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On Monday 29th October 2018, The Chancellor announced in his Autumn Budget that the Annual Investment Allowance (AIA) would temporarily increase from £200,000 to £1m for a two-year period, between 1st January 2019 to 31th December 2020.

Since April 2014, certain businesses are eligible to claim an Employment Allowance (EA). This allows businesses to reduce their Class 1 National Insurance bill by up to £3,000. However, from 6 April 2020, the government is altering this, meaning not all businesses who currently benefit will be able to claim the allowance in the 2020/21 tax year.

With the 31 January deadline looming, you are probably very aware that a late return or tax payment could mean a penalty. If you miss the opportunity to claim exemptions and reliefs by the end of the tax year, it could cost you more than the £100 penalty. There are only a few months left until the end of the tax year, and we encourage you to investigate and make use of the following tax efficiencies before 5 April 2017 comes around.

Some people will now be able to have up to £17,000 of savings income tax-free as a result of the new £5,000 dividend allowance.

The employment allowance was set at £2,000 for the first two years of its existence. For 2016/17, the allowance has been increased to £3,000. So you can reduce the amount of your employer class 1 national insurance contributions (NICs) payable to HM Revenue & Customs (HMRC) by this amount throughout the year.

The tax treatment of expenditure used to refurbish buildings falls into three broad categories: repairs, for which a full tax deduction can be claimed in the accounting period in which the cost was incurred; alterations to the fabric of the building, which is then added to the cost of the premises and taken into account if the property is sold; and fixtures for which capital allowances can be claimed.

The Treasury has released a consultation document as to whether non-UK residents should be restricted from entitlement to the UK personal allowance and how this might be implemented.

A business considering buying a car in the near future should be aware of the forthcoming changes in the capital allowances that can be claimed on the cost of the vehicle.