Amid rising pressure to bring in significant relief measures to combat the current international emergency, Chancellor Rishi Sunak implied ahead of time that he could only do so much.(more…) Read More
Anyone who’s involved in operating a charity knows how it differs from running a business, both in terms of motives
HMRC treats non-profit organisations and charities very differently to businesses, offering some unique tax breaks in the process.(more…) Read More
During what would normally be the busiest period of the year for businesses in retail, hospitality and other sectors, many will now be keeping a close eye on their cashflow as they deal with the impacts of COVID-19.(more…) Read More
With only two months left until the 31 January deadline for online returns, self-assessment is very much on our minds.
There’s a first flurry of activity around the deadline for paper
filing at the end of October, now far behind us, but December
and January are when things really get hectic.
Interest Rate Hedging Products (IRHP) Redress payments has been a popular campaign for HMRC and it is evident that they continue to act on the Third Party Information supplied by the banks to profile for enquiry cases. (more…)Read More
Digital record keeping requirements: Treatment of supplier statements or individual invoices
The Croner Taxwise VAT Advice line has received numerous calls from accountants whose clients receive large numbers of invoices from single suppliers, such as builder’s merchants or drugs companies. (more…)Read More
If you’re in charge of running a charity, you’ll know how it differs from operating a business and how its motives and goals vary.
Non-profit organisations are treated very differently under the law, and managing a charity’s accounts can offer some unique challenges as a result.
From April 2019, some estates in England and Wales could be required to pay almost £6,000 for a service that currently costs less than 4% of that amount.
This is because of a proposed change to the fees families must pay to administer the estate of someone who has died. (more…)Read More
As the deadline approaches for submitting returns and paying tax for 2017 to 2018, HMRC reveals some of the most bizarre excuses it has received for not paying on time.Read More
Hopefully you should all have now received the tax packs we sent earlier this month and an invitation to complete your checklist online at our website. Remember you also need to complete the tax return supplementary questionnaire online (Click Here). This replaces the paper ones we used to send – reception will send you a paper copy if you prefer. (more…)Read More
This months edition includes:
– Smallest firms hit by higher pension costs
– Late payments affect almost half of small businesses
– Selected businesses begin Making Tax Digital testing
– Lack of funding holds back 1 in 4 SMEs
This Months Edition includes:
– Thinktank wants major reform of ‘inefficient’ tax system
– More workers aim to become self-employed
– Small firms not ready for data protection shake-up
– Small businesses ‘hugely’ embrace apprenticeships
With a new tax year almost upon us, many sole traders will be reviewing their business structure and considering whether it’s worth switching to a limited company.
There’s no denying that incorporating a business proved popular in 2017, with Companies House reporting a 7% rise in the number of actively trading companies – bringing the UK total to 1.9 million. (more…)Read More
Companies can fail for several reasons and, for the most part, these aren’t the result of wrongdoing by the directors. For this reason, it’s perfectly legal to start a new company after an old one has become insolvent.
However, there are a number of rules that surround carrying on a similar business through a new company after the original company has gone into insolvency. (more…)Read More
Traders have been able to prepare their accounts using the cash basis since April 2013, as long as they meet certain eligibility conditions.
This option was extended to landlords running unincorporated property businesses from 6 April 2017.
However, while traders must elect for the cash basis, it applies by default to landlords who meet the qualifying conditions.Read More