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26 March 2019

HMRC has issued an updated version of their online guidance on Genuine HMRC contact and recognising phishing emails and texts. The guidance provides a current list of genuine messages from HMRC. This includes email messages, text messages and telephone contacts from HMRC.

The latest updates on the list includes confirmation that HMRC is contacting selected taxpayers by phone in...

26 March 2019

There are special VAT rules that allow two or more corporate bodies to be treated as a single taxable person for VAT purposes known as a VAT group.

Advantages of group registration

  • The representative member accounts for any tax due on supplies made by the group to third parties outside the group. This is particularly helpful if your accounting is centralised.
  • ...
26 March 2019

There are special rules that need to be taken into account if you employ an au pair in your home. This is because au pairs are not usually considered as workers or employees and are not entitled to the National Minimum Wage or paid holidays.

An au pair is effectively treated as a member of the family they live with and receive 'pocket money' instead of salary. The au pair may be liable...

26 March 2019

There are special rules for the taxation of post-cessation receipts and post-cessation expenses. This article explains how, or if, post cessation expenses can be claimed.

In order to be an allowable post-cessation expense, the trade must have ceased, and the expense must have been considered deductible in calculating trading profits.

This means that the expense still has to meet...

26 March 2019

There are special rules for the taxation of post-cessation receipts, those received after a trade has ceased. The legislation clearly states that the person who receives or is entitled to the post-cessation receipt is the person who is subject to Income Tax or Corporation Tax on the income. This does not have to be the same person who carried on the original trade.

The only test to...

26 March 2019

Where an employee with a company car is provided with fuel for their own private use by their employers, the default position is that the employee is required to pay the car fuel benefit charge. The charge is determined by reference to the CO2 rating of the car, applied to a fixed amount, currently £23,400. For example, a vehicle with a CO2 rating of 150g/km would create a taxable benefit of £...

25 March 2019

The government has launched its first holiday pay advertising campaign aimed at encouraging workers to understand their rights and employers to understand their legal obligations in relation to holiday pay. It estimates that, in the UK, 1.8 million workers are not receiving the holiday pay they are entitled to, resulting in them missing out on an estimated £1.8 billion each year.

...
25 March 2019

1 April 2019 - Due date for Corporation Tax due for the year ended 30 June 2018.


19 April 2019 - PAYE and NIC deductions due for month ended 5 April 2019. (If you pay your tax electronically the due date is 22 April 2019)


19 April 2019 - Filing deadline for the CIS300 monthly return for the month ended 5 April 2019. 


19 April 2019 - CIS tax deducted...

20 March 2019

Since April 2018 company directors and other eligible people such as company secretaries, people with significant control (PSC) and LLP members can apply to remove their personal addresses from the UK’s official company register on Companies House.


Prior to the introduction of this law it was only possible for a director to ask for their personal address to be hidden from...

20 March 2019

In a letter being sent to businesses across the country, HMRC has published the following information on the effect a no-deal Brexit would have on changes to VAT IT systems.


We have reproduced below a summary from the letter of the main announcements made by HMRC on this issue.


Changes to VAT IT systems


If the UK leaves the EU...

20 March 2019

The definition of a finance lease can be difficult to pin down. In legal form a finance lease is just another lease - the legal ownership of the asset lies with the lessor and the lessee only has the right to use the asset.


However, in commercial terms a finance lease is often considered to be an alternative form of 'purchase' with a loan of money and with the asset as...

19 March 2019

As the Brexit date fast approaches, it seems the only thing we can say with any certainty is that uncertainty continues to plague the issue of our leaving the EU. The negotiations on the terms of the UK’s exit from the EU are unresolved and there are three possible outcomes: a delayed Brexit by extending Article 50, a no-deal Brexit or a modified Brexit.

HMRC has published a letter to...

19 March 2019

The government has laid a Statement of Changes to the Immigration Rules implementing the full opening of the EU Settlement Scheme from 30 March 2019. The scheme will apply regardless of whether there is a Brexit deal or not.

The scheme will allow EEA/Swiss citizens living in the UK by 31 December 2020 (or by 29 March 2019 if the UK leaves the EU without a deal) and their family members...

19 March 2019

If you are self-employed as a sole trader or as a partner in a business partnership, then you must keep suitable business records as well as separate personal records of your income.

For tax purposes, the business records must be held for at least 5 years after the 31 January submission deadline for the relevant tax year. For example, for the 2017-18 tax year, when online filing was due...

19 March 2019

The cash basis scheme helps many sole traders and other unincorporated businesses benefit from a simpler way of managing their financial affairs. The scheme is not open to limited companies and limited liability partnerships. The scheme allows qualifying businesses to use the cash basis when recording income and expenditure.

You must have a turnover of £150,000 or less to join the...

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AM Data Specialists