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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.

There are distinct rules that VAT registered businesses must follow when keeping VAT records. This includes keeping proper business and accounting records, a separate VAT account as well as copies of all VAT invoices received and issued. There is no... Read More

If a permanent home (domicile) is in the UK then any foreign situated property owned at date of death will be chargeable to Inheritance Tax. The site of an asset is usually the place where the asset in question is considered to be loca... Read More

If you are self-employed and running a business from your home, there are simplified arrangements available for claiming a fixed rate deduction for certain expenses where there is a mix of business and private use. The simplified expenses rules are n... Read More

The Working Tax Credit (WTC) is designed to help taxpayers on low incomes by providing top-up payments and includes those who do not have children. There are extra amounts available for qualifying childcare expenses and working households in whi... Read More

There are many taxpayers who have reached the State Pension age and continue to work. In most cases they no longer need to pay any National Insurance Contributions (NICs). At State Pension age, the requirement to pay Class 1 and Class 2 NICs on... Read More

The assessment of self-employed or partnerships profits is usually relatively straight-forward if the accounting date - the date to which accounts are prepared - falls between 31 March and 5 April. However, overlap profits can arise where a... Read More

Where a freeholder (or landlord) of a property grants a new lease to a new tenant there are sometimes upfront payments due, usually known as a lease premium. The payments of these premiums are increasingly popular, and the tax implications can be com... Read More

The Company Unique Taxpayer References (UTR) is the primary identifier for the company and should be used whenever HMRC is contacted and when tax returns are filed. When a new limited company is registered, Companies House will inform HMRC of the ne... Read More

Historically, the term bed and breakfasting (sale and repurchase) of shares referred to transactions whereby someone sold shares one day and bought them back the next morning. This used to have Capital Gains Tax (CGT) benefits by crystallising a gain... Read More

The new National Minimum Wage (NMW) and National Living Wage (NLW) rates came into effect on 1 April 2019. The NLW first came into effect on 1 April 2016 and is the minimum hourly rate that must be paid to those aged 25 or over. The new rate for the... Read More

There are a number of reasons why you may need to register with HMRC to submit a tax return. This could include: if you are self-employed and earning more than £1,000 per year from the self-employed activity, if you are a company director,... Read More

Employees can often reimburse their employers for benefits provided in order to lessen their taxable benefits and thereby reduce or avoid a tax charge. This is referred to in the legislation as ‘making good’ and most often involves the em... Read More