News

  1. Business Partnership: Will it Work for You?

    A partnership may be a simple trading vehicle enabling two or more people to own and run a business, but there are few practicalities worth considering before making the move. Whilst there are no legal formalities involved in establishing a partnership, and a partnership may come into existence under an oral agreement, it is advisable…

  2. Making Tax Digital for VAT Update: How to Deal with Petty Cash Transactions

    HMRC has published an updated version of their guidance for businesses on Making Tax Digital for VAT. In particular, the guidance now includes information on how businesses should deal with petty cash transactions. Petty cash is traditionally a small amount of cash on hand that covers day to day expenses of a business, such as…

  3. Minimum Pension Scheme Contributions Rise

    The minimum contributions employers and their staff must pay into their automatic enrolment workplace pension scheme increased with effect from 6 April 2019. From that date, the employer minimum contribution has risen from 2% to 3%, while the staff contribution also increased from 3% to 5%. As part of the ‘phasing’ process, the increases mean…

  4. Lasting Powers of Attorney: what is it and who should have it?

    Lasting Powers of Attorney (LPAs) came into effect in October 2007 as part of the Mental Capacity Act. It is a legal document which lets you appoint someone (or multiple people) whom you trust to act on your behalf in different areas of your life. If you do not have an LPA and you become…

  5. Choosing the Right Accounting Software for Your Business

    So you have decided to take the plunge, you want to follow your dream of becoming a successful business entrepreneur, you have the knowledge of your chosen product, the contacts and the funds to get started, just one thing is getting in your way to becoming the next Peter Jones or Deborah Meaden and that’s…

  6. Trading with the EU? You will need a UK Customs Number After Brexit

    If you are a UK business and you are trading with the European Union by importing or exporting goods, you will need a UK EORI number to continue trading after Brexit. EORI is short for Economic Operators Registration and Identification Number. This is used by custom authorities throughout the European Union. This unique number is…

  7. The Virtual Number Mill – An Article by Steve Vincent

    Hold in your mind, if you will, the image of a swan serenely gliding through the water, apparently effortless in its grace, whereas we know that underneath the water a great deal of effort is being exerted into creating this joyous vision. In my long experience as an accounting/taxation practitioner I have several observations regarding…

  8. January 2019 Record Tax Revenue

    The Treasury has been given a boost after official figures showed the Government recorded its largest January budget surplus, as they enjoyed a bumper haul of tax receipts. Figures from the Office for National Statistics show that public finances were in surplus by £14.9 billion last month, the largest January total since records began in…

  9. Juicy First Tier Tribunal Case

    The First Tier Tribunal (FTT) was recently called upon to examine whether fruit and vegetable juices sold as meal replacements were beverages and therefore standard-rated for VAT. The case (The Core (Swindon) Ltd [2019] TC 06874) concerned a juice bar and health café which supplied juice cleanse programmes (JCPs) consisting of fresh drinkable products made…

  10. Can Employers Still Claim the Employment Allowance?

    In broad terms, the Employment Allowance (EA) is available to most employers and should enable them to reduce the amount of National Insurance Contributions (NICs) they have to pay by up to £3,000 per year. The eligibility rules changed from April 2016, and the Autumn Budget 2018 announced further changes expected to take effect from…

  11. Efficient Tax Savings

    As the end of the current tax year approaches, it is worthwhile making a check to ensure that the various tax-efficient saving opportunities have been utilised wherever possible. The following paragraphs highlight some of the areas where savings may be made. ISAs The maximum annual investment limit for Individual Savings Accounts (SAs) will remain at £20,000 for…

  12. New Capital Expenditure Rules from January 2019

    Businesses considering investing more than £200,000 in plant and machinery could benefit from a change to the capital allowances rules in January 2019, which should allow them to obtain tax relief at an earlier time.  Capital allowances are treated as a trading expense of a particular accounting period, so they can potentially increase a loss,…