From 6 April 2020, the benefit in kind rates for all-electric cars is reducing from 16% to 0%, which will result in significant tax and National Insurance contribution (NIC) savings. The BIK rate for an all-electric car is currently expected to then rise by 1% in 2021-22 and a further 1% in 2022-23. This rate should then be sustained through to the tax year ended 2024-25.
How to maximise your tax efficiency this year?
There are many solutions you should be aware of in order to fully optimise your take home pay in 2020/21.
To help you get started today, here’s a quick review of some of the benefits available for you and your business.
The new tax year starts today and whilst we all have other matters on our mind, its worth noting the changes to the tax thresholds and new changes introduced, summarized below.
As the end of the current financial tax year is fast approaching, it’s a good idea to think about whether you have fully maximised the amount you can withdraw from the company, tax-free and at the basic rate of dividend tax.
On Wednesday the 11th March 2020, the newly appointed chancellor Rishi Sunak will deliver his first budget to the country, the first in over eighteen months. We detail what we expect to change below, though […]
English TV presenter and journalist Helen Fospero, has become the ninth broadcaster to claim victory over HMRC at the first tier tribunal.
Christa Ackroyd Media Limited v The Commissioners for Her Majesty’s Revenue and Customs – Round 2 – An example of how NOT to operate outside of IR35
One year and seven months after we considered ‘Why was Ms Christa Ackroyd deemed inside of IR35?’ by the First Tier Tribunal, we now look at the decision of the Upper Tribunal, on appeal by […]
IR35 Watch – Results of the Government’s formal consultation on proposed changes to off-payroll in the private sector and industry responses.
A month on from the end of the Government’s formal consultation on proposed changes to off-payroll in the private sector, and its time to consider the proposed changes, how these will affect you as a […]