Employee Benefits And Expenses | Filing Deadlines
Employee Benefits And Expenses | Filing Deadlines

Employers should not forget that there is a raft of filing obligations that still need to be met. This post lists the various employer filing deadlines regarding employee benefits and expenses for 2019-20. The following table is reproduced from the government website:...

Local Authority Grants | Registration Forms
Local Authority Grants | Registration Forms

As local authorities work to deliver grants of £10,000 or £25,000, we have noticed that new pages are appearing on their websites. Some have already put application/registration forms on their website to no doubt manage the influx of requests and outline criteria for...

Mis-Selling Of Leasehold Interests
Mis-Selling Of Leasehold Interests

The Competition and Marketing Authority (CMA) has published information recently that points to evidence of potential mis-selling and unfair contract terms in the leasehold housing market. Their concerns have been listed below: Ground Rents Homeowners having to pay...

Residential Property Sales | 30 Days Or Else
Residential Property Sales | 30 Days Or Else

From 6 April 2020, residential property sales that are subject to capital gains tax (CGT) will need to be reported to HMRC within 30 days of the sale. Any CGT due will also need to be paid in this 30-day-period. Property Sales Affected a property that you’ve not used...

Tax Year 2019/20 | Bracey’s Are On Your Side
Tax Year 2019/20 | Bracey’s Are On Your Side

As we approach the end of the tax year 2019/20, it is worth reflecting on the role of HMRC in our tax affairs. Without a doubt, HMRC, tax legislation and its application, will continue to ensure that you pay your taxes. You can rely on HMRC to pounce if they feel that...

Dormant Money Scheme To Be Expanded
Dormant Money Scheme To Be Expanded

Money untouched for over 15 years in bank accounts has been funding good causes under the Dormant Assets Scheme that launched in 2011. Around £600m has been transferred from High Street banks and building societies to support community initiatives across the UK. The...

Discount Is Good News For Pubs
Discount Is Good News For Pubs

Publicans have a reason to celebrate with the Government’s announcement of a £1,000 business rates discount for pubs. The relief announced on 27 January 2020 will be available to public houses with a rateable value of less than £100,000 and it will apply for one year...

When Does Gifting Become Tax-Free?
When Does Gifting Become Tax-Free?

There are certain gifts you can make that will not create a capital gains tax (CGT) charge, but care should be taken as there are exceptions. Gifts To Your Spouse Or Civil Partner Ordinarily, you will not pay CGT if you gift assets – that would normally create a...

Breathing Space For Those In Debt
Breathing Space For Those In Debt

In a recent news story published to the Government website it was announced that a new breathing space period will freeze interest, fees and enforcement for people in problem debt, with further protections for those in mental health crisis treatment. Millions of...

Do You Have A Furnished Holiday Lets Business?
Do You Have A Furnished Holiday Lets Business?

Most property owners who let property under the Furnished Holiday Let (FHL) tax rules, submit their income and expenditure details on their tax return each year. Is your FHL business accounts year due on the end of the tax year, 31 March (5 April)? Then, we suggest...

When Assets Can Become A Tax Liability
When Assets Can Become A Tax Liability

No-one wants to pay more tax than necessary. If you are coming to the end of your trading year, now could be the perfect time to assess your assets to see if there is a way that you could be paying less. There are certain assets that may be carried on your balance...

Last Week In The EU | Advice For Transition Period
Last Week In The EU | Advice For Transition Period

On the 31 January, the UK set is set to enter the transition period of Brexit.  It’s almost here. The day we have been waiting for since the 2016 referendum. And whichever way you voted, I think everyone will breathe a sigh of relief. But, it isn’t actually the end....

The Accountant Will See You Now | Xero Surgery
The Accountant Will See You Now | Xero Surgery

If you haven’t heard about cloud-based accounting, let us educate you! In fact, we can introduce you to Xero, our favourite software as a service (SaaS). Accounting In The Cloud If you have a mobile phone – and let’s face it, who doesn’t these days – cloud accounting...

