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IN Team Update

28th November 2018 | Written by In Accountancy | Categories : Accounts, Business, Contractors, IN Team, News, Personal Tax, Tax, Team News
IN Team Update

Those of you who have popped into the office or given us a call in the last couple of months may have noticed some new faces and voices amongst the team, so it’s probably about time we introduced them to you. Zoe, Theo and Olivia all joined at the end of the summer and have already made their mark as Read the full article…


Making Tax Digital – Pilot Update

27th November 2018 | Written by In Accountancy | Categories : Accounts, Business, HMRC, Limited Companies, Making Tax Digital, Making Tax Digital, News, Tax
Making Tax Digital – Pilot Update

Making Tax Digital for VAT (MTDfV) is still the hot topic of the moment (aside of course from Brexit madness!), and while there has been some speculation that, under the influence of the House of Lords, roll out of MTDfV may be delayed April 2020, other evidence suggests that this is highly unlikely. HMRC has now begun writing to businesses Read the full article…


Further Contingency Planning Guidance on a ‘No Deal Brexit’

25th November 2018 | Written by In Accountancy | Categories : Business, HMRC, News
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 they need to recruit and Read the full article…


Making Tax Digital for VAT Public Pilot Opens and Deferral for Some Businesses

24th November 2018 | Written by In Accountancy | Categories : Business, HMRC, Limited Companies, Making Tax Digital, News
Making Tax Digital for VAT Public Pilot Opens and Deferral for Some Businesses

HMRC has opened the Making Tax Digital for VAT (MTDfV) public pilot. However certain VAT-registered businesses (around 3.5% according to HMRC) with more complex requirements will be deferred from being subject to MTD for six months. Essentially, the public pilot is now open to sole traders and companies using standard VAT accounting. This applies whether returns are done monthly or Read the full article…


New Guidance for Employers

23rd November 2018 | Written by In Accountancy | Categories : Business, HMRC, HMRC, Pensions and Payroll
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 income tax rates Construction Industry Read the full article…


Entrepreneurs’ Relief Changes

21st November 2018 | Written by In Accountancy | Categories : Budget, Business, Client Focus, HMRC, News
Entrepreneurs’ Relief Changes

The government announced, as part of the Budget, that some changes are being made to the rules for Entrepreneurs’ Relief (ER) with immediate effect for disposals on or after 29 October 2018. Two new tests are to be added to the definition of a ‘personal company’, requiring the claimant to have a 5% interest in both the distributable profits and Read the full article…


Capital Allowances Changes (update with 30 second video)

18th November 2018 | Written by In Accountancy | Categories : Budget, Business, HMRC, News
Capital Allowances Changes (update with 30 second video)

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 2019. Other changes to the Read the full article…


Personal Tax Changes – Allowance and Basic Rate Band Increases

16th November 2018 | Written by In Accountancy | Categories : Budget, Client Focus, HMRC, News, Personal Tax, Tax
Personal Tax Changes – Allowance and Basic Rate Band Increases

At the Budget, the Chancellor announced that increases to the personal allowance and basic rate band for 2019/20. The personal allowance is currently £11,850. The personal allowance for 2019/20 will be £12,500. Also for 2019/20, the basic rate band will be increased to £37,500 so that the threshold at which the 40% band applies is £50,000 for those who are Read the full article…


HMRC begins writing to businesses alerting them to Making Tax Digital for VAT – ICAEW News

6th November 2018 | Written by In Accountancy | Categories : News
HMRC begins writing to businesses alerting them to Making Tax Digital for VAT – ICAEW News

ICAEW research in July 2018 revealed that of the businesses required to submit their VAT returns using software or an app from April 2019, 42% were unaware of the change. Although ICAEW and the other professional bodies have been making members aware of Making Tax Digital (MTD) and its impact on how businesses keep their accounting records and file their Read the full article…


Autumn Budget 2018 for Contractors – IR35 explained

5th November 2018 | Written by In Accountancy | Categories : Budget, Business, Contractors, HMRC, HMRC, Limited Companies, News, Pensions and Payroll, Pensions and Payroll, Personal Tax, Tax
Autumn Budget 2018 for Contractors – IR35 explained

The Autumn Budget 2018 announced that changes to off payroll working in the private sector would not be introduced before 2019/20 tax year, and even then would only apply to large and medium sized businesses. We have had questions from a number of our contractor clients who are concerned about what any changes in relation to IR35 legislation may mean Read the full article…