accountants kendal cumbria grange

AIA transitional limit

The annual investment allowance (AIA) transitional limit will remain at £1 million until 31 March 2023, providing immediate relief for qualifying capital expenditure.

Talk to us about your capital expenditure plans to ensure that you don’t miss out on valuable reliefs.


If you are a company and you incur capital expenditure in the period from 1 April 2021 to 31 March 2023, you may be able to benefit from a super-deduction of 130% of the expenditure where the expenditure would otherwise qualify for main rate capital allowances at the rate of 18%, or a 50% first year allowance where the expenditure would otherwise qualify for special rate capital allowances at the rate of 6%.

BFMS help ensure that you optimise your capital allowance claims.

Government Support for All Businesses – COVID19 Virus

We are sure that you are aware of the support that the Government have put in place during the current COVID19 virus to date, however we want to ensure that you are fully up to date and aware of support available to you. We write to let you know that we are posting updates as they come in on our Facebook Page ‘BFMS Accountants’ and will also be updating our website ‘latest news’ page.

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Brexit import and export helpline

The Brexit import and export helpline provides information on importing and exporting goods after Brexit. It can be contacted on 0300 3301 331 and is open from 8am to 6pm from Monday to Friday.

The helpline staff are able to provide information on:
• Customs declarations and procedures;
• duties and tariffs;
• importing and exporting different goods;
• transporting goods to and from the EU; and
• product safety regulations.

Information on the helpline can be found on the website at export-helpline.

Tax and the Electric car revolution

electric tax accountants kendal cumbria grange

From 1 September 2018 a new advisory fuel rate of 4 pence per mile applies to electric vehicles. This means that if your employees have electric company cars and they meet the cost of electricity for business journeys, you will be able to reimburse them at a rate of 4 pence per mile without triggering a tax liability or having to report the payment to HMRC. If, however, the payment exceeds 4 pence per mile, any excess over that amount is taxable and you must report the profit element to HMRC on the employee’s P11D or deal with it through the payroll.

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Rent-a-room relief allows you to let out one or more furnished rooms in your own home and enjoy rental income of up to £7,500 tax-free per year. However, the ability to use the relief to shelter income from short terms lets (for example via Airbnb or similar) is to be curtailed from 6 April 2019.

From that date, a new condition is to be introduced which will mean that rent-a-room relief will only be available if there is at least one night of overlap during the let where you or a member of your household also sleep in the property. This will affect you if you let out your property while you are away.

If you are affected by this change, speak to the best accountants in Cumbia! about what it means for you.


A PAYE Settlement Agreement (PSA) allows an employer to settle the tax on certain benefits and expenses on the employee’s behalf. This can be useful, for example, to generate goodwill and preserve the beneficial nature of a benefit. Items included in a PSA do not need to be reported to HMRC on the employee’s P11D.

The administration of PSAs has been simplified such that it is no longer necessary to set up a PSA each year. Once a PSA is in place, it is an enduring arrangement until such time as it is changed by either the employer or HMRC.

Contact your professional adviser to discuss how a PSA can help you save work.

Why your sales forecast is off

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