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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.

A business that incurs expenditure on taxable and exempt business activities is termed as partially exempt for VAT purposes. In essence, the business has to make an apportionment between the exempt and chargeable activities using a 'partial exemption... Read More

There are a number of different reliefs available to the self-employed or members of a trading partnership that suffer tax losses, and a number of ways these losses can be used.One commonly used relief, is terminal loss relief. This relief is availab... Read More

When deciding if an expense is deductible or not for tax purposes it is important to consider if the expenditure was incurred wholly and exclusively for the purposes of your trade or employment. This is a difficult starting point as there is often a... Read More

As a general rule, the fall-back position for couples who live together with their spouse or civil partners is that property income held in joint names is divided 50:50. This is regardless of the actual ownership structure. However, where there is un... Read More

Anyone running a business from home should check if they need permission to do so: from a mortgage provider or landlord. Your local council may also need to be notified, for example, if you need a licence to run a home-based business. Runni... Read More

Small and medium-sized companies can claim R&D tax credits of 230% of qualifying expenditure incurred on or after 1 April 2015. This article lists a summary of costs that can be considered for this relief, broadly, if they contribute directly to... Read More

Around 230 employers have been named and shamed for underpaying their workers the national minimum wage (NMW) or national living wage (NLW). This is the 12th “naming and shaming” list to have been published and it covers more than 13,000 UK workers a... Read More

Companies House guidance sets out the main requirements for incorporating a company in the UK. The guidance entitled Incorporation and Names also provides advice on checking which names are acceptable to Companies House when naming a company.Choosing... Read More

The assessment of self-employed or partnership profits is relatively straight-forward if the accounting date, to which accounts are prepared, falls between 31 March and 5 April. However, year ends that fall outside these dates create overlap profits.... Read More

The Annual Investment Allowance (AIA) limit has changed significantly over the last number of years. However, the limit has been fixed at £200,000 for all qualifying expenditure on or after 1 January 2016.The current £200,000 limit is a generous allo... Read More

The taxable turnover threshold, that determines whether businesses should be registered for VAT is currently £85,000.Businesses are required to register for VAT if they meet any of the following conditions:At the end of any month, the value of the ta... Read More

The Supreme Court has dismissed HMRC’s appeal in a long running case between the BPP Group of companies (who provide professional and academic education) and HMRC. The case initially centred on the VAT liability of supplies of books and education by... Read More