Don’t Forget To Claim For Your Home Office
Don’t Forget To Claim For Your Home Office

If you’re a sole trader, you will know about some of the expenses you can claim for against your tax bill. But how many don’t you know? Over the coming months we will share what you can claim and how much. To kick us off – use of the home… The Cost Of Working From...

Top Three VAT Problems
Top Three VAT Problems

VAT – those three letters can strike fear into even the most hardened business owner. We all kind of know what it entails and yet so many can still end up falling foul of the taxman. Nobody wants that. Bracey’s VAT Director Michele Harris knows the pitfalls and has...

What Will The March 11 Budget Mean For Us?
What Will The March 11 Budget Mean For Us?

Budget 2020 confirmed to be taking place on the 11th March 2020. The General Election is a thing of the past. Brexit is all set for January 31, so the next big thing to think about is the Budget. Normally, we would have had an Autumn Budget but with the build-up to...

Is The Flat Rate Scheme Right For You?
Is The Flat Rate Scheme Right For You?

Any business owner knows VAT can be a bit challenging – which is why it is so helpful to be able make use of the Flat Rate Scheme (FRS). But while it does simplify the calculation of VAT returns, there are certain circumstances when you may no longer use the FRS. What...

Staff Spotlight: Meet Anna Fursland
Staff Spotlight: Meet Anna Fursland

Anna Fursland started at Bracey’s Accountants on a six-week work experience placement after leaving school, and eight years later she is still proudly part of the Bracey Bunch. Let’s find out more about the Stevenage-based client manager... Why Accountancy? I was a...

Minimum Wage Rates Increase From April 2020
Minimum Wage Rates Increase From April 2020

Businesses that have a significant number of staff paid at Minimum Wage or National Living Wage rates should take note that from April 2020 the rates are increasing. In more detail the changes announced 31 December 2019 are: Annual pay rise of up to £930 for a full...

HMRC’s Top Criminal Cases Of 2019
HMRC’s Top Criminal Cases Of 2019

Not all penalties levied by HMRC are civil, many cases are serious enough to warrant a criminal investigation. The first post in the “money” section of the gov.uk website in 2020 reflects on this. The title of the post is a giveaway: “Busted! HMRC reveals biggest...

High Street Rejuvenation Funding Announced
High Street Rejuvenation Funding Announced

The first 101 places to benefit from up to £25 million each from the Future High Streets Fund were announced over summer. In the latest step of the £3.6 billion investment in towns and high streets, 20 pilot areas across England will lead the way in rejuvenating town...

End Of 2019 | Still Time To File Tax Returns
End Of 2019 | Still Time To File Tax Returns

The deadline to file your 2018-19 tax return to HMRC is fast approaching. Most of our clients will have the reassurance that we have filed their returns online. But, for those who still need to file their 2019 return, it’s time to get into action. If you file after 31...

An End To Brexit Uncertainty
An End To Brexit Uncertainty

The UK can finally breathe and celebrate an end to Brexit uncertainty. Whatever your political motivation, most of us will be relieved that last week’s election has created a government with a working majority. At last, there is a light at the end of the uncertainty...

Year In Review | 2019
Year In Review | 2019

It’s that time when we all become a little nostalgic about the 12 months that are coming to an end and reflect on the year’s journey. We have a lot to look back on and a lot to be proud of… Moving On And Moving In  2019 was the year when we opened two new offices,...

Do You Need To File A Tax Return?
Do You Need To File A Tax Return?

We are often asked if it is necessary to register for Self-Assessment and file a tax return each tax year. The following notes are a brief outline of circumstances when you may need to register. Those Required To Submit Tax Return According to HMRC, you may need to...

Land Registry Property Alert Service | Sign Up
Land Registry Property Alert Service | Sign Up

Property owners are potentially more at risk from the activities of fraudsters. They have more to lose and there are very real risks that the Land Registry property alert service is set up to counter.   Why Consider This Service? Since 2009, HM Land Registry has...

