Latest News

Keep up to date with our newsletter here

28 November 2018

Advisory fuel rates are intended to reflect actual average fuel costs and are updated quarterly. The rates can be used by employers who reimburse employees for business travel in their company cars or where employees are required to repay the cost of fuel used for private travel. HMRC accepts there is no taxable profit and no Class 1A National Insurance on reimbursed travel expenses where...

28 November 2018

The VAT Flat Rate Scheme (FRS) has been designed to simplify a way a business accounts for VAT, and in so doing reduce the administration costs of complying with the VAT legislation. The scheme is open to businesses that expect their annual taxable turnover in the next 12 months to be no more than £150,000.

In April 2017, HMRC introduced a 'limited cost trader' test that can increase...

28 November 2018

Investment clubs are loosely defined as a group of people who get together to buy and sell shares on the stock market with a view to making a profit. An investment club does not have any special legal status and usually operates as a kind of informal partnership. These clubs can offer an interesting perspective to investors helping to hone their skills, share risk and benefit from new fonts of...

28 November 2018

In the current tax year, anyone with taxable income of less than £16,850 will have no tax to pay on interest received. This figure is calculated by adding the £5,000 starting rate limit for savings (where 0% of the interest is taxable) to the current £11,850 personal allowance. However, it is important to note that if your total non-savings income exceeds £16,850 then the starting rate limit...

22 November 2018

The Gigabit Broadband Voucher Scheme was launched in March this year to help small businesses and local communities connect and gain access to full fibre superfast broadband speeds. The vouchers can be used by small businesses and the local communities surrounding them. The scheme is part of a series of Government initiatives to build nationwide full fibre broadband coverage by 2033.

...

22 November 2018

It can be very difficult for small businesses to know what options are available when their customers owe them money. This can arise when business owners are uncomfortable chasing a debt for fear of upsetting their customer and losing valuable business.

The Government has been working to tackle this issue as nearly a quarter of UK businesses report that late payments are a threat to...

22 November 2018

Personal Tax Accounts (PTAs) were launched in 2015 and works as an online resource to allow taxpayers to review and update their details in real time. For many routine requests and services using the PTA can avoid having to phone or write to HMRC.

Every individual in the UK that pays tax has a PTA, but taxpayers must sign up in order to access and use the service. This can be done using...

22 November 2018

To mark the occasion of Talk Money Week, HMRC has published a news release trumpeting five tax saving opportunities. Whilst these tax saving opportunities are routinely available to many taxpayers, it is unusual to see them all listed together. HMRC's list serves as a useful reminder of some simple measures taxpayers can take to legitimately reduce the amount of tax they pay.

The tax...

22 November 2018

There are a number of reasons why a taxpayer needs to complete a Self Assessment return. This includes, if they are self-employed, a company director, have an annual income over £100,000 and / or have income from savings, investment or property.

Taxpayers that need to complete a Self Assessment return for the first time, should inform HMRC as soon as possible. The latest date that HMRC...

22 November 2018

It is important to understand how Capital Gains Tax (CGT) works when someone dies, and more importantly how this affects the computation of gains and losses by those who have inherited an asset as well as the personal representatives (such as executors and administrators) of an estate.

As a general rule, there is no CGT charge upon death. This is often referred to as a CGT uplift on...

22 November 2018

HMRC has begun a letter writing campaign to remind businesses that the way they keep VAT records and submit their VAT returns is changing. The letters are being sent to businesses who will be within the scope of the new Making Tax Digital (MTD) for VAT, which comes into effect from 1 April 2019.

A first wave of 20,000 letters was sent earlier this month with a further 180,000 letters...

22 November 2018

The VAT DIY Housebuilders scheme is a special scheme, enabling homeowners building a home to benefit from the special VAT rules that allow the qualifying construction costs of new homes and certain conversion works to be zero-rated. The scheme has been designed to effectively put homeowners in a similar position to a property developer.

A claim can...

15 November 2018

As expected, the government published Finance (No.3) Bill on Wednesday, 7 November 2018. The Bill is so named as it is the third Finance Bill in the current special two-year session of Parliament. The Bill contains the legislation for many of the tax measures announced by the Government at Autumn Budget 2017 some of which have since been the subject of further consultation. The Bill also...

15 November 2018

There are tax consequences for both companies and directors relating to the issue of director’s loans. We will examine below some of the implications if a company facilitates loans to a director. A director’s loan comprises not just an actual loan, but can also include other payments made by the company for the personal benefit of a director such as personal expenses paid for on a company...

15 November 2018

An overdrawn director's loan account is created when a director (or other close family members) 'borrows' money from their company. Many companies, particularly 'close' private companies, pay for personal expenses of directors using company funds. Where these payments do not form part of a director’s remuneration, they are usually posted to the director’s loan account (DLA).

The DLA can...

Pages

Providing the direction that leads to growth.

"We've always found them to be professional, accurate and a pleasure to deal with. "
NA Printers