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Extension of £1m Annual Investment Allowances limit

The Annual Investment Allowance (AIA) for expenditure on plant and machinery is £1 million. This was a temporary rate which was set for the period 1 January 2019 to 31 December 2020, after which the rate was planned to revert back to £200,000. The Government, however, has just announced that they are extending the £1… Read More

Are significant changes to capital gains tax imminent?

There has been recent speculation that the rate of capital gains tax is likely to be increased and some reliefs and exemptions may go. A Government review has been conducting a review about simplifying capital gains tax. This is not surprising as capital gains tax is taxed at 10%, 18%, 20% or 28% depending on… Read More

South West Growth Academy

A collaboration between South West Growth Service and Dafferns LLP Business Leaders and owners often feel isolated in the top job, all the more so with COVID-19. We have found many are looking for an environment to discuss their business in a confidential yet informal environment, supported by experienced business facilitators and business peers. We’re… Read More

VAT – Value Added Tax

There are hundreds of pages of VAT legislation, however, we have focussed on areas where changes may have occurred in responding to the current situation, which we felt may be of more relevance at this time. Taxable supplies made by charities  Donations – these fall outside of the scope for VAT as long as nothing is provided… Read More

Time to Pay – January 2021 Tax Liability

Those struggling to pay the tax becoming due on 31 January 2021 have been granted further time to pay as part of the winter economy package announced on 24 September. HMRC has increased the threshold for paying tax liabilities by instalments to £30,000 from the previous limit of £10,000. If you want to take advantage… Read More

Charities: Gift Aid

At this time, a charity can also increase its income receipts by making a gift aid claim, either through the usual process or under the Gift Aid Small Donations Scheme (GASDS). Click here for our March 2019 issue, which looked at this in more detail. Some key points are: Ensure that valid gift aid declarations… Read More

Charities: Trading vs Non-Trading

With all that has been happening over the last 6 months, many charities have had to pivot or adapt their activities in response to the impact of the Global Pandemic. For some this has involved looking at new ways to generate income, to operate or to collaborate with others. Now is probably a good time to review… Read More

Winter of Discontent? – Hopefully Not

Living organisms have a remarkable ability to adapt and evolve to be successful in the environment in which they find themselves and humans are perhaps the most remarkable of all species on the planet in their ability to adapt rapidly. We are currently living through the most turbulent period of my lifetime in terms of… Read More

Tax for Charities shouldn’t be taxing!

With all that has been happening over the last 6 months, many charities have had to pivot or adapt their activities in response to the impact of the Global Pandemic. For some this has involved looking at new ways to generate income, to operate or to collaborate with others. Now is probably a good time to review… Read More

HMRC Being Heavy Handed with CJRS Grant Claim Reviews

As is always the case with government initiatives, the fantastic new measures are always rolled out with a fanfare and then behind the scenes, HMRC are tasked with ensuring the new system isn’t abused.  As such, I’m well aware that HMRC are in a somewhat invidious position. Equally, there are always some who will take… Read More

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