NEWS
Read our updates…
IT’S CHRIIIISTMASSSSS!
Silly Season is just around the corner, and I’m sure you all have your Christmas parties or events in the diary for the coming weeks. So now is the perfect time to remind you all about the rules that HMRC impose to slightly dampen your spirits. 1. Parties No tax...
Help to Buy ISAs – Deadline
Are you a first-time buyer? Do you have children over 16? Then this is your last chance to save for a mortgage deposit using the Help to Buy ISA. The deadline to open a Help to Buy ISA is Saturday 30th November. You can open it with just £1 and the state will add...
Company Insolvency
A recent release of statistics from the Government’s Insolvency Service shows that in the second quarter of 2019 there has been an 11.9% increase of companies becoming insolvent compared to the previous year. We are all familiar with large businesses becoming...
IR35 “Domino Effect”
With the IR35 changes due to come into force from April 2020, large businesses are already either refusing to hire personal service companies or are imposing a “blanket” IR35 approach, whereby all PSCs will be treated as falling under the new rules.Lloyds, Barclays,...
HMRC – Brexit Customs Training and IT Grants Scheme
Whatever your opinion on Brexit, unfortunately it appears to be happening, by hook or by crook! As businesses, we should all make plans for 31st October, otherwise chaos will reign throughout the land. In an effort to assist businesses with the technical aspects of...
Warning about scams issued by HMRC
There have been reports of another surge of emails, phonecalls and text messages from scammers masquerading as HMRC. They may contain an email address or a phone number which looks very similar to the HMRC ones – but don’t be fooled. HOWEVER - there are...
Electric Cars – Update
Changes are being made to the way benefit in kind taxes are charged on electric cars with effect from April 2020 which will make company ownership of electric cars highly beneficial from a purely tax perspective. In short, a company can obtain 100% tax relief on the...
NHS Pensions ‘Tax Trap’
Following representations from a number of bodies, and as a result of a steep increase in waiting list times, the government has announced that it plans to review the pension rules which are causing a crisis in the NHS, just weeks after ruling out any discussions....
Construction Industry – VAT Domestic Reverse Charge
IMPORTANT INFORMATION FOR BUSINESSES WORKING IN THE CONSTRUCTION SECTOR The introduction of the Domestic Reverse Charge (“DRC”) for construction services will come into force on 1 October 2019 and we want to make sure all our clients are ready for the changes as there...
DOES THE VAT MAN OWE YOU SOMETHING?
Imagine getting a cheque for £160,000 from HMRC! Value Added Tax (VAT) is an extremely complex tax. Even the most experienced bookkeepers can and do make serious errors – particularly if they are dealing with the more complicated areas of VAT. We undertake...
VAT – Direct Debit Payment “Teething Issues”
This is an important note for businesses which recently migrated to Making Tax Digital. It appears that there have been some errors in the way HMRC is collecting VAT payments since the move to MTD. When your company moved over to MTD, HMRC will have contacted your...
Self Assessment – July 2019 Payments on Account
Second payments on account for the year ended 5 April 2019 are due to be paid to HMRC by 31 July 2019. Unfortunately, due to a glitch in the HMRC statements system, you may not receive a demand from HMRC for the payment. HMRC had a similar problem in 2018, but we...
