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Filer Knapper LLP

Welcome to our Autumn newsletter

Our article ‘Chasing car tax’ considers car benefits which are a popular perk but can be expensive for both the employee in tax terms and the employer with regard to the provision of the vehicle and related costs. Some employers have sought alternative arrangements to provide the cars and we report on a recent case where employee leasing agreements were used. 

For those who are self-employed, claiming tax relief on travel expenses continues to be a constant area of challenge by HMRC. We review a recent case which highlights this topical issue.

For many, their most valuable asset is their home; we consider the availability of the principal private residence capital gains tax exemption. You need to make sure you satisfy the necessary conditions and get the paperwork right especially if you are fortunate enough to own more than one property.

Real Time Information (RTI) is now mandatory for broadly all employers. Under RTI employers report pay and deductions to HMRC on or before the payment is made to the employee. Some small employers may be able to take advantage of a relaxation of aspects of these rules until 5 April 2014.

For those who run their own business it is important that when you decide it is time to sell that you are able to take advantage of Entrepreneurs’ Relief which reduces the tax liability to 10% of the gain. We consider the complexities of the conditions for the relief and some of the potential pitfalls. With capital gains tax otherwise being due at 28% it is important to get the details right.

Another issue we consider is the availability of IHT Business Property Relief; we consider key situations where relief may not be available concerning property businesses.

Please contact us if you have any questions regarding any of the articles we have included in our newsletter or if you would like further information on a topic we have not covered. Your views are always important to us and we would welcome your feedback.


Chasing car tax

Tortuous travel…

No relief for property business

The paper residence

Real Time Information (RTI) - extended relaxation

Qualifying business disposal or not?