p for all business miles) 25pMotorcycles, all mileage24pBicycles, all mileage20pPassenger (car or van, per passenger), all mileage5pAdvisory...
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  • Newsletter - Unclaimed relief: are you out of time?
    You’ve read that certain memberships attract tax relief. You have been paying some of these for years but not included the payments on your returns. How can you check whether you can claim overpayment relief?
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  • Newsletter - Avoid losing out on business asset disposal relief
    You’re looking to wind up your company and extract the accumulated profits as a capital distribution ahead of retirement. Your spouse owns some shares but is not an employee. How can you ensure business asset disposal relief is maximised?
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  • Newsletter - What if you can’t offset loss against income?
    Budget 2021 saw a temporary extension to the way trading losses can be offset against previous profits. However, if you are a new business this might not be much use. What other little-known option might you consider?
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  • Newsletter - How your spouse is the key to savings
    Budget 2021 included the announcement that the main rate of corporation tax is to increase to 25%. You are considering winding up, but how could splitting income with your spouse restore the tax savings?
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  • Newsletter - How the downsizing rules work in practice
    The pandemic has seen people struggling for cash. In some cases this may mean they have moved into a smaller house to free up funds. How do the inheritance tax (IHT) downsizing rules work in this situation?
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  • Newsletter - Claim now to accelerate tax relief on contributions
    Your company’s annual bonuses were paid in May 2021. You decided to make a pension contribution of £8,000 into your personal plan. How can using our document mean you don’t have to wait until next year to get the relief?
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  • Newsletter - Is IHT exemption for spouse restricted?
    Is IHT exemption for spouse restricted?..Q. My mother has recently been widowed and my sister and I are handling the probate. My father left everything to her. He was secretive about his finances and it was a surprise to find that he had some substantial investments that have built up over a number of years. Unfortunately, my mother - who originally came to the UK from abroad - has been told by HMRC that she will need to pay inheritance tax (IHT). However, we were under the impression that there was an exemption...
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  • Newsletter - Can we make monthly returns?
    Can we make monthly returns?..Q. Our business recently got into serious VAT arrears with HMRC. Can we submit and pay monthly VAT returns in the future? This would help us to keep on top of the cash-flow challenges. A. HMRC’s policy is to only allow monthly returns to be submitted by repayment traders and not VAT payers. The repayments must be submitted regularly, usually because a business has a lot of zero-rated sales. If you wanted to make more regular payments to HMRC you could join the annual accounting...
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  • Newsletter - Check if you’re liable for the HICBC
    If you or your partner receive child benefit, you may be subject to the clawback charge if one of you is a high earner. It’s possible that this has been affected by the pandemic. How can you check if you are liable?
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