News and Updates
Tax helpline to support businesses affected by coronavirus (COVID-19)
Please see the link below for further information provided by the Government: https://www.gov.uk/government/news/tax-helpline-to-support-businesses-affected-by-coronavirus-covid-19?fbclid=IwAR1dcro8XKPDzwP22KA2GhQIqHDhd0bD2UnJE7AvBbP85YbxfXLlLntwImI
COVID-19 update
We want to reassure our clients that we are fully committed to the safety and health of our employees and our clients whilst continuing to provide a professional and reliable service. We are reviewing the government advice daily and will act accordingly. We are...
April 2020 changes to private residence relief
In July 2019 it was confirmed the government's plans to: reduce the final period exemption from 18 months to 9 months (unless special circumstances where 36 months); and restrict the letting relief to cases where the owner is in shared occupancy. Both of these changes...
HMRC BREXIT HELPLINES
Whilst we are all unsure how Brexit will play out, it is important to remember that it could happen as soon as 31 January 2020. If you deal with the EU either as a supplier or customer, fundamental changes to VAT will come into play on 11pm of Brexit day. These could...
New Rules for Employment Allowance
The Government has published draft legislation for the new restrictions which will apply to the NI employment allowance (EA) from April 2020. Will your business be affected, and if so, how? Employment Allowance (EA). Since April 2014, most employers have been entitled...
VAT Reverse Charge
The intention to introduce a domestic reverse charge for construction services was announced in 2017. The change will shift the responsibility for accounting for the VAT on ‘specified services’ from the supplier on to the recipient of the supply. The change will be...
GOOD NEWS: HMRC’S Stance on digitally recording all supplier invoices has been relaxed
The update advises that while it remains HMRC’s view that best practice would be to digitally record the individual supplies, to manage risk of missed or duplicated entries, they accept that additional work for a business in capturing individual supplies digitally...
Employing close family – tax efficient or tax trap?
Having a spouse or your children on the payroll of your business can be tax effect as long as HMRC will wear it. Where do you stand if the taxman challenges your claim for a tax deduction? Tax deductible or not A particular area of contention between businesses and...
Exempt employer payments for homeworking
There’s more than one way to compensate your staff tax and NI free for costs they incur when they work from home. The rules for each are quite different but is one more generous than the others? Three exemptions Despite the existence of three separate tax and NI...
New SBA allowance and how it works
A draft legislation has been published by the government for the new structures and buildings allowance (SBA). While earlier announcements are confirmed, there are one or two surprises. How much tax relief can you expect? Who can claim? Most companies and...