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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.

Personal Tax Accounts (PTAs) were launched in 2015 and works as an online resource to allow taxpayers to review and update their details in real time. For many routine requests and services using the PTA can avoid having to phone or write to HMRC.Eve... Read More

It can be very difficult for small businesses to know what options are available when their customers owe them money. This can arise when business owners are uncomfortable chasing a debt for fear of upsetting their customer and losing valua... Read More

The Gigabit Broadband Voucher Scheme was launched in March this year to help small businesses and local communities connect and gain access to full fibre superfast broadband speeds. The vouchers can be used by small businesses and the local communiti... Read More

The Living Wage Foundation (an initiative of Citizens UK) recently announced Living Wage rates for London and the UK at £10.55 an hour and £9 an hour respectively. These Living Wage rates are not statutorily binding but represent an increase of 25p i... Read More

Stamp Duty Land Tax (SDLT) is a tax that is generally payable on the purchase or transfer of land and property in England and Northern Ireland. It is also payable in respect of certain lease premiums. Higher rates of SDLT were introduced on 1 April 2... Read More

New rules were introduced by the Government in 2015 that allow for the spouse or civil partner of a deceased ISA saver to benefit from additional ISA benefits. Under the rules, if an ISA saver in a marriage or civil partnership dies, their spouse or... Read More

A recent First-Tier Tribunal case examined the complex issue of whether a group of 60 football referees should be classified as employees or self-employed. HMRC argued that the Professional Game Match Officials Limited (PGMOL) was the employer of the... Read More

Business Property Relief (BPR) is an attractive tax relief for taxpayers with business interests, offering either 50% or 100% relief from Inheritance Tax (IHT) on the value of their business assets if certain conditions are met. The relief can even b... Read More

There are special rules that must be considered when buying and selling assets in foreign currency. This is sometimes known as a barter transaction. As a general rule when a foreign currency transaction takes place at arm's length, the value of the c... Read More

As expected, the government published Finance (No.3) Bill on Wednesday, 7 November 2018. The Bill is so named as it is the third Finance Bill in the current special two-year session of Parliament. The Bill contains the legislation for many of the tax... Read More

There are tax consequences for both companies and directors relating to the issue of director’s loans. We will examine below some of the implications if a company facilitates loans to a director. A director’s loan comprises not just an actual lo... Read More

An overdrawn director's loan account is created when a director (or other close family members) 'borrows' money from their company. Many companies, particularly 'close' private companies, pay for personal expenses of directors using company funds. Wh... Read More