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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 a father's payment of wages to his son was an allowable expense. We learn that the appellant in this case made a number of payments to his son whilst he was studying at university. HMRC questioned th... Read More

Now that the infamous 31 January deadline has passed it is time to start thinking about the current tax year and maximise any available tax reliefs by 5 April 2018. The ISA limit currently allows for taxpayers to invest up to £20,000 per year.Whilst... Read More

The annual exemption for Capital Gains Tax (CGT) in the current tax year is £11,300. This exemption allows taxpayers who dispose of chargeable assets such as property, stocks and shares of up to this amount, to make a tax-free gains during 2017-... Read More

Employees who need to buy substantial equipment to use as part of their employment may be able to claim tax relief. In most cases you can claim tax relief on the full cost of this type of equipment as it would be eligible for a type of capital allowa... Read More

From the 1st April the statutory minimum Work Place Pension contributions will be rising for employees and employers.  Current contributions are: 1% Employer      1% Employee From April 2018 they will be: 2% Employe... Read More

We’re going to focus on our team members so you can get to know us a bit more. We’re going to kick this off with Rebecca Duale, our Client Services Manager. Rebecca, what is your role at Farnell Clarke? My role is client services manager, mainly work... Read More

HMRC expects that taxpayers take ‘reasonable care’ over their tax affairs and do everything reasonably within their power to ensure that tax returns and other relevant documents are accurate.There is no legal definition of reasonable care from a taxa... Read More

Capital allowances is the term used to describe the tax relief businesses can claim on certain capital expenditure and thereby reduce the amount of taxable profits. Most ‘capital’ items, such as equipment, vehicles, machinery etc last for a reasonabl... Read More

If a company has stopped trading and has no other income then HMRC should be informed for corporation tax purposes. HMRC can also send a notification if they think a company is dormant. This notice will state that a company or association is dor... Read More

The Office of Tax Simplification (OTS) provides advice to the Chancellor on simplifying the UK tax system. In a letter dated 19 January 2018 the Chancellor Philip Hammond wrote to the OTS to request a review of inheritance tax (IHT) regime and asking... Read More

A capital gains tax (CGT) charge on the sale of UK residential property by non-UK residents was introduced in April 2015. Only the amount of the overall gain relating to the period after 5 April 2015 is chargeable to tax.In certain circumstances priv... Read More

The new requirement to correct (RTC) legislation was introduced by the Finance (No.2) Act 2017. The legislation created a new statutory obligation for taxpayers with undeclared UK tax liabilities that involve offshore matters to disclose any relevant... Read More