Audio-visual tax reliefs
Audio-visual tax reliefs
September 21, 2023The film, TV and video games tax reliefs will be reformed, becoming expenditure credits (similar to RDEC) instead of enhanced deductions, from 1 April 2024. The new Audio-Visual Expenditure Credit (AVEC) will replace the current film, high-end TV, animation and children’s TV tax reliefs. The expenditure threshold for high-end TV will remain at £1 million
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Major changes to R&D reliefs
September 21, 2023There have been major tax incentives for research and development expenditure for many years. Until recently, HMRC has adopted a ‘light touch’ approach to compliance in this area. However, those days are now over, as Finance Act 2023 introduces a number of changes, including more onerous compliance rules. The main changes are outlined below. The
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Extension of NICs top-up period
September 21, 2023You need at least • 35 complete NICs years to receive the maximum state retirement pension, and • 10 complete NICs years to receive any of the state retirement pension. Where there is a gap in your NICs record, you can normally pay voluntary Class 3 contributions for periods in the last six tax years.
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Expansion of the Seed EIS scheme
September 21, 2023The Seed Enterprise Investment Scheme (Seed EIS) provides very generous tax breaks for investors, including a 50% income tax reduction for the amount invested and exemption from tax on capital gains on disposal of qualifying shares, if they are held for a minimum of three years. In addition, there is a 50% capital gains tax
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Avoid the spotlight!
September 21, 2023‘Spotlights’ published by HMRC highlight schemes that HMRC has not yet had the opportunity to formally challenge, but where they are indicating, in advance, that they will enquire into any taxpayer who has utilised the planning. If someone uses a scheme which has been highlighted by a Spotlight, it is likely HMRC will argue that
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Time to go electric? (continued)
September 21, 2023Vans Vans are treated as normal plant and machinery, so are eligible for the 100% AIA on purchase. They also have much lower benefit-in-kind charges than most cars where the employee or director has private use, being (for 2023/24): • Nil for an electric van • £3,960 for any other van. If private fuel is
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Time to go electric?
September 21, 2023In his March Budget, the Chancellor announced the introduction of “full expensing”, i.e. allowing most plant and machinery purchases to be allowable fully for tax purposes in the year of acquisition. This was really aimed at encouraging investment by big companies, as most small companies would in any case get immediate full tax relief via
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When is a dwelling not a dwelling?
September 21, 2023Stamp taxes, whether Stamp Duty Land Tax (SDLT) or its devolved equivalents, are usually higher for residential property than non-residential or mixed-use property. (However, the current nil rate thresholds for SDLT, particularly for first-time buyers, mean that this is not always the case.) ‘Second home supplement’ may also apply to residential property. To be residential,
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All Quiet on the Tax Front
September 21, 2023With the government’s time taken up in dealing with economic issues such as high inflation and public debt, we are not expecting any significant tax announcements until the Budget, due to be held next March. The General Election is likely to be held later next year, so this Budget may well contain a lot of
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The state pension is expected to rise
September 18, 2023The increase means the full new state pension will rise by £900 to £11,501 – edging closer to the basic rate income tax threshold The state pension is expected to rise by at least 8.5 per cent under the triple lock in April 2024. However, hundreds of thousands of pensioners won’t feel the full benefit.
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