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We like to keep ahead of the curve wherever we can – whether that’s technological advances, legislation, or just what’s happening in accounting. Then share it all as free advice on our blog page.

View Employing Family, Younger Persons or Volunteers

Employing Family, Younger Persons or Volunteers

The following notes set out some of the factors you will need to consider if you are considering employing members of your family, younger workers or volunteers in your business. Employing Family Members If you hire family members you must: avoid special treatment in terms of pay, promotion and working conditions make sure tax and…

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View Investing In New Equipment?

Investing In New Equipment?

For most of us in business the recent, and continuing, the Brexit fiasco has meant that making meaningful investment decisions have proved to be problematic. What will our future trading relationship with Europe look like and how will that affect our own trading results? Annual Investment Allowance (AIA) In the UK we have an extremely…

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View When Do You Pay Capital Gains Tax?

When Do You Pay Capital Gains Tax?

If you personally disposed of an asset that is subject to a capital gains tax (CGT) charge, at any time during the tax year ending 5 April 2019, any CGT due will need to be paid 31 January 2020. Accordingly, if you know the amount of the taxable gain, and the amount of CGT payable,…

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View What Is A Debt Relief Order?

What Is A Debt Relief Order?

The first Debt Relief Order (DRO) was approved 10 years ago in April 2009 with the aim of assisting people with small levels of assets and little surplus income deal with their debts. Since then, the Insolvency Service has approved more than 254,000 DROs to people with debts worth an average of £9,400. Application Process…

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View Green Light For Pension Dashboards

Green Light For Pension Dashboards

The government has given the green light to allow pension providers to create user-friendly services that display pension information for individuals online. Savers will be in the driving seat with all the facts and figures about their pensions and potential retirement income at their fingertips. All of which in one place for the first time…

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View Tax-free Property and Trading Allowances | Advice

Tax-free Property and Trading Allowances | Advice

Since April 2017, you can earn £1,000 from a trading activity and £1,000 of property-related income, without being liable to income tax. These tax-free allowances are useful as families can generate an extra £2,000 a year of income without increasing their tax bills. Obviously, these small amounts will not be a replacement for your day…

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View What Will HMRC Avoid Telling You?

What Will HMRC Avoid Telling You?

There are three things that you can count on that HMRC will do: Calculate the amount of tax you owe based on the information they have gathered. Chase you for payment of this tax if not recovered by PAYE. Pursue you if they believe you have under-declared your taxable income or made excessive claims to…

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View Commuting To Work Costs | Is It A Deductible?

Commuting To Work Costs | Is It A Deductible?

Ordinary commuting between home and work incurs costs: either shoe leather if you walk, or the cost of transport. For most employees, these costs are considered to be personal costs and are not deductible for tax purposes. HMRC’s Reasoning This is so even if your employer requests that you attend out of hours, say the…

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View Child Benefit Tax Trap | Advice

Child Benefit Tax Trap | Advice

A family claiming the weekly Child Benefit (currently, £20.70 a week for the eldest or only child and £13.70 a week for additional children) may get an unwelcome tax bill if either parents’ income exceeds £50,000 during a tax year. Have You Been Overpaid? If either parent had income over £50,000 for the tax year…

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