News

Under the current ‘pension freedom’ rules, individuals over the age of 55 can access their pensions - how and when they choose to do so; however, the government has recently confirmed that this is set to rise to age 57, by 2028.

The company car is a valuable negotiating tool offered by employers, looking to promote or reward key employees within the business, however, the popularity of uptake has reduced in recent years - mainly due to increases in the company car tax rates, with employers looking to offer cash allowances as an alternative.

The government have confirmed the £1 million Annual Investment Allowance (AIA) will be extended until 1 January 2022.

The passing of the Agriculture Act, the first piece of domestic legislation covering farming for more than seven decades, sets out how Britain will farm for generations to come – and importantly it includes food standards protections.

The difference between a perceived attitude to risk and actual capacity for loss can often be confused.

‘A recent first-tier tribunal case, Wickford Development Co Limited v HMRC, has been found in favour of the taxpayer, raising again the possibility of HMRC incorrectly interpreting the scope of the ‘Builder’s Block’, this being HMRC’s block on builders and contractors recovering input VAT incurred on goods that are not ‘building materials ordinarily incorporated in a building’.

Following HM Revenue & Customs (HMRC) victory in the Court of Appeal over drinks giants Coca Cola, the classification of van for tax purposes is thrown into yet more turmoil.

Previously, HMRC guidance stated that when customers are charged early termination fees to withdraw from contracts, or payments are required for breach of contract, then these charges are not generally relating to a supply and are outside the scope of VAT.