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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.

Most of our readers will be aware of the £1,000 property income allowance that came into effect on 6 April 2017. This allowance applies to income from property (including foreign property). If your annual gross property income is £1,000 o... Read More

There are special rules for the taxation of post-cessation receipts, those received after a trade has ceased. The legislation clearly states that the person who receives or is entitled to the post-cessation receipt is the person who is subject to Inc... Read More

1 April 2019 - Due date for Corporation Tax due for the year ended 30 June 2018. 19 April 2019 - PAYE and NIC deductions due for month ended 5 April 2019. (If you pay your tax electronically the due date is 22 April 2019) 19 April 2019 - Filing deadl... Read More

The government has launched its first holiday pay advertising campaign aimed at encouraging workers to understand their rights and employers to understand their legal obligations in relation to holiday pay. It estimates that, in the UK, 1.8 million w... Read More

The definition of a finance lease can be difficult to pin down. In legal form a finance lease is just another lease - the legal ownership of the asset lies with the lessor and the lessee only has the right to use the asset. However, in commercial ter... Read More

Since April 2018 company directors and other eligible people such as company secretaries, people with significant control (PSC) and LLP members can apply to remove their personal addresses from the UK’s official company register on Companies House.... Read More

In a letter being sent to businesses across the country, HMRC has published the following information on the effect a no-deal Brexit would have on changes to VAT IT systems. We have reproduced below a summary from the letter of the main announcement... Read More

If you are self-employed as a sole trader or as a partner in a business partnership, then you must keep suitable business records as well as separate personal records of your income. For tax purposes, the business records must be held for at least 5... Read More

The list of company benefits that can be provided tax-free to employees is quite short. However, some of the benefits that can be provided include the following: Meals: Free or subsidised meals in a staff canteen where meals are provided for all e... Read More

The cash basis scheme helps many sole traders and other unincorporated businesses benefit from a simpler way of managing their financial affairs. The scheme is not open to limited companies and limited liability partnerships. The scheme allows qualif... Read More

As the Brexit date fast approaches, it seems the only thing we can say with any certainty is that uncertainty continues to plague the issue of our leaving the EU. The negotiations on the terms of the UK’s exit from the EU are unresolved and the... Read More

The government has laid a Statement of Changes to the Immigration Rules implementing the full opening of the EU Settlement Scheme from 30 March 2019. The scheme will apply regardless of whether there is a Brexit deal or not. The scheme will allow EE... Read More