Planning Ahead? | 2020 Bank Holidays
Planning Ahead? | 2020 Bank Holidays

The following dates for next years Bank Holidays were recently published on the gov.uk and regional websites. Upcoming Christmas Bank Holidays  (England and Wales, Scotland and Northern Ireland 2019) 25 December Wednesday Christmas Day 26 December Thursday Boxing Day...

Using Your Vehicle For Business Purposes | Advice
Using Your Vehicle For Business Purposes | Advice

As a general rule, if you use your private transport for trips related to your employment, you may be able to claim tax relief if you are not reimbursed for this business use by your employers. Exceptionally, any normal travel between your home and your place of work...

The Benefits Of Furnished Holiday Lets
The Benefits Of Furnished Holiday Lets

Most buy-to-let property is let on short leases to a single tenant. The income from rents is treated as a property business, but a number of reliefs available to other trading businesses are not available to buy-to-let landlords. However, if these same properties were...

Higher National Living Wage Rates
Higher National Living Wage Rates

A new report suggests the National Living Wage (NLW) could rise to £10.50 per hour over the next five years. Higher National Living Wage Report Businesses that have a significant number of workers who are paid at the National Minimum Wage (NMW), NLW rates should...

Employing Someone At Home | Advice
Employing Someone At Home | Advice

HMRC will consider you as employing someone at home if a nanny, housekeeper, gardener or anyone else meets the following criteria: you hire them, and they are not self-employed or paid through an agency. Your Responsibilities If these criteria do apply this means you...

Negligible Value Claims | Capital Gains Tax
Negligible Value Claims | Capital Gains Tax

Occasionally, the tax system in the UK throws up an issue that does not make sense. For example, how can you create a tax loss for capital gains tax (CGT) purposes without disposing of the asset? Capital Gains Tax Explained CGT applies when an asset subject to CGT is...

The Uncertainty Continues | Budget And Brexit Update
The Uncertainty Continues | Budget And Brexit Update

The Brexit issue continues to drag its heels and it now looks as if we will have a general election until matters are resolved. Autumn Budget Postponed Another crucial matter that will be delayed is the presentation of a Budget that will determine any changes to the...

Heads Up For Energy Contractors | ECO
Heads Up For Energy Contractors | ECO

Contractors completing energy improvements in the homes of low-income families will need to be registered with a new government quality scheme, the Energy Company Obligation (ECO). Good Service Guarantee The Energy Company Obligation (ECO) gives residents confidence...

Beefing-Up UK Exports
Beefing-Up UK Exports

UK farmers looking for opportunities to export beef products to China will be encouraged by the recent relaxation of export criteria. A recent UK government press release explains what is being offered: China Opens Doors To British Beef The British beef industry is...

Win While You Save | PrizeSaver Launch
Win While You Save | PrizeSaver Launch

In a further attempt to incentivise savings, the UK government has launched the PrizeSaver account. Here’s what the Treasury press release had to say: PrizeSaver Launch Treasury launches pilot of new PrizeSaver account on International Credit Union Day. Savers who put...

Business Car Tax | Common Issues Explained
Business Car Tax | Common Issues Explained

We have listed below a number of issues that you will need to consider if directors or employees use a car for business purposes. Essentially, if the car is owned by the business any private use of the vehicle will trigger a tax charge for the driver (car user) and a...

Paying Tax If You Are Self-Employed
Paying Tax If You Are Self-Employed

Are you a sole trader? Or, an individual member of a partnership? Then you will likely be subject to income tax and possibly National Insurance on your earnings.  Taxing Earnings Vs Monthly Drawings Unfortunately, tax being taxing, earnings for tax purposes may not be...

Do You Need To File A Tax Return?
Do You Need To File A Tax Return?

The following guidelines are reproduced from the government’s website: You must send a tax return if, in the last tax year (6 April to 5 April), you were: self-employed as a ‘sole trader’ and earned more than £1,000 a partner in a business partnership You will not...

