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03 January 2018

The Government has announced that the business rates anomaly known as the ‘staircase tax’ is to be axed. The 'staircase tax' affects businesses that operate in adjoining units or rooms, but are accessed from a communal lift, corridor or staircase. For example, a business that has offices on two floors of a building that are accessed via a communal staircase. Such businesses are unfairly...

03 January 2018

One of the most often used and valuable of the capital gains tax (CGT) exemptions concerns the sale of the family home. As a general rule there is no CGT on a property which has been used as the main family residence. An investment property which has never been used will not qualify. This relief from CGT is commonly known as private residence relief.

Taxpayers are usually entitled to...

03 January 2018

In October 2017, Paul Uppal (a former Conservative MP and entrepreneur) was appointed to the newly-established post of Small Business Commissioner (SBC) based in Birmingham. At the time, it was estimated that the office of the SBC would be operational by the end of 2017. The SBC is an independent public body and covers the whole of the UK - England, Wales, Scotland and Northern Ireland.

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03 January 2018

The transfer of a business as a going concern (TOGC) rules concern the possible VAT liability resulting from the sale of a business. Normally the sale of the assets of a VAT registered or VAT registerable business will be subject to VAT at the appropriate rate.

However, where the sale of a business includes specific assets and meets certain conditions the sale will be categorised as a...

03 January 2018

The pre-owned assets (POA) income tax charge was introduced in the Finance Act 2004 and the first year in which a POA charge could arise was back in 2005-6. The POA charge is effectively a tax on individuals who have given certain types of assets away but who continue to enjoy either full or partial benefits from the assets. The charge was introduced to help combat the problem of inheritance...

02 January 2018

1 January 2018 - Due date for Corporation Tax due for the year ended 31 March 2017.

19 January 2018 - PAYE and NIC deductions due for month ended 5 January 2018. (If you pay your tax electronically the due date is 22 January 2018)

19 January 2018 - Filing deadline for the CIS300 monthly return for the month ended 5 January 2018...

20 December 2017

The furnished holiday let (FHL) rules allow holiday lettings of properties that meet certain conditions to be treated as a trade for some specific tax purposes. The FHL rules currently apply to individuals, partnerships, trustees and companies who let furnished holiday accommodation situated within the UK or elsewhere in the European Economic Area (EEA). The EEA includes Iceland, Liechtenstein...

20 December 2017

There are three main VAT schemes available to small businesses:

  • The flat rate scheme
  • The annual accounting scheme
  • The cash accounting scheme

The Flat Rate Scheme

The purpose of this VAT scheme is to simplify the way a business accounts for VAT and so reduce the cost of complying with their VAT obligations. With the VAT Flat Rate Scheme...

20 December 2017

Companies often have to contend with having two different company accounting periods. This is because there are different rules for Companies House filings and submissions to HMRC, for corporation tax purposes.

The accounting periods can be the same but can also differ and a change may need to be made to ‘sync’ the accounting periods. As a general rule, the Companies House rules are...

20 December 2017

The cash basis scheme helps sole traders and other unincorporated businesses benefit from a simpler way of managing their financial affairs. The scheme was extended to landlords from April this year with many expected to benefit from the savings in administrative burdens. The scheme is not open to limited companies and limited liability partnerships.

Unlike other taxpayers that need to...

20 December 2017

The tax and NIC advantages of certain benefits provided as part of a salary sacrifice arrangement were removed from 6 April 2017. The new rules effectively remove the Income Tax and employer NIC advantages of certain benefits provided as part of salary sacrifice arrangements such as mobile phones and workplace parking.

When the changes were introduced it was confirmed that all...

20 December 2017

For high earning taxpayers, their Income Tax personal allowance is gradually reduced by £1 for every £2 of adjusted net income over £100,000 irrespective of age. This creates an effective marginal rate of tax of around 60% for tax payers as the £11,500 tax-free personal allowance is gradually withdrawn.

Taxpayers whose income sits within this band should consider what planning...

20 December 2017

Under new rules that came into force last year, HMRC has the power to force overseas retailers to appoint a UK-based VAT representative or to provide a financial guarantee. These rules currently apply to overseas retailers that supply goods already in the UK at the point of sale, to UK consumers through an online marketplace (such as eBay or Amazon).

If the overseas retailer fails to...

20 December 2017

Following its annual review of the pension automatic enrolment earnings trigger and qualifying earnings band, the government has decided that the earnings trigger will again remain at £10,000 for 2018/19. The earnings trigger determines at what point an eligible person gets automatically enrolled by their employer into a workplace...

20 December 2017

From January 2018, the Disclosure and Barring Service (DBS) is making some important changes to the basic disclosure process relating to criminal record checks. From next month, individuals who need to obtain a basic disclosure check for a job in England and Wales should apply to the DBS, not to Disclosure Scotland. Up until now,...

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