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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 revealed that a number of important changes will be made to the loan charge following the independent review of the disguised remuneration loan charge policy and its implementation by Sir Amyas Morse and his team. The review exami... Read More

Over the Christmas and New Year break, the Chancellor announced that nearly £3 billion of funding is to be put in place to help support farmers once the UK leaves the EU. This cash injection will maintain the level of funding for direct payment... Read More

The Chancellor of the Exchequer, Sajid Javid has announced that he is planning to hold his first Budget on Wednesday, 11 March 2020. This announcement follows a turbulent period in Parliament that saw the Autumn 2019 Budget pencilled in for 6 Novemb... Read More

The 31 January 2020 is not just the final date for submission of your Self-Assessment tax return for 2018-19 but is also an important date for payment of tax due. This is the final payment deadline for any remaining tax due for the 2018-19 tax year.... Read More

The annual allowance for tax relief on pensions is currently set at £40,000. The annual allowance is further reduced for high earners. If your income is in excess of £150,000 you will usually have your allowance tapered. This works by red... Read More

A new press release by HMRC has highlighted the fact that 3,003 taxpayers took the time to file their tax return online on Christmas Day with a further 9,254 taxpayers completing their tax returns on Boxing Day. More than 11 million taxpayers are exp... Read More

Parents could be liable for the High Income Child Benefit tax charge if either partner's income exceeds £50,000 and you are in receipt of child benefit. The charge effectively claws back the financial benefit of receiving child be... Read More

Turning a hobby into a business

Posted by: Rebecca Duale

Has it always been your vision to turn a hobby into a business? Or often dreamed of being your own boss? You may have only ever been employed, so the thought of starting a new business may leave you feeling a bit apprehensive. So what makes a... Read More

1 January 2020 - Due date for Corporation Tax due for the year ended 31 March 2019. 19 January 2020 - PAYE and NIC deductions due for month ended 5 January 2020. (If you pay your tax electronically the due date is 22 January 2020) 19 January 2020 -... Read More

The government has accepted the recommendations of the Low Pay Commission in full and has announced that it will increase the National Living Wage (NLW) and National Minimum Wage (NMW) rates from 1 April 2020 as follows: the NLW rate for workers a... Read More

HMRC’s guidance lists the following useful examples about a change of accounting date: If your accounting date in 2016 to 2017 is more than 12 months after the end of the basis period for 2015 to 2016, your basis period is the period between t... Read More

The definition of a connected person for tax purposes includes certain relatives, trustees, partners and companies. A person is connected with an individual if that person is the individual’s spouse or civil partner a relative of the indiv... Read More