How Much Tax Do You Pay On Your Dividends?
How Much Tax Do You Pay On Your Dividends?

If you own a small limited company your shares entitle you to draw a return on your shareholding – in common parlance these returns are called dividends. So, when do you receive your dividends, and how much tax do you have to pay? When Does A Shareholder Recieve...

Does Your Employer Pay For Your Private Petrol?
Does Your Employer Pay For Your Private Petrol?

A reminder that you can avoid the hefty car fuel benefit charge if you drive a company car and your employer pays for your private fuel. One way to achieve this is to repay your company for the private petrol provided. Possible Tax Charge Many employers have an...

Unclaimed Estates: Who Is Entitled To A Share?
Unclaimed Estates: Who Is Entitled To A Share?

There is nothing more intriguing than the notion we may be due untold riches from undisclosed sources. For example, do you have any premium bonds, and did you notify the registrar the last time you moved to a new house? Do The Government Hold Unclaimed Estates? Did...

Do You Have A December Year-End?
Do You Have A December Year-End?

December is probably the second most popular trading year-end for businesses; the most popular being the 31 March. Finding Opportunities Your end of year planning should include a review of your results – prior to your year end – so that there is an opportunity to...

VAT Domestic Reverse Charge | Construction
VAT Domestic Reverse Charge | Construction

Just one month to go until the so-called “Domestic Reverse Charge” will apply to VAT-registered traders who are also registered to use the Construction Industry Scheme. Who's Paying The VAT Bill? There has been an awful lot of commentary in the press claiming that...

Tax-Free Annual Party
Tax-Free Annual Party

Looking forward to the forthcoming end-of-year and Christmas celebrations? We could all do with a bit of festive cheer, so you may find the following article useful: it sets out the rules and regulations that qualify such events for a tax-free party: no benefits in...

Direct Marketing Director Punished By ICO
Direct Marketing Director Punished By ICO

If your company engages in direct marketing, you may want to consider the following case published by the Insolvency Service: 110,000 Unsolicited Marketing Calls A property renovation boss who caused his company to make more than 110,000 unsolicited marketing calls...

How Fit Is Your Business?
How Fit Is Your Business?

In much the same way that we make judgements about our personal fitness: are we overweight, do we get enough exercise, do we eat the right food; similar judgements can be made about your business. Fail To Prepare, Prepare To Fail There is also a raft of external...

Case Study | Making Tax Digital Migration For VAT
Case Study | Making Tax Digital Migration For VAT

The Federation for Small Businesses reported, prior to the implementation of Making Tax Digital, that companies were facing bills of more than £1,000 to remain compliant and that thousands were unprepared. At Bracey’s, that hasn’t been the case for our clients.  Meet...

Marriage Allowance | Potential Tax Refund
Marriage Allowance | Potential Tax Refund

The Marriage Allowance lets you transfer £1,250 of your Personal Allowance to your husband, wife or civil partner - if they earn more than you. In many cases, this may result in a tax refund for the partner receiving the transfer. Tax Savings The allowance reduces...

The 1972 Brussels Act Has Been Repealed
The 1972 Brussels Act Has Been Repealed

Doubted the resolve of our government regarding the implementation of the 2016 referendum? Then the following announcement may clarify matters: 1972 Act Repealed The Government has signed into law legislation to repeal the Act of Parliament which set in stone...

Options For Your Pension Pot
Options For Your Pension Pot

According to HMRC, the options you have for your pension pot(s) are: Leave Your Whole Pot Untouched You don’t have to start taking money from your pension pot when you reach your ‘selected retirement age’. You can leave your money invested in your pot until you need...

Driving And Staying In The EU After 31 October 2019
Driving And Staying In The EU After 31 October 2019

If, as our new government intends, we leave the EU after 31 October 2019, with or without a deal, what changes will drivers and travellers from the UK be likely to face when they cross the channel after this date? Bus and coach drivers According to the latest updates...

What Is An EORI Number?
What Is An EORI Number?

