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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.

HMRC has won a landmark case after the Supreme Court overturned an earlier decision of the Court of Appeal. The issue at hand concerned historic overpayments of VAT by Littlewoods (a catalogue sales business) between 1973 and 2004. In 2004, HMRC acce... Read More

The Office of Tax Simplification (OTS) provides advice to the Chancellor on simplifying the UK tax system, with the objective of reducing compliance burdens on both businesses and individual taxpayers and will draw together expertise from across the... Read More

Following the publication of its guidance for employers on managing staff who are experiencing mental health issues, Acas has now published new guidance for employers on how to support employees who are suffering from work-related stress.The guidance... Read More

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