If there is one thing that benefitted from the COVID 19 lockdown it was the environment.
Less cars and other modes of transport made an appreciable impact.
Before lockdown the government had introduced incentives particularly relating to electric cars.
Some of these incentives differed in different parts of the UK, particularly in Scotland where more incentives are available and detailed below.
Electric Cars – 100% Allowances
The government in its drive for a greener environment provided what was known as enhanced capital allowances for electric cars. Cars whereby the CO2 emission is 50g/km or less.
These cars are entitled to 100% writing down allowance in the first year as opposed to 18% each year for non-compliant vehicles.
In our previous private practice post we set out some points for you to consider as the lockdown eases and there is some return to normality. This is available on our website.
Independent Practitioner Today has also kindly published our pointers here.
Towards the end of the article we highlighted some tax planning opportunities and advice that will be set out below and for which further detailed guidance can be provided on a personal basis.
The tax planning will be split between those who practice as individual practitioners or in partnership say with their spouse or partner and those of you that have limited companies.
If you have a 31 March or 5 April financial year end then for the year 2020/21 the first part of the year will have seen little or no private practice activity.
The Revenue will allow the 31 July 2020 tax payment (your second payment on account for the tax year 2019/20) to be deferred until 31 January 2021.