Information on Company EV Car Charging
Sally studio
During our team communications meeting this week I asked the team if there was anything they wanted to go in the newsletter this month. I promised myself I would not bring up the weather again. The consensus around the team was that we should probably mention the upcoming election. Whilst we are always prepared for and expecting change in the tax and accountancy world, an election and highly probable change of government, can bring with it a lot of uncertainty and unease. Tax planning is hard enough, without a whole new change of rules. We are here to help though. We will always keep up with the potential changes and advise you when we feel you could be affected. I’ll mention some of the possible changes below. The rest of the conversation then turned to the Euro’s – I know supporting and managing a team is hard, and I guess its no easier with a team of professional footballers, but lets hope we see some improvement and soon! Whilst we have one eye on the Euros, the other eye will still be on the election. Good luck to all involved – may the best team win and long may the sun shine…..
information on company EV car charging

No surprises in the labour manifesto…

The claim is they will not increase National Insurance, income tax rates or VAT. They will look to reform the non-dom regime, end the use of offshore trusts to avoid inheritance tax, reform the taxation of private equity and end tax breaks for private schools. Capping the corporation tax rate at 25% has been committed to and they will retain the annual investment allowance. A reform to business rates could be on its way and reforming the Apprenticeship levy and replacing it with a Growth and Skills levy is on the manifesto. They have also set out plans to tackle the tax gap. Law changes will tackle avoidance, increase registration and reporting requirements and they want to strengthen HMRC’s powers. There is little in the manifesto about changes to capital gains tax, inheritance tax or pension tax .
VAT on private school fees

VAT on private school fees

Something that may come into effect if Labour win the election is VAT on private school fees. Is there any way to avoid this?

Rachel Reeves has commented it won’t come in until 2025, so this may give you some planning opportunities. Discuss with the school their stance on this. Will they be intending to absorb some of the costs themselves, given that they can now claim back input VAT, or realise that as a commercial business they may lose pupils?

Is it possible to pay in advance for fees. If this is possible you may avoid the tax point when they have to register for VAT.

VAT Inspections

Conservative promises include..

A commitment to not increase the main taxes – Income tax, National Insurance and VAT. Employee National Insurance will reduce by 2p, and the abolition of the main rate of self-employed National Insurance (by the end of parliament). First time buyers may benefit from the abolition of Stamp Duty Land Tax (SDLT) for homes of up to £425k in England and Northern Ireland. The Child Benefit system would see changes to a household system with no tapering until household income reaches £120k. There would be a new age related allowance tracking the state pension to ensure those receiving the state pension in isolation, don’t pay income tax. Business taxes have also been considered – a commitment to not raise corporation tax. They also committed to maintaining R&D tax reliefs and the windfall tax on oil and gas companies will stay in place until 2028/29 or until price level return to normal levels. The VAT threshold would continue to be reviewed and they would provide a business rates support package to small businesses. Enterprise Investment schemes (EIS), Seed Enterprise Investment Schemes (SEIS), Venture capital Trusts (VCT), Business Asset Disposal Relief (BADR) Agricultural property relief and business relief would be retained and tax avoidance and evasion, would be be tackled.
Matt studio

What about the rest….

There are, of course, other parties and each has a manifesto setting out their preferred tax measures, but like the England team Euros performance I run the risk of you turning off and deciding a walk in the sunshine is far more inspiring at the moment. What ever happens we will be here to support and advise you, so please get in contact with any of the team to talk through concerns or issues you may have.

This month’s Clear Vision positive thought:
“Set your goals high, and don’t stop until you get there”

For more information about any of the above, including VAT on private school fees, please get in touch.