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News Stories

Landlord’s Replacement Domestic Items relief

  • Posted On: 13 September 2017
Landlord’s Replacement Domestic Items relief The Wear and Tear allowance that allowed landlords to reduce the tax they paid on furnished property lets was withdrawn at the end of the 2015-16 tax year. The 10% deduction was available to landlords regardless of whether furnishings in their

New Finance Bill published

  • Posted On: 06 September 2017
New Finance Bill published Before the summer recess, the government confirmed that a new Finance Bill would be introduced as soon as possible after the summer recess. The House of Commons returned to Westminster on 5 September 2017. The new Finance Bill is expected to

Update child benefit and child tax credit details

  • Posted On: 06 September 2017
Update child benefit and child tax credit details Taxpayers in receipt of child benefit and child tax credits payments should be aware that HMRC can stop making payments on the 31 August following a child’s 16th Birthday. HMRC has issued a press release reminding parents to inform them if any of

HMRC accepts changes to R & D claims

  • Posted On: 06 September 2017
HMRC accepts changes to R & D claims HMRC recently announced a deadline for accepting amended claims for Research and Development (R&D) tax credits. This specific opportunity relates to claims to include eligible reimbursed employee expenses as part of qualifying staff costs. Only

Auto-enrolment penalties sky-rocket

  • Posted On: 06 September 2017
Auto-enrolment penalties sky-rocket Automatic enrolment for workplace pensions was instigated to encourage employees to start making provision for their retirement with employers also contributing to make a larger pension pot. The timetable for employers to begin enrolling their

Self-employed NIC increase

  • Posted On: 06 September 2017
Self-employed NIC increase Class 2 National Insurance Contributions (NICs) are currently paid by self-employed taxpayers and members of partnerships if their annual profits exceed £6,025. Class 2 NICs are payable at a flat weekly rate currently, £2.85. Class 2 NICs count

What are VAT records and how long should you keep them?

  • Posted On: 06 September 2017
What are VAT records and how long should you keep them? There are distinct rules that VAT registered businesses must follow regarding retention of VAT records. Records include: a record of sales and purchases, and a separate VAT account. Generally, a business must keep VAT business records for at

Tax relief and goodwill

  • Posted On: 06 September 2017
Tax relief and goodwill Goodwill is usually defined as the ‘extra’ value attributable to a business over and above its tangible assets. In the vast majority of cases, when a business is sold a significant proportion of the sale price will be for this type of intangible

Corporate governance reforms announced

  • Posted On: 05 September 2017
Corporate governance reforms announced The government has issued its response to its consultation which started in November 2016 on corporate governance reform. Its response document sets out proposals for a “world-leading package” of corporate governance reforms which it now intends to

VAT – beware the default surcharge

  • Posted On: 30 August 2017
VAT – beware the default surcharge A default surcharge is a penalty levied on businesses that submit late VAT returns. VAT registered businesses are required by law to submit their returns and make sure that payment of the VAT due has cleared to HMRC’s bank account by the due date.