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What’s happening?

Here you can keep up to date with our latest news, as well as the latest goings-on in the world of accounting.

From the 1st April the statutory minimum Work Place Pension contributions will be rising for employees and employers. Current contributions are:1% Employer      1% EmployeeFrom April 2018 they will be:2% Employer&nb... Read More

Each newsletter we’re going to focus on one of our team members so you can get to know us a bit more.We’re going to kick this off with Rebecca Duale, our Client Services Manager.Rebecca, what is your role at Farnell Clarke?My role is client services... Read More

HMRC expects that taxpayers take ‘reasonable care’ over their tax affairs and do everything reasonably within their power to ensure that tax returns and other relevant documents are accurate.There is no legal definition of reasonable care from a taxa... Read More

Capital allowances is the term used to describe the tax relief businesses can claim on certain capital expenditure and thereby reduce the amount of taxable profits. Most ‘capital’ items, such as equipment, vehicles, machinery etc last for a reasonabl... Read More

If a company has stopped trading and has no other income then HMRC should be informed for corporation tax purposes. HMRC can also send a notification if they think a company is dormant. This notice will state that a company or association is dor... Read More

The Office of Tax Simplification (OTS) provides advice to the Chancellor on simplifying the UK tax system. In a letter dated 19 January 2018 the Chancellor Philip Hammond wrote to the OTS to request a review of inheritance tax (IHT) regime and asking... Read More

A capital gains tax (CGT) charge on the sale of UK residential property by non-UK residents was introduced in April 2015. Only the amount of the overall gain relating to the period after 5 April 2015 is chargeable to tax.In certain circumstances priv... Read More

The new requirement to correct (RTC) legislation was introduced by the Finance (No.2) Act 2017. The legislation created a new statutory obligation for taxpayers with undeclared UK tax liabilities that involve offshore matters to disclose any relevant... Read More

With an ever-growing business, we’re often looking for new talent to join our team. From trainee account handlers through to accounts managers, and everything in-between!Of course, skills are an important factor when it comes to hiring a new team... Read More

From 6 April 2018, all payments in lieu of notice (PILONs) equivalent to the amount of basic pay will be taxable as earnings, i.e. subject to tax and NICs, regardless of whether there is a PILON clause in the employee’s employment contract. As such,... Read More

In its “Good Work” response to the 2017 Taylor Review of Modern Working Practices, the government stated that, as part of its commitment to raising awareness of employment rights, it was to instigate a campaign to encourage more working parents to ta... Read More

The Tax-Free Childcare Scheme (TFCS) was launched in April 2017 to the first tranche of working parents. The scheme was initially made available to working parents of children aged under 4 on 31 August 2017. On 15 January 2018, the scheme was extende... Read More