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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 Case Study: Exclusivity and Tax Relief

Case Study: Exclusivity and Tax Relief

In order to qualify as a deduction for tax purposes, we have to demonstrate that the expenditure was incurred “wholly and exclusively” for the purposes of our business or employment. We will also need to consider a further criterion: where the expenditure has a duality of purpose. Suits Some But Not HMRC In a 1980’s…

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View Unexpected Excuses Revealed From Companies House

Unexpected Excuses Revealed From Companies House

Companies House have published a list of bizarre excuses for the late filing of their statutory accounts. They include: “goats ate my accounts” “I found my wife in the bath with my accountant” “pirates stole my accounts” “we delivered the accounts to the betting office next door to Companies House” “a volcano erupted and prevented…

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View A Guide To Tax-Free Trivial Benefits

A Guide To Tax-Free Trivial Benefits

Options for reducing the impact of taxation on our earnings are somewhat limited. That said, there are still opportunities that will keep you the right side of the law. Also, will increase the take-home pay of employees. One such opportunity available to employers is to pay so-called trivial benefits. The benefits may be of small…

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View Tips On How To Boost Cash Flow For Brexit

Tips On How To Boost Cash Flow For Brexit

If the present wrangling over the terms of our exit from the EU result in terms that disadvantage UK businesses, what can we do now to protect our hard-earned business assets? Perception Brexit It is difficult to make this call as negotiations could drift in either direction: a continuing trade agreement or a so-called “hard-Brexit”….

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View Understanding Power Of Attorney

Understanding Power Of Attorney

As we will possibly live on until our 80s, and as that may involve coping with a disability of one form or another, the need for consideration of support as we get older is ever more pertinent. Power Of Attorney Readers will no doubt have heard the term “power of attorney”, but not many, we…

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View Claiming Expenses: A Case Study

Claiming Expenses: A Case Study

In a recent tax case, three taxpayers asserted that cleaning costs of work clothes amounted to £2,200 a year and HMRC disagreed. The facts were compelling, each of the appellants worked in the drainage or sewage industry and to maintain personal hygiene washed work clothing on a daily basis. Why shouldn’t they claim for the…

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View Stamp Duty and Personal Assets: How To Price The Garden Shed

Stamp Duty and Personal Assets: How To Price The Garden Shed

When you are selling your home, you are likely to be selling a range of fixtures and fittings. For example: White goods, washing machines, fridges, cookers etc, Furniture, Carpets, Curtains, Garden equipment, Leisure or fitness equipment, jacuzzi etc, And the garden shed. If identified in the sale contract, any value attributed to these personal assets,…

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View A New Hope For Self-Employed Liability?

A New Hope For Self-Employed Liability?

 If you are a sole trader, or in a basic partnership, and if your business gets into financial difficulties, any liabilities that cannot be covered by the disposal of business assets may have to be settled out of personal assets. In accountancy speak, you have unlimited liability; there is no protection for your personal assets….

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View Are You Prepared For March 2019?

Are You Prepared For March 2019?

As we have outlined in recent posts, change is upon us and come to the end of March next year, the combination of Brexit and the advent of Making Tax Digital (MTD) will change much that we have taken for granted. Apart from the cross-border considerations (import VAT, customs duties and the like), MTD will…

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