As the likelihood of a no-deal exit from the EU is now more likely, readers who presently export or import goods to the EU need to prepare for changes in tariffs, VAT and transport issues before 31 October 2019 – the latest exit deadline. EORI Number If the UK leaves...

Enhanced Redundancy Cover For Parents
Enhanced Redundancy Cover For Parents

The present legal protections against redundancy cover for parents is to be extended by six months for new mothers returning to work. Parents returning from adoption and shared parental leave will also be protected. Pregnancy Discrimination The move comes in response...

Statutory Holiday Entitlement | Fact Check
Statutory Holiday Entitlement | Fact Check

Now that schools are closing for the summer, many families will be making for their chosen holiday destination. An opportune to time to be reminded of your statutory holiday entitlements. The following information is reproduced from the gov.uk website. Statutory...

Your Business Structure Options
Your Business Structure Options

If you are setting up a new business one of the options, you will need to consider is your business structure. There are two basic choices: Be self-employed, or Incorporate your business, be a limited company. There is a world of difference between the two options....

Your Accounting Audit Checklist
Your Accounting Audit Checklist

An accounting audit works for both large corporations and SMEs. A well-timed audit can help to root out any accounting anomalies through a thorough review and examination of accounting and financial records. This gives comfort on results, as well as providing some...

Why Invest In Tax Planning?
Why Invest In Tax Planning?

The way we organise, whether it be tax planning or 'playing it by ear', for our business and personal financial affairs determines the amount of taxes we pay. Most of us are focussed on outcomes. Outcomes that on the face of it, increase our profits or income without...

The Advantages of Tax Compliance Support
The Advantages of Tax Compliance Support

In this article, we explore the advantages of tax compliance support. As UK resident persons we are obliged to comply with the law, if we don’t, there are consequences. These range from financial penalties to imprisonment. Tax compliance covers areas such as...

UPDATE: No-Deal Brexit
UPDATE: No-Deal Brexit

The phrase “no-deal Brexit” is assuming a rather specific meaning as the exit from the EU grinds towards a conclusion – the present deadline for achieving a withdrawal agreement is the end of October. No Luck If we fail to achieve consensus by that date, there are...

It’s Business As Usual At The Treasury | Finance Bill 2019
It’s Business As Usual At The Treasury | Finance Bill 2019

With all the present upheavals in UK politics it is reassuring that for one government department, the Treasury, it’s business as usual. What's To Come For The UK Taxpayer Ordinarily, we would expect the next Budget to be presented to parliament in the autumn, usually...

What Is Goodwill?
What Is Goodwill?

According to the dictionary goodwill is: a feeling of benevolence, approval, and kindly interest (modifier) resulting from, showing, or designed to show goodwill willingness or acquiescence (Accounting & Book-keeping) accounting  intangible asset is taken into...

Watch: Improve A Businesses Fitness In 2 Minutes
Watch: Improve A Businesses Fitness In 2 Minutes

How much attention do you give to your company’s ability to weather external and internal challenges? Business Challenges If you engage in a systematic, periodic review of your business circumstances, you are more likely to pick up on issues that would be challenging....

Filing Documents With Companies House
Filing Documents With Companies House

In the not too distant past, if you filed a set of accounts for a registered company with Companies House this usually involved sending the required documents using the postal system. Unreliable Systems Inevitably, this involved a certain amount of delay: initially,...

Property Transactions | Legal And Professional Fees
Property Transactions | Legal And Professional Fees

We are often asked to explain: are the professional fees you pay, associated with a property transaction, a tax allowable deduction? The Answer The straight-forward answer is yes. But, it is necessary to consider the reason for which a property is purchased to...

Building Income Streams | Advice
Building Income Streams | Advice

If you are in business you either buy (manufacture) or sell goods, or you deliver a service based on your personal skills. The Good(s), The Bad If you buy or sell goods there is no reason to believe that once you have achieved a sale to a particular person or...

