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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.

The government has confirmed plans to introduce a lower rate of the HGV road user levy for lorries that meet the latest Euro VI emissions standards. This measure is intended to incentivize vehicle operators to move towards newer, cleaner vehicles and... Read More

What is S455 tax?

Posted by: Amy Patterson

This tax is usually payable when you live beyond your means! Well not always, but quite often!S455 tax is essentially a holding tax payable by the company. If your Director’s Loan Account is overdrawn at the end of the company accounting year, and... Read More

Public Health England (PHE) and Business in the Community have published a new toolkit to help employers support workers who are affected by domestic abuse.One in four women and one in six men suffer from domestic abuse in their lifetime and domestic... Read More

The government is to move forward with plans to charge Corporation Tax to non-UK resident companies with property income. Currently, these companies are chargeable to Income Tax and not UK Corporation Tax.This change is part of the government's aim t... Read More

Entrepreneurs' Relief applies to the sale of a business, shares in a trading company or an individual’s interest in a trading partnership. Where Entrepreneurs' Relief is available CGT of 10% is payable in place of the standard rate. There are a numbe... Read More

A new measure to remove the requirement for employers to check receipts for expense claims made by employees using the HMRC benchmark scale rates or overseas scale rates is to be introduced.The benchmark scale rates can be used by employers to reimbu... Read More

The draft Finance Bill includes a new measure that will help modernise the tax treatment of employer paid premiums for the provision of death in service life assurance products for their employees. Currently, these premiums are only tax-exempt i... Read More

The Finance Bill 2018-19 draft clauses include new measures that will address two anomalies in the Optional Remuneration Arrangements (OpRA) rules.These measures will:ensure that when a taxable car or van is provided through OpRA, the amoun... Read More

The Finance Bill 2018-19 draft legislation was published on 6 July 2018. The Bill which runs to 226 pages (with a further 143 pages of explanatory notes) contains the legislation for many of the tax measures that had previously been announced by the... Read More

The publication of the draft Finance Bill 2018-19 includes legislation to change the way the rent-a-room relief scheme works. Following last year's Budget, a consultation was launched by HM Treasury to examine the design of the rent-a-room scheme.Whe... Read More

How to pay an overdrawn Director’s Loan AccountWhoops…you have got an overdrawn Director’s Loan Account!Here is how to pay it… There are two ways to clear an overdrawn Director’s Loan Account:You can pay the overdrawn sum using your personal accoun... Read More

The government has named and shamed another 239 employers for underpaying their workers the National Minimum Wage (NMW) or National Living Wage (NLW). The government’s latest “naming and shaming” list covers 22,400 workers who will now receive £... Read More