Latest News

Keep up to date with our newsletter here

02 May 2018

HMRC is continuing to pressure online marketplaces marketplace (such as eBay or Amazon) to tackle online VAT fraud. Online marketplaces are already accountable for VAT fraud committed by online sellers on their platforms. These measures, known as joint and several liability (JSL) for marketplaces were extended earlier this year to help ensure that all businesses selling goods in the UK follow...

02 May 2018

The government has announced a new crackdown to close loopholes that have been exploited by those using Scottish Limited Partnerships (SLPs). SLPs and Limited Partnerships (LPs) are used by many legitimate businesses particularly those in the private equity and pensions industry to invest more than £30 billion a year in the UK.

SLPs and LPs are business entities created by two or more...

02 May 2018

New laws have come into effect (from 26 April 2018) to help tackle the problem of identity fraud and personal harm for company directors. The new laws, which were introduced into parliament on 22 February 2018, allow company directors and others such as secretaries, people with significant control (PSC) and LLP members, to remove their personal addresses from the UK’s official company register...

02 May 2018

Enterprise zones were first launched in 2011 and are specific geographic areas that provide various tax breaks and Government support. Businesses that set-up in enterprise zones can benefit from up to a 100% business rate discount worth up to £275,000 over a five-year period or 100% enhanced capital allowances (ECA) tax relief for qualifying investments in plant and machinery.

A new set...

02 May 2018

The government has announced that Universal Credit and Child Tax Credit support is to be extended to families who look after children who might otherwise be in the care of the local authority.

Under the current guidelines, support in the form of Universal Credit and Child Tax Credit is available for a maximum of 2 children in a household unless certain limited exceptions apply. The...

02 May 2018

There are special rules in place which limit the ability to change a company’s year end date. A company’s year end date is also known as its ‘accounting reference date’ and is usually set by reference to the date the company was incorporated.

Under certain limited circumstances it is possible to make a change to the year end. However, you can only change the date for the current or...

30 April 2018

The Home Office and the Disclosure and Barring Service (DBS) have updated their guidance for employers on requesting DBS criminal record checks for potential employees. The updated guidance includes some useful information regarding the security features of a DBS certificate, so that employers can spot fake or altered certificates.

The guidance makes clear that employers must ensure...

25 April 2018

The surprising answer to this question is usually no. This is because inheritance tax (IHT) is usually levied on a person’s estate when they die and can also be payable during a person’s lifetime on certain trusts and gifts. If you are the heir to all or part of the deceased estate, you should not be liable to pay tax on the inheritance. Any IHT due, will normally be paid out of the deceased’s...

25 April 2018

The employment allowance of £3,000 per year is available to most businesses and charities to be offset against their employers Class 1 NIC bill. The allowance can be claimed as part of the normal payroll process using either HMRC’s Basic PAYE Tools or using other commercial payroll software packages. Once you have claimed the employment allowance, the claim will continue annually unless you...

25 April 2018

The tax benefits of driving a company car have been steadily reduced over many years. Most employers and employees are aware of the additional costs of providing company cars and the tax implications they create. However, for many employees the lure of having a company car means that this remains a very popular option.
There are some circumstances where it can be possible to offer...

25 April 2018

Taxpayers that have not yet filed their 2016-17 self-assessment returns, will have already been charged an automatic £100 penalty for late submission. The penalty applied from 1 February 2018 even if no tax was due or the tax due was paid on time.

HMRC has estimated that almost 750,000 taxpayers missed the 31 January 2018 deadline for submitting their tax returns. Taxpayers who were...

25 April 2018

There are special rules in place when a limited company gives to charity. This can include, corporation tax relief for qualifying donations made to registered charities or community amateur sports clubs (CASC) as well as capital allowances for giving away equipment that has been used by your company.

However, the rules are different if the company is given something in return for...

25 April 2018

There are some simplified arrangements available to the self employed, and to some partnerships for claiming a fixed rate deduction for certain expenses where there is a mix of business and private use. The simplified expenses regime is not available to limited companies or business partnerships involving a limited company.

Simplified flat rates can be used for working from home, and...

25 April 2018

The Construction Industry Scheme (CIS) is a set of special rules for tax and national insurance for those working in the construction industry. Businesses in the construction industry are known as 'contractors' and 'subcontractors'. Under the scheme, contractors deduct money from a subcontractor’s payments and pass it to HMRC.

Contractors are defined as those who pay subcontractors,...

25 April 2018

There are two separate £1,000 tax allowances for property and trading income that have been available to taxpayers since April 2017.

The £1,000 exemptions from tax apply to:

  • Taxpayers who make up to £1,000 income from self-employment, casual services or hiring personal equipment. This is known as the trading allowance.
  • The first £1,000 of miscellaneous income for...

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