Have you heard of the Prompt Payment Code?
Have you heard of the Prompt Payment Code?

The Prompt Payment Code (Code) is not a fanciful device to access cash from bank machines or a way to secure an automatic “prompt” payment from your customers. Code Of Payment Conduct The Code was actually set up by the Chartered Institute of Credit Management (CICM)...

Capital Gains Tax Giveaway? | GHOR
Capital Gains Tax Giveaway? | GHOR

The awkwardly named “Gift Hold-Over Relief” (GHOR) allows you to give away business assets – including certain shares – or sell them for less than they are worth, and not pay (or pay reduced) capital gains tax (CGT). The person receiving the gift will potentially pay...

What Exactly Is Insolvency?
What Exactly Is Insolvency?

The dictionary definition of insolvency is less than illuminating, it is: The state of being insolvent… Listed synonyms provide more detail: bankruptcy · liquidation · failure · collapse · ruin · financial ruin · ruination · pennilessness · penury ·  Digging Deep What...

Complaining To HMRC | Advice
Complaining To HMRC | Advice

Although many of the tax office processes are computerised systems, the rest is managed by human beings. Each subject to the same range of foibles as the rest of us. And we all know how reliable computerised systems have proven to be... Correcting Anomalies If you are...

The Real Tax Cost Of Benefits In Kind
The Real Tax Cost Of Benefits In Kind

There is a sting in the tail for companies that provide their directors or employees with taxable benefits as part of their remuneration package. The Trigger Obviously, the directors or employees that receive the benefits will pay additional income tax if the benefits...

E-bike Cycle To Work Scheme Announced
E-bike Cycle To Work Scheme Announced

Tempted to cycle to work but are challenged by fitness issues, or really can’t afford the bike you would like? You might be interested in the recent announcement that has extended the existing Cycle To Work scheme. Introducing E-Bikes E-bikes are bycles with electric...

Did You Know Income Rates Can Be As High As 60%?
Did You Know Income Rates Can Be As High As 60%?

Most of us know that income tax is charged at three main rates: 20%, 40%, and 45%. Unfortunately, there are certain levels of income that trigger a loss of benefits or allowances as well as a charge to income tax. Because of this, the percentage rate of tax charged...

Changing The Way Construction Firms Account For VAT
Changing The Way Construction Firms Account For VAT

From October 1st this year, construction supplies between businesses under the Construction Industry Scheme (CIS) will be subject to the Domestic Reverse Charge (DRC). In a bid to ensure VAT payments are not lost within a line of invoices between sub-contractors and...

Mileage Rates and Tax Relief | Latest Rates
Mileage Rates and Tax Relief | Latest Rates

Does your employer ask you to use your own car or van to undertake a journey on their behalf? You may be entitled to a payment from your employer to cover your petrol and wear and tear costs. HMRC Cap Let’s say that your employer pays you 35p per mile. You may feel...

Don’t Take Your Eye Off The Brexit Ball
Don’t Take Your Eye Off The Brexit Ball

There is no doubt that many of us are heartily tired of the drawn-out Brexit debate, and yet we should not ignore this topic completely. Hard Brexit, Hard Decisions Opinion seems to be hardening for the so-called “hard” Brexit: where we leave at the end of October...

Adventures In Trade | HMRC Recover Millions In Lost Taxes
Adventures In Trade | HMRC Recover Millions In Lost Taxes

Readers are reminded that if you profit from a hobby – sell what you produce on a regular basis – you may attract the attention of HMRC. When Do You Pay Tax? If your annual sales (income before any costs are deducted) are below £1,000 you will pay no tax as you can...

Keeping An Eye On The Competition | Business Advice
Keeping An Eye On The Competition | Business Advice

If your competitor is a company, there is quite a lot of information you can obtain free of charge. For example, from the Gov.uk website you can obtain the following details: company information, for example, registered address and date of incorporation current and...

