Publications

We hope you enjoy reading the Summer issue of Real-Time. We will share this newsletter every season.

A question we are often asked by clients is what are work related expenses? Many employees incur expenses in undertaking their job. However, the rules that govern tax relief for employment expenses are notoriously strict.

Under the new Capital Gains Tax (CGT) rules, which came into place in April 2023, couples that are to divorce or dissolve a civil partnership will now have up to three years after the tax year from when they stop living together to make a 'no gain, no loss' disposal for CGT purposes.

The fuel benefit charge is a separate tax charge that applies where the employer meets the cost of fuel for private motoring in a company car. The charge can be expensive and unless private mileage is relatively high, it is unlikely to be a tax efficient benefit.

HMRC have issued paper copies of Simple Assessments where these had previously been issued digitally. However, if you have already paid the amount shown on the digital assessment, you do not need to pay again on receipt of a paper assessment.

Research & Development tax relief can provide valuable financial support to a qualifying business that is investing in innovation and developing new products, services or processes.