cash accounting

What Is Simplified Cash Basis Accounting?

Do you qualify for simplified Cash Basis Accounting? This is only available for small businesses and is a simplified form of accounting that uses a cash basis.  It was introduced from 6 April 2013 and can be used only if an election is made. To be eligible to use the cash basis the business must […]

New Increases In Wage Rates

There are some new increases in the wage rates and this is important to note as failure to correctly pay National Minimum Wage (NMW) or National Living Wage (NLW), even because you didn’t know about the increase will break the law. So from the 1st October 2016, the National Minimum Wage rates will be increasing […]

capital gains tax

Is It Possible To Defer Capital Gains Tax On Rental Businesses?

This is in a situation where you own several residential properties and you are thinking of transferring them to a limited company. This does trigger a capital gains tax liability but is it possible to defer this? Interesting Tax Case The case of Mrs Ramsay and HMRC is based on whether or not a personally […]

HMRC Telephone Scams

Latest HMRC Telephone Scams

There are two new HMRC telephone scams to be aware of.What Do You Need To Look Out For?Scam 1. HMRC has become aware of a telephone scam where a recorded message is left, allegedly from HMRC which starts: “This is Her Majesty’s Revenue & Customs. We have been trying to reach you to let you […]

VAT & Zero Rated Supplies

VAT & Zero Rated Supplies

Are you a builder and confused by VAT & Zero Rated Supplies? Do you know what evidence of this would be needed should you be subject to an HMRC inquiry? Let’s say you have recently successfully quoted to build a new house. The supply of your construction services will be zero-rated but what evidence will […]

RTI Late Filing Penalties

HMRC & RTI Late Filing Penalties

A decision on extending a concession on RTI late filing penalties has finally been issued. So is the news good or bad for your employer clients? Concession The automatic penalty regime for the late filing of full payment submissions under real time information (RTI) was supposed to start from October 2014. However, a concession was […]

Making Digital Tax

Making Tax Digital

HMRC have recently published six consultation documents setting out their proposals for Making Tax Digital, including how compulsory digital record keeping and quarterly reporting for businesses and landlords will work. These proposals are some of the biggest changes to the tax system in decades, which are going to affect how both taxpayers and their agents […]

capital gains tax

Capital Gains Tax Relief & Investment Properties

If you have an investment property that you let out and upon which you receive a rent – if you were to think of selling property, is it possible to claim capital gains tax roll over relief  ? Does this mean that you will not have to pay any capital gains tax on the disposal […]

business deductions working from home

Business Deductions When Working From Home

  Once you work from home, your house has a dual purpose being where you live and also where you carry on some or all of your business. So you are then in a predicament where many of the household expenses such as light & heat cover both business and private use. The problem is […]