The New State Pension
The New State Pension

Prior to April 2016, men born before 6 April 1951 and women born before 6 April 1953, qualified for a basic State Pension and an Additional State Pension. If you were born after these dates you will qualify for the New State Pension and will no longer be eligible for...

Tax-Free Gains 2019-20 | Capital Gains Tax
Tax-Free Gains 2019-20 | Capital Gains Tax

There are still a number of sales (disposals) that a UK taxpayer can make that will not incur a charge to the UK’s Capital Gains Tax. For most of us, they are limited in extent, after all, legislators have had plenty of time to close any favourable loop-holes. Packing...

National Minimum Wage Rates Increased
National Minimum Wage Rates Increased

From 1 April 2019, the National Living Wage (NLW) and National Minimum Wage (NMW) hourly rates increased to: 25 and over - £8.21 21 to 24 - £7.70 18-20 - £6.15 Under 18 £4.35 Apprentices £3.90 Workers who are entitled to receive these rates as a minimum include:...

Landlords Faced With 2020 Tax Hit
Landlords Faced With 2020 Tax Hit

HMRC are changing two important tax concessions that apply to landlords who have letting property that, as owners, they have previously occupied at some point as their home (Principal Private Residence (PPR)). Changes Happening From April 2020 The first is the...

Employers: What Is Class 1a NIC?
Employers: What Is Class 1a NIC?

Does one or more of your employees benefit from the use of facilities provided by you? This could be a cheap loan or a company car? It is well known that you as their employer will need to inform HMRC of the amount of these benefits following the end of the tax year....

VIDEO: HMRC’s Digital Tax Revolution Has Started
VIDEO: HMRC’s Digital Tax Revolution Has Started

It would be unlikely, if you’re VAT registered, that you would have missed the countless articles, posters and TV adverts to let you know that Making Tax Digital for VAT has commenced as of April 1, 2019. As it stands, only four per cent of UK businesses have signed...

Do You Manage Your Own VAT Returns?
Do You Manage Your Own VAT Returns?

Unless you opt to register or use one of the available VAT special schemes, you are likely paying VAT to HMRC once a quarter. This is based on the difference between the VAT added to your sales invoices less any VAT included in business purchases and expenses...

Who Inherits If You Die Without A Will?
Who Inherits If You Die Without A Will?

If you die without stating your wishes, the law will determine how your assets are distributed amongst your family. The rules that govern the process are set out in the intestacy rules. And there are regional differences. Consider a parent whose personal assets amount...

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...

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...

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...

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...

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...

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...

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...

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...

Brexit | No Deal Advice For Traders Within The EU
Brexit | No Deal Advice For Traders Within The EU

On the 12th March, the government updated its Brexit advice to traders within the EU. The advice assumes a no-deal outcome. On the basis that being prepared for the worst possible outcome, and a no-deal Brexit result is universally accepted to be a disaster for UK...

Pension Shakeup | Long-Term Investment Strategies
Pension Shakeup | Long-Term Investment Strategies

Last week, a press release was issued by the Department of Works and Pensions implying that pension scheme investment managers, the folks that determine the size of our pension pots, are being short-changed by the UK financial investment industry. And, as a result,...

No Tax When You Sell Your Home? | Private Residence Relief
No Tax When You Sell Your Home? | Private Residence Relief

The private residence relief allows you to sell your home without paying any capital gains tax (CGT) on the profit you make on the sale. If only life was that simple. Unfortunately, there are occasions when CGT may be payable. Working From Home For example, if part of...

Holiday Entitlement | What You Should Know
Holiday Entitlement | What You Should Know

According to government sources, if you work a five day week you are entitled to 5.6 weeks’ paid holiday a year. This is known as our statutory or annual leave entitlement. At first sight, 5.6 weeks looks to be an odd number of days, but it refers to a normal working...

Register Your Trade Mark
Register Your Trade Mark

As we take steps to disentangle ourselves from the EU and make our mark in the wider global economy, this may be a good time to register a potential trade mark you may be using. There is a formal registration process linked to the gov.uk website. Alternatively, you...