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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.

The VAT Capital Goods Scheme (CGS) adjusts the initial VAT recovery in respect of certain assets over either 5 or 10 year period. The scheme seeks to agree a fair and reasonable attribution of VAT to taxable supplies and non-taxable supplies relating... Read More

Entrepreneurs' Relief applies to the sale of a business, shares in a trading company or an individual’s interest in a trading partnership. Where Entrepreneurs' Relief is available CGT of 10% is payable rather than the normal main rate of 20%. This ca... Read More

Business Asset Rollover Relief allows for the deferral of Capital Gains Tax (CGT) on gains when you sell or dispose of certain assets and use all or part of the proceeds to buy new assets. The relief means that the tax on the gain of the old asset is... Read More

The furnished holiday let (FHL) rules allow holiday lettings of properties that meet certain conditions to be treated as a trade for tax purposes.In order to qualify as a furnished holiday letting, the following occupancy criteria need to be met:The... Read More

As a general principle, when a company makes a purchase of its own shares, any payment in excess of the amount of capital originally subscribed for the shares is treated as a distribution (taxed as income not a capital gain). However, there are... Read More

It is important that landlords are aware of the expenses that can be deducted from their rental income. As a rule, these expenses must be wholly and exclusively for the purposes of renting out the property in question.Since April 2017, tax relief on... Read More

Most VAT registered businesses are entitled to reclaim the VAT they incur on goods and services used by the business. This is known as input VAT.Some of the common areas where VAT cannot be reclaimed include the following:Goods and services used to m... Read More

Capital allowances allow businesses to secure tax relief for certain capital expenditure. Qualifying expenditure on cars must usually be allocated to one of two general pools of expenditure. Which pool is appropriate depends on the car’s CO2 emi... Read More

Disincorporation involves the transfer of a business from a private limited company to a sole trader or partnership. Disincorporation relief was introduced from 1 April 2013 and is effectively a form of roll-over or deferral relief. The relief is due... Read More

In R (on the application of Unison) v Lord Chancellor 2017, the Supreme Court has ruled that employment tribunal and Employment Appeal Tribunal (EAT) fees are unlawful and it has quashed the Employment Tribunals and the Employment Appeal Tribunal Fee... Read More

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

The government has published the European Union (Withdrawal) Bill 2017-19 and it has had its first reading in the House of Commons. The second reading is scheduled for 9 September 2017, following which it will enter Committee Stage for further debate... Read More