Tax Insider Newsletter - Tax Insider

Due to the benefit-in-kind (BIK) system, leasing a personal vehicle via a limited company is often less tax-efficient than leasing privately and reclaiming business mileage. However, the tax year 2020/21 brings changes that make low carbon dioxide (CO2) emission cars far more appealing as company vehicles.

Iain Rankin looks at changes affecting the benefit-in-kind charge for company car users in the tax year 2020/21. 

Recent guidance issued by HMRC explains how to request a review of a tax-free childcare or 30 hours free childcare application, where the applicant disagrees with a decision that they are not eligible.

Sarah Laing reminds working parents and guardians to check their eligibility for tax-free childcare.

When a business’s taxable turnover reaches the VAT registration threshold, currently £85,000 per annum, it must register for VAT.  The key point here is the words ‘taxable turnover’.  Any income that a business receives that is not counted as ‘taxable turnover’ is excluded when calculating the VAT registration threshold.

Andrew Needham looks at what income needs to be included in a business’s ‘taxable turnover’ when considering if it needs to become VAT registered and what can be excluded.

When someone is thinking of starting a new business, one of the first things they should consider is selecting the appropriate legal status for their venture. Do they want to be self-employed, or form a limited company? 

Lynne Bell takes a look at some key considerations for individuals considering becoming self-employed.

Selling a main residence prior to April 2020 meant that any capital gains tax (CGT) due on the sale was declared on the self-assessment tax return. This tax return was required to be filed by 31 January in the tax year following the disposal. 

Meg Saksida summarises the major changes announced to apply from 6 April 2020 for capital gains tax relief for a taxpayer’s principal private residence. 

Estimates are that inheritance tax (IHT) payable on taxable estates in 2019/20 will be over £6 billion. The family may not be fully protected from exposure to IHT.

Tony Granger explains the inheritance tax implications of owning the family home and strategies to reduce the inheritance tax exposure. 

Back in the ‘good old days’ it was possible to pick up the phone and speak to a tax inspector to resolve tax issues; the figures in tax assessments were often handwritten; and Inland Revenue (as it was then) staff did a lot of administration by hand, rather than using a computer.

Mark McLaughlin looks at a prospective change in legislation that may be bad news to some taxpayers who are late in filing self-assessment returns.