Recovery of VAT on electric car charging

The government are committed to encouraging more and more people to drive electric cars and have reduced or eliminated the income tax benefits of providing electric company cars or charging points for employees. Since 6 April 2019 there has been no taxable benefit for employees where they use an electric charging point at their place of work, provided the facility is available to all staff.

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VAT – Making Tax Digital update

From March 2021, HMRC have transferred all their remaining VAT registered businesses to their Making Tax Digital (MTD) platform. This has a number of consequences that are summarized below.

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HMRC roll out measures to ‘tackle CIS abuse’

Four new measures affecting the construction industry scheme (CIS) were enacted from 6 April 2021 as HMRC cracks down on tackling abuse of the scheme. Being on the wrong side of these change could cause significant cashflow disruption and detailed records should be kept to support any set-off claims.

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Super-deduction tempts 51% of manufacturers to invest

Investment in the UK’s manufacturing sector is poised to rise as a result of the capital allowances super-deduction.

The super-deduction enables companies that invest in qualifying new plant and machinery to benefit from a 130% first-year capital allowance.

The policy kicked in on 1 April 2021 and allows companies to cut their tax bill by up to 25p for every £1 they invest in qualifying business assets.

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Can you help shape the future of our events?

We are really looking forward to welcoming guests back at our office at 30 City Road but at the same time we are keen to ensure that we plan an outstanding programme of events for 2022.

Our clients and contacts are an important part of our business and we really value your opinions. We hope that you can spare a few minutes to provide us with your thoughts and opinions which will help us to shape the future of our events.

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Recovery Loan Scheme update

The Recovery Loan Scheme supports access to finance for UK businesses as they grow and recover from the disruption of the COVID-19 pandemic.
Up to £10 million is available per business. The actual amount offered, and the terms are at the discretion of participating lenders.
The government guarantees 80% of the finance to the lender. As the borrower, you are always 100% liable for the debt.
The scheme is open until 31 December 2021, subject to review.

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Explore where you want to go, what you need to get there and how ABG can help.