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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.

It is established practice that Christmas presents paid in cash to employees are almost invariably taxable as earnings. This view has been upheld by the courts on many occasions and can mean that a gift from a well-intentioned employer is worth less... Read More

One of the less well-known ways of paying your self-assessment tax bill is to do so through your tax code.This can only be done where all the following apply:you owe a self-assessment balancing payment of less than £3,000; you are an employee or rece... Read More

1 October 2017 - Due date for Corporation Tax due for the year ended 31 December 2016.19 October 2017 - PAYE and NIC deductions due for month ended 5 October 2017. (If you pay your tax electronically the due date is 22 October 2017.)19 October 2017 -... Read More

It has been confirmed that the promised legislation to allow employees to reimburse their employers for benefits provided, and thereby avoiding a tax charge, will be included in the second Finance Bill 2017.These changes will align the dates for reim... Read More

There are special rules which limit the ability to change a company’s year end date. A company’s year end date is also known as its ‘accounting reference date’ and is historically set by reference to the date the company was incorporated. Under certa... Read More

There are a number of reasons why a limited company may no longer be required and can be shut down. The limited company structure is no longer suitable as:being incorporated is not the best option the business is no longer trading or the company is i... Read More

In last year’s Autumn Statement, the Chancellor announced a new capital allowance for electric vehicle charging points. Capital allowances is the term used to describe the allowances which allow businesses to secure tax relief for certain capital exp... Read More

In most cases a business is unable to reclaim the VAT charged when they purchase a car. However, there are different rules for other types of commercial vehicles and in most cases VAT can be reclaimed when a business purchases a commercial vehicle.Fo... Read More

One of the measures announced in the March 2017 Budget was the reduction in the annual Money Purchase Allowance (MPAA) from £10,000 to £4,000. This measure was subsequently dropped from the pre-election Finance Bill, but as expected, has now been inc... Read More

Following the Statement of Intent published in August 2017, the new Data Protection Bill has now been introduced to Parliament and it had its first reading in the House of Lords on 13 September 2017. The second reading in the House of Lords, which wi... Read More

The Wear and Tear allowance that allowed landlords to reduce the tax they paid on furnished property lets was withdrawn at the end of the 2015-16 tax year. The 10% deduction was available to landlords regardless of whether furnishings in their proper... Read More

The VAT annual accounting scheme is open to most businesses with a turnover of up to £1.35m per year.  The main benefits of the scheme include the requirement to file only one VAT return per year. This can significantly reduce the amount of admi... Read More