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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 is a section of HMRC’s manuals that deals specifically with how you can view the rules for measuring profits of specific trades. The list includes over 50 different trades as diverse as actors, athletes, barristers, bookmakers, motor deal... Read More

You can use the Digital Disclosure Service (DDS), if you need to make a voluntary disclosure of income or other taxable events that have not previously been reported to HMRC.  Other current HMRC campaigns that facilitate disclosure by taxpayers... Read More

The National Cyber Security Centre (NCSC) has published guidance to help small to medium sized organisations prepare their response to, and plan their recovery from, a cyber incident.  The “Small Business Guide: Response & Recovery&rd... Read More

1 July 2019 - Due date for Corporation Tax due for the year ended 30 September 2018. 6 July 2019 - Complete and submit forms P11D return of benefits and expenses and P11D(b) return of Class 1A NICs. 19 July 2019 - Pay Class 1A NICs (by the 22 July... Read More

One of the Autumn Budget 2018 measures was the introduction of a new structures and buildings allowance (SBA). The SBA allows for tax relief on qualifying capital expenditure on new non-residential structures and buildings. The relief will therefore... Read More

HMRC’s employment status service can be used to help ascertain if a worker should be classified as employed or self-employed for tax purposes in both the private and public sector. The service provides HMRC’s view as to whether IR35 legi... Read More

The rent-a-room scheme is a set of special rules designed to help homeowners who rent-a-room in their home. The current tax-free threshold of £7,500 per year has been in place since 6 April 2016. The relief only applies to the letting of... Read More

Entrepreneurs' Relief (ER) can be a valuable relief when selling your business, your shares in a trading company or your interest in a trading partnership. Where ER is available Capital Gains Tax (CGT) of 10% is payable in place of the standard r... Read More

Loans schemes also known as disguised remuneration tax avoidance schemes have been used by some employers and individuals in order to try and avoid paying Income Tax and National Insurance Contributions (NICs). This is usually don... Read More

An ISA is a tax exempt savings account available to UK residents. Whilst the amount invested in an ISA does not benefit from tax relief the income and gains are free from most taxes including Income Tax and Capital Gains Tax. Eligible holdings includ... Read More

There are a number of reasons why a taxpayer is required to complete a self assessment return. This includes if they are self-employed, a company director, have an annual income over £100,000 and / or have income from savings, investment o... Read More

The government has announced that the date of next year’s early May bank holiday is to move from Monday, 4 May to Friday, 8 May to mark the 75th anniversary of VE Day. This is only the second time ever that the early May bank holiday has been moved –... Read More