KEY GUIDES UPDATED

We have reviewed and updated some of our Key Guides.  Here is a summary and links to the latest Key Guides:

Key Guide – Investing tax efficiently

  • Now includes a reference to the Office of Tax Simplification report published in November 2020 that proposed significant changes to capital gains tax.

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Key Guide – Making tax digital

  • Detail now included on what will be required for MTD for corporation tax, scheduled for 2026 at the earliest.
  • The date for compliance for MTD for VAT for NHS and government departments using the GIANT system is confirmed as April 2022.
  • We include an example of what would be acceptable manual intervention in a complex accounting system.
  • The date for MTD for unincorporated businesses and landlords to join MTD for income tax is confirmed at 2023.

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Key Guide – Making the most of fringe benefits

  • Minor updates around the impact of Covid-19.
  • An additional line explaining the 1% tax percentage increase for each of the CO2 car emissions brackets in 2021.

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Key Guide – Off payroll working

  • An updated section on the CEST tool now includes the results given by the tool for the year ending November 2020.
  • We confirm that if you are considered an employee for the duration of a contract, you may withdraw your net salary payment as either salary or dividend.

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Key Guide – Starting and selling a business

  • Entirely updated introduction to recognise the UK’s exit from the EU and Covid-19 restrictions.
  • Acknowledges new legislation surrounding UK workers in the EU, although business meetings shouldn’t require any extra paperwork.
  • A warning has been added against potential changes to capital gains tax in the spring Budget which could affect business owners.

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Key Guide – Strategies for a high tax environment

  • We include the latest Office of Budget Responsibility estimate for the 2020/21 UK deficit announced in the November statement.
  • We updated the personal allowance to include the maximum for 2021/22.
  • We reference the November Office for Tax Simplification report that proposes significant changes to capital gains tax.
  • We include the government’s extension of the £1,000,000 capital allowance limit until the December 2021.

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Key Guide – Taxation of property

  • An entirely rewritten introduction refers to the six-year high in housing prices and reminds readers that the stamp duty cut is set to finish at the end of March 2021.
  • We include the rise in LTT surcharge from 3% to 4% from December 2020.

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Key Guide – Tax allowances for business investment

  • The introduction now includes the further extension to the temporary £1,000,000 annual investment allowance until December 2021.
  • The AIA example has been updated to reflect the extension.

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If you have any queries regarding any of the topics covered by our Key Guides get in touch with Paul Southward of your usual KSK contact.

Paul Southward