Electric & Low Emission Company Cars and Salary sacrifice
I have often advised my clients on tax advantages of leasing electric and low emission company cars for their directors and key employees, without reference to actual legislation.
The legislation was in Finance Act 2017, Schedule 2. This amended ITEPA 2003, Section 121A.
Spring Budget 2024 – Non-UK domiciled tax status abolished
In the The Spring Budget 2024 Non-UK domiciled tax status was abolished from 6th April 2025
Spring Budget 2024 – Key Announcements
Chancellor Jeremy Hunt positioned worker and parental tax cuts at the core of his Spring Budget 2024 in a move to bolster the economy.
Changes to UK company law – from 4 March 2024
Changes to UK company law under the Economic Crime and Corporate Transparency Act will be rolled out over the next few years. The first set of measures will take effect from 4 March 2024.
Accountants are struggling to work with HMRC
Accountants are struggling to work with HMRC at even the most basic level and are calling for urgent improvements
Conditions for incorporation relief
There still seems a lot of confusion over what constitutes a business for tax purposes and what will qualify for Incorporation relief. Many qualified accountants are still giving wrong tax advice!
A ‘company’ includes any body corporate, unincorporated association or unit trust scheme but does not include a partnership or a limited liability partnership.
The taxman’s dodgy data
Over the years of JMS Accounting operation, we have dealt with many data issues in relation to HMRC. When HMRC get things wrong they cause stress and waste large amounts of time for both our practice and our clients. Clients will often not understand that HMRC are at fault and our practice wastes many man-hours resolving mistakes by HMRC.
It was some comfort to our practice to read this article in the Spectator that highlighted the extensive data problems problems at HMRC. It doesn’t solve the issues, but it helps to understand the issues that our practice has to deal with were not just experienced by us but many businesses.
No rent controls in England – government confirmation Oct 2023
Rent controls as currently in force in Scotland and under consideration in Wales will not be put into effect in England, the government has made clear.
Gifting out of surplus income – The exemption that could save you 40% on tax!
There is a little-known trick that allows you to pass on unlimited wealth to your loved ones free of inheritance tax. It doesn’t require complex trusts or bonds, expensive advice, or endless admin. In fact, all you need to set it up is a letter.
The exemption is known as gifting out of surplus income. In other words, you can pass on as much money as you like so long as it comes from your income rather than existing assets.
Tax Matters – What is Residential Property?
There have been a number of cases in recent years where various tax payers and advisers have claimed purchase of land and buildings as non-residential or mixed use property, and unfortunately all have failed.