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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 recent First-Tier Tribunal case examined whether amounts credited to a director’s loan account were subject to PAYE and NIC deductions. The appellant company buys and sells boats. One of the directors, who is also the chairman of the company,... Read More

HMRC’s guidance on paying income tax when you rent out a property has been updated to reflect the new restriction on tax relief for finance charges incurred since April 2017. The tax relief on finance costs (such as mortgage interest) used to buy inv... Read More

For high earning taxpayers the personal income tax allowance is gradually reduced by £1 for every £2 of adjusted net income over £100,000 irrespective of age. Adjusted net income is total taxable income before any personal allowances, less certain ta... Read More

There are special rules concerning the payment of capital gains tax (CGT) on the sale of personal possessions also known as 'chattels'. Personal possessions are generally defined as possessions with a predictable useful life of 50 years or less and a... Read More

Any business that has been adversely affected by the new 'limited cost trader' test that was introduced on 1 April 2017, should consider whether it will be more beneficial to leave the VAT Flat Rate Scheme (FRS) and revert to using traditional VAT ac... Read More

Any self-employed person who has more than one source of self-employment is required to pay Class 4 NICs on their total taxable profits. Class 4 NICs are paid by the self-employed as a percentage of annual taxable profits.Class 4 NICs currently apply... Read More

The current total minimum contribution to a defined contribution workplace pension scheme under the automatic enrolment provisions is 2% of qualifying earnings, with a minimum of 1% coming from the employer. The remaining 1% would then ordinarily com... Read More

A recent investigation by the Insolvency Service has seen two directors of a company selling fine wines disqualified for a total of 20 years. Crimson Fine Wines Limited cold-called customers and offered them the opportunity to take part in fine wine... Read More

The term capital allowances is used to describe the allowances available to businesses to secure tax relief for certain capital expenditure. The rules that govern the purchase of capital equipment such as computer equipment, vehicles and machinery by... Read More

Businesses can claim a 100% first-year allowance (FYA) on the purchase of certain qualifying Plant and Machinery (P&M). In certain circumstances they can also claim FYA’s on the purchase of low CO2 and electric vehicles. The generous Annual... Read More

The Communities Secretary Sajid Javid has announced plans to make the process for buying a home'cheaper, faster and less stressful'. This includes looking at new measures to tackle gazumping where a seller accepts a higher offer from a new buyer afte... Read More

There are different categories of property rental business such as UK property businesses, overseas property businesses, UK furnished holiday businesses and EEA furnished holiday lettings businesses.As a general rule, landlords renting out more than... Read More