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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.

Corporation Tax relief may be available where your company or organisation makes a trading loss. The loss may be used to claim relief from Corporation Tax by offsetting the loss against other gains or profits of the business in the same or previous a... Read More

Recently Farnell Clarke was invited to complete a series of talks at a college in Norwich about personal finance and the feedback from the students was somewhat alarming.We were asked by Neaco’s Stephen Davies to help groups of 17-19 year olds t... Read More

As a general rule, there is no tax relief for ordinary commuting. The term 'ordinary commuting' is defined to mean travel between a permanent workplace and home, or any other place that is not a workplace. Case law has also confirmed that travel betw... Read More

There is a free tracing service called 'mylostaccount' to find lost bank accounts. The service brings together the three tracing schemes of the British Bankers' Association (BBA), the Building Societies Association (BSA) and National Savings and Inve... Read More

Air Passenger Duty (APD) is a departure tax levied on most air travel. Each geographical band has two rates of Air Passenger Duty, one for standard class and the second for 'other' higher classes of travel (usually premium economy / business / first... Read More

The annual allowance for tax relief on pensions has been fixed at the current level of £40,000 since 6 April 2014. Since April 2016, the annual allowance has been further reduced for high earners. Those with income in excess of £150,000 will usually... Read More

Limited Liability Partnerships (LLPs) retain the flexibility of a partnership with the added advantage that a partners personal liability is limited. At least two members must be 'designated members' and the law places extra responsibilities on them.... Read More

The 2018-19 tax year ended on 5 April 2019 and the new 2019-20 tax year started on 6 April 2019. Many taxpayers will be tempted to delay dealing with their 2018-19 tax returns until late this year or January 2020. The 31 January 2020 is not jus... Read More

There are a number of reasons why you may need to register with HMRC to submit a tax return. This includes if you: are self-employed and earning more than £1,000,  are a company director, have an annual income over £100,000 and / or if you hav... Read More

The new National Minimum Wage (NMW) and National Living Wage (NLW) rates came into effect on 1 April 2019. The NLW was introduced on 1 April 2016 and is the minimum hourly rate that must be paid to those aged 25 or over. The NLW increase is the bigge... Read More

If you are a higher rate or additional rate taxpayer, you are eligible to claim relief on the difference between the basic rate and your highest rate of tax. The charity you donate to can reclaim the basic rate of tax from donations made by taxpayers... Read More

Case study It’s Friday afternoon and a client is in panic mode and sends us a message: "The bank is low, and we need to pay our PAYE soon! It’s time to panic!". Does this sound familiar? So, what are the options here? We can either think “... Read More