Moore Accountancy Update

HOLIDAYS
We hope you manage to enjoy some time away, or relaxing at home.
With the holidays round the corner, various members of the team are off throughout the next 2 months. 
As a guide please see the list below, but our auto responder should be updated with who is away when, so please check that if you are liaising with a certain member of staff.

ADVANCE NOTICE OF ANNUAL LEAVE (dates are inclusive and ignore usual days off)

Cath - Mon 4/7, Tues 5/7, Mon 18/7, Mon 25/7, Tues 26/7

Katie - Mon 8/8 - Mon 15/8

Luke - Mon 25/7, Tues 26/7

Monia - Mon 8/8 - Weds 24/8

Ning - Weds 10/8

Sid - Fri 15/07, Thur 21/7 - Mon 15/8, Thurs 18/8, Fri 19/8, Weds 24/8 - Fri 26/8

Susie - Weds 17/8 - Thurs 25/8

Tracey - Thurs 21/7, Fri 22/7, Thurs 11/8, Fri 12/8

 

LUKE

After 2.5 years, Luke has decided to leave Moore Accountancy. We will be very sad to see him go and wish him luck for the future.
His last day in the office will be 31/08/22, and his replacement Poonam Shah will be starting on 01/09/22. They are currently doing some training together, so you may receive emails from Poonam over the next few weeks.


OTHER
Moore Accountancy will continue with hybrid working for the foreseeable future, as on the whole it works with the team dynamics and their welfare, both mentally and physically. 

Emails will continue to be passed to the relevant team member and dealt with as if they were in the office.

If you have missed any of our previous newsletters, then our website has a backlog of them here.

The shortage of semiconductors has meant long delays in the delivery of new cars. This has caused many company car drivers to choose a second hand car instead, but what are the tax consequences?

Unless the car has zero emissions, the capital allowance rules are the same for new and used cars bought by the business. Plant and machinery capital allowances may be claimed on the purchase price of the car at either 18% or 6%, depending on whether the CO2 emissions for the vehicle are below or above 50g CO2 per km.

Where a zero-emission car is acquired by the business, a special 100% first year allowance only applies to new cars. There is however an exception for certain ex-demonstrator cars. HMRC accept a car is unused and not second hand provided it has been driven for a limited number of miles for the purposes of testing, delivery, and test driven by potential purchasers.

When calculating the P11D benefit of company cars the original list price inclusive of extras should be used, not the purchase price. Hence the P11D value for a second-hand company car may be significantly higher than the price paid for the vehicle. 
 

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When a married couple or civil partners separate, tax planning is understandably not at the top of the list of their thoughts. However, a ‘no gain/no loss’ rule allows capital assets to be transferred between them free of capital gains tax (CGT) up to the end of the tax year in which they permanently separate.

Beyond that date, asset transfers between the couple will often give rise to a CGT liability. With many divorce settlements taking several months this is worth careful consideration.

The Office of Tax Simplification (OTS) has recommended to the Treasury that the no gain/no loss rule should be extended to two years from the date of permanent separation. The government have accepted this recommendation, but the change in rules is yet to be legislated. 

The actual date that assets are treated as transferred between the separating couple depends upon how the marriage or civil partnership is dissolved. 

It is also important to consider private residence relief (PRR) on the family home. It should be noted that where one spouse or civil partner leaves the matrimonial home, they may continue to be eligible for PRR even if they no longer live in the property. There are specific conditions that need to be satisfied for this to apply. 

All in all, CGT on separation is a complex area and please do talk to us if any issues may be in point. We understand the sensitivity of the situation and are here to help.
 

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19/07/22 - P11d Employer NIC payments to be made

19/07/22 - PAYE & NIC deductions for month ended 05/07/22 (June payroll) and Q1 (if paid quarterly) 

31/07/22 - Corporation tax due for year to 31/10/21

31/07/22 - 50% payment on account of 2022/23 tax liability due

19/08/22 - PAYE & NIC deductions for month ended 05/08/22 (July payroll) 

31/08/22 - Corporation tax due for year to 30/11/21

19/09/22 - PAYE & NIC deductions for month ended 05/09/22 (August payroll)