Latest Blogs

2nd Nov 2018 Profit distribution to charitable parent

It is common practice for a trading subsidiary company to pay their profits to their charitable parent as a donation under gift aid. This is tax efficient for the subsidiary company, as the profits that have been donated are treated as a donation expense and therefore there is no corporation tax due if paid within…

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2nd Nov 2018 Increase in Annual Investment Allowance

The government has announced an increase in the Annual Investment Allowance (AIA) to £1 million in relation to qualifying expenditure incurred from 1 January 2019. Since 1 January 2016 the AIA limit has been £200,000.  It may be worth deferring planned significant capital expenditure as, I am sure you will agree, the additional £800,000 relief…

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2nd Nov 2018 2018 Budget: A Payroll Analysis

National Minimum Wage is set to increase from April 2019: £8.21 per hour for ages 25 and over £7.70 per hour for ages 21 to 24 £6.15 per hour for ages 18 to 20 £4.35 per hour for ages under 18 Apprentices are increasing to £3.90 per hour  Tax Allowances increase from April 2019: Personal…

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31st Oct 2018 Budget 2018: IR35 rules change for private sector

The Autumn Budget 2018 confirmed that many private sector contractors will no longer be responsible for deciding if they are caught by the IR35 rules. Engagers who are medium or large organisations will now decide the IR35 status of the PSCs they contract with. What will constitute a medium or large organisation? It is not…

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30th Oct 2018 Charity serious incident reporting

The Charity Commission is worried about the number of charities not reporting serious incidents or taking a long time to do so. This has perhaps become a concern since the Commission raised a statutory inquiry into Oxfam in February, following allegations of misconduct by staff in Haiti. It is a Charity’s trustee’s responsibility to ensure…

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30th Oct 2018 Budget 2018: What’s in it for TechCo’s

Philip Hammond’s much predicted ‘End to Austerity’ Budget was a lot more positive than similar pronouncements of recent years. Although UK growth is still sluggish (predicted at 1.6% for 2018), higher than expected tax revenues have enabled the public purse strings to be loosened. Announcements that will be of interest to technology SME’s include: New…

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29th Oct 2018 Start Up Seminar – Wisbech – Further details

We are looking forward to hosting our FREE Start Up Seminar in Wisbech  from 6pm to 8pm on Tuesday November 6th 2018 which is being held at the Boathouse. There are many questions that you may have when starting up in business, such as: Should the business be structured as a Sole trader or Limited…

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29th Oct 2018 Great audit expectations

No audit sets out to conclude with total confidence that a set of financial statements are 100% free from any misstatement. To do so would belie the technological reality and scale of modern business; auditors would likely become a permanent fixture at client premises to review every single business transaction and audit would become an…

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26th Oct 2018 HMRC or not HMRC? – That is the question

Following a conversation with HM Revenue and Customs this morning we have been made aware that an unknown person has gained access to one of HMRC’s outgoing phone lines and is making hoax calls from this number. HMRC will always have a record of any calls made to an individual detailing the department trying to…

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23rd Oct 2018 A(i) for audit?

Technological advances in the ways that data is captured, processed, stored and communicated continually change the ways in which we do business. In the context of auditing, data analytics concerns the process of extracting, transforming, validating and analysing large volumes of data to make judgements and form conclusions. The way we approach auditing must change…

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