Latest Blogs

16th Nov 2018 New Year, New….. Tax Return

  There are only 76 days until the self-assessment tax return deadline of 31 January 2019. If your return is not filed by this date an automatic £100 penalty will be applied. With the festive season on the horizon it’s easy to push the tax return deadline to the back of your mind, however don’t…

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16th Nov 2018 Top 5 tips for start-up businesses

Businesses are born in many ways but there are some common considerations for all start-ups. Legal form Consideration needs to be given as to the how you wish to set up and structure your business. If you are going it alone perhaps a sole trader could be the best route or, if there is more…

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13th Nov 2018 Corporation tax rates set to fall

Following the Autumn Budget on 29th October 2018, it was confirmed that Corporation Tax rates will fall to 17% from 1st April 2020. Currently, the Corporation Tax rate is 19% and this will remain until the 17% rate comes into force. Presumably the reason for introducing lower rates is to make the UK more competitive,…

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12th Nov 2018 CGT Reliefs – Hit with Both Barrels!

A gain on sale of residential property is chargeable to capital gains tax (CGT) as follows: 18% to the extent that the gain falls within the basic rate band 28% thereafter An annual exemption is available if not utilised elsewhere (currently £11,700, rising to £12,000 in the 2019/20 tax year). Principal Private Residence Relief (PPR)…

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9th Nov 2018 HMRC letters to businesses affected by MTD for VAT

HMRC have started to send out their first wave of what they are calling “encouragement letters” to businesses within the scope of MTD for VAT. The letters are being sent to businesses which are currently eligible to join the pilot.  They are not being copied to the businesses’ agents. The first wave is 20,000 letters…

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9th Nov 2018 Gift aid small donations limit to rise

Following the budget on 29th October 2018, the Gift Aid Small Donations Scheme limit has been increased to donations of £30 or less from 6 April 2019. The scheme was introduced for Charities who accept small donations to still claim for Gift Aid despite not collecting the usual declaration paperwork from the donor. This has…

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8th Nov 2018 New guidance for employers

HMRC has issued the October 2018 Employer Bulletin which contains a number of articles relevant to employers on payroll related issues. The articles cover a number of areas including: clarification of the rules regarding paying employees when the regular payday is a non-banking day dealing with PAYE Settlement Agreements and new procedures to accommodate Scottish…

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8th Nov 2018 EIS: v2?

Observers of recent Budgets will have noticed that the Chancellor has made several references to “EIS Knowledge Intensive Funds”, as a new initiative to help finance growth in innovative firms. He has even invented a new phrase to describe this type of funding: ‘Patient Capital’. The initial March 2018 Consultation Paper has now closed for…

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8th Nov 2018 Capital allowances changes

A number of changes to capital allowances were announced at the Budget, including an increase in the Annual Investment Allowance (AIA), for two years to £1 million, in relation to qualifying expenditure incurred from 1 January 2019. The AIA is currently £200,000 per annum. Complex calculations may apply to accounting periods which straddle 1 January…

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8th Nov 2018 Further contingency planning guidance on a ‘No deal Brexit’

HMRC has issued a Partnership Pack to help businesses carry out contingency planning and to help their customers, members and clients to: think about how they will need to adapt their business to comply with new systems, processes and controls assess the impact of the increased demand for customs declarations on their business consider whether…

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