31 January

HMRC Publish Their Response to the Making Tax Digital Consultations

HMRC have today published their response to the six Making Tax Digital consultations that ran over the summer and have confirmed that the digital tax revolution is set to start in April 2018 but who it will apply to remains unanswered. Against the backdrop of a damning House of Commons Treasury Committee report published earlier […]

18 December

The VAT Change That Will Impact Contractors, Consultants and Accountants!

The HMRC has published their draft legislation for the proposed introduction of a new VAT Flat Rate of 16.5% for ‘Limited Costs’ businesses to tackle what they perceive as abusive use of the scheme. The target of the legislation are labour-intensive businesses with little expenditure on goods such as contractors, consultants and accountancy firms. However, […]

28 November

Transamazonica – Epic Journey and Exciting Investment Opportunity

This autumn, adventurer and film-maker Reza Pakravan and journalist Pip Stewart, embarked on an epic journey along the 4,000 km Transamazonian highway to document both the glory and the destruction of one of the planet’s last great untouched areas, the mighty Amazon rain forest. Travelling the road by bicycle and the river by boat, their […]

28 November

The Seed Enterprise Investment Scheme – Brief Investor’s Guide

Posted by in Guides, News Alerts

The Seed Enterprise Investment Scheme (SEIS) was introduced in April 2012 as an offshoot of Enterprise Investment Scheme (EIS) specifically targeted at boosting early stage investment in start-up companies. To this end, SEIS offers the investor some especially generous tax reliefs: An immediate 50% Income Tax relief on investments under the scheme of up to […]

23 November

VAT Flat Rate Scheme – What is a Limited Costs Business?

We have received the HMRC definition of a ‘Limited Costs’ business for whom the new VAT Flat Rate of 16.5% will apply. This is outlined as a company whose VAT inclusive expenditure on goods is either: less than 2% of their VAT inclusive turnover in their defined accounting period; greater than 2% of their VAT […]

23 November

The 2016 Autumn Statement Summary – Major VAT Flat Rate Scheme Change

The new Chancellor of the Exchequer, Philip Hammond, has delivered his first Autumn Statement today. In a significant change to small businesses, from April 2017, a new VAT Flat Rate of 16.5% will be introduced for businesses with limited costs, such as labour-only businesses. As the Flat Rate applied to the gross invoice amount, this […]

17 November

The End of the Road for the Private Buy-To-Let Investor?

Back in January, in our two-part newsletter series on the impact of tax changes announced in the Summer Budget and the last Autumn Statement on the on the Buy-To-Let property sector, we indicated that this may not be the end of the changes. We stated at the time that the then Chancellor, George Osborne, was […]

17 November

Let The Cloud Do The Work For You

Welcome to the new era of accounting, it is no longer dull, boring and time consuming. Traditional accounting has been transformed into an innovative, modern and networking platform for businesses. The government’s push to make tax digital by 2020 goes hand in hand with the cloud based accounting world that is emerging around us. It […]

17 November

The Trivial Benefits In Kind Exemption – More Significant Than The Name Suggests!

In almost every tax year, a positive tax reform is introduced that just does not seem to get traction. In 2015-16, this was the Marriage Allowance about which we have written extensively. This year, it looks to be the Trivial Benefit in Kind exemption. As the festive season approaches, it is timely to examine this […]

13 November

Is The Company Annual Party An Allowable Business Expense?

In the main, social functions and parties provided by an employer for their staff are a taxable benefit on which Income Tax and National Insurance would be due. However, under certain circumstances, the Annual Parties and Functions exemption would apply. To qualify, the event or events must: Cost in total £150.00 or less per head; […]