- 6 Poole Road, Wimborne, Dorset, BH21 1QE.
- Town Quay House, 99 Gosport Road, Fareham, Hampshire, PO16 0PY.
- 6 Poole Road, Wimborne, Dorset, BH21 1QE.
- Town Quay House, 99 Gosport Road, Fareham, Hampshire, PO16 0PY.
20/03/2019 More...
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 a20/03/2019 More...
The list of company benefits that can be provided tax-free to employees is quite short. However, some of the benefits that can be provided include the following: Meals: Free or subsidised meals in a staff canteen where meals are provided for all employees on a reasonable (not overly extravagant) scale. The exemption does not apply20/03/2019 More...
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 a20/03/2019 More...
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 for20/03/2019 More...
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 EU19/03/2019 More...
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 must19/03/2019 More...
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 UK19/03/2019 More...
In the Spring Statement 2019, the Chancellor of the Exchequer has announced that the apprenticeship reforms set out in the Autumn Budget 2018 will now be introduced a year early. From 1 April 2019, the co-investment rate for non-levy employers will be cut by a half from 10% to 5%. In addition, from the same date, levy-paying employers19/03/2019 More...
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,14/03/2019 More...
In many circumstances it can be beneficial to make voluntary Class 2 National Insurance Contributions (NICs) to increase your entitlement to benefits, including the State or New State Pension if you are self-employed. You might want to consider making voluntary NICs because: you’re close to State Pension age and do not have enough14/03/2019 More...
Your Unique Taxpayer Reference (UTR) identifies your tax records at HMRC. The number is also known as your taxpayer number or tax reference number and should be used whenever you contact HMRC, or when you file your tax returns. The UTR is a unique 10 digit code. You are automatically given a UTR when you set yourself up to file Self14/03/2019 More...
As a general rule, most deposits made by customers serve as advance payments and create a VAT tax point when the deposit is received. It is important that businesses ensure that the VAT element of any deposits received is accounted for correctly. Usually this will mean that VAT is due on a deposit when it is received and not when the14/03/2019 More...
The 'badges of trade' tests, whilst not conclusive, are used by HMRC to help determine whether an activity is a proper economic / business activity or merely a money-making side line to a hobby. Careful consideration needs to be given when deciding if a hobby has become a taxable activity. It is clear from the significant amount of case14/03/2019 More...
A capital sum received by an individual in respect of the sale or relinquishment of income to be derived from his or her personal activities, can sometimes be treated as earned income and chargeable to Income Tax. If this is the case, the amount charged to Income Tax is not also charged to Capital Gains Tax. The following conditions must13/03/2019 More...
The P9X form is used to notify employers of the tax codes to use for employees. The basic Personal Allowance for the tax year starting 6 April 2019 will be £12,500 and the tax code for emergency will be 1250L. The basic rate band is between £12,501 to £50,000 except for those defined as Scottish taxpayers who have a13/03/2019 More...
The following comments were written on the 13th March 2019 immediately following Philip Hammond’s presentation of the 2019 Spring Statement to Parliament. In theory, the government uses the Spring Statement to respond to the most recent forecasts made by the Office of Budget Responsibility (OBR). In a nut-shell, the OBR forecast12/03/2019 More...
Capital Allowances are the deductions which allow businesses to secure tax relief for certain capital expenditure. Capital Allowances are available to sole traders, self-employed persons or partnerships, as well as companies and organisations liable to Corporation Tax. Interestingly, the Capital Allowance legislation does not06/03/2019 More...
HMRC has published a press release to remind qualifying couples to claim the Marriage Allowance. The Marriage Allowance allows lower earning couples to share part of their personal tax-free allowance. The Marriage Allowance is available to married couples and those in a civil partnership where one partner doesn’t pay more than the basic06/03/2019 More...
The deadline for the introduction of VAT filing changes is now just weeks away. For VAT returns periods starting on or after 1 April 2019, some 1 million businesses with a turnover above the VAT threshold (currently £85,000) will be required to start keeping their records digitally (for VAT purposes only) and provide their VAT return06/03/2019 More...
HMRC has issued a new briefing paper on disguised remuneration charge on loans. Disguised remuneration schemes are tax avoidance arrangements that seek to avoid Income Tax and National Insurance contributions by paying scheme users their income in the form of loans. HMRC is clear that these loans were never intended to be repaid and are06/03/2019 More...
There are Late Filing Penalties which are designed to encourage companies to file their accounts and reports on time. The penalties were first introduced in 1992 and were significantly increased from February 2009. All companies, private and public, large or small, trading or non-trading must send their accounts to Companies House. The06/03/2019 More...
Sometimes tax-payers may sell an asset at a loss. If acceptable as capital losses, they can be deducted from Capital Gains made in the same or future years. As a general rule, if the asset would have been liable to CGT had a gain taken place then the loss should be an allowable deduction. These allowable losses are deducted06/03/2019 More...
Companies can use incentive award schemes to encourage their employees in various ways, for example, to sell more of their own goods and services. The award can take various forms including cash, vouchers or other gifts. Where an employer meets the tax payable on a non-cash incentive award given to a direct employee by entering into a06/03/2019 More...
According to HMRC’s published guidance there are special rules for the taxation of post-cessation receipts and expenses. These provisions apply to professions, vocations and trades. Tax relief may be available for post-cessation expenses of a trade, although such expenses still have to satisfy the wholly and exclusively test and be20/03/2019 - More...
As the Brexit date fast approaches, it seems the only thing we can say with any certainty is that uncertainty continues
20/03/2019 - More...
The list of company benefits that can be provided tax-free to employees is quite short. However, some of the benefits
20/03/2019 - More...
In a letter being sent to businesses across the country, HMRC has published the following information on the effect a
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