Latest News 2018-11-28T15:19:12+00:00

Latest News

The meaning of ‘goodwill’ for CGT purposes

The meaning of goodwill for CGT purposes is complex. The term 'goodwill' is rarely mentioned in legislation and there is ...
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What is a joint venture?

A joint venture is a commercial enterprise undertaken by two or more parties who otherwise retain their separate identities. The ...
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Transfer of business as a going concern

The transfer of a business as a going concern (TOGC) rules cover the VAT implications when a business is sold ...
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Interest on children’s savings

All children in the UK have their own personal annual tax allowance. However, anti-avoidance laws prevent this allowance being utilised ...
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Employing someone to work in your home

When you employ someone to work in your home, it is your responsibility to meet the employee's rights and deduct ...
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What is a negligible value claim?

A negligible value claim is a claim made by a taxpayer when an asset they own has become of negligible ...
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Finance Bill 2019-20 shelved

The Government’s draft finance bill has been shelved as we countdown to the general election on 12 December 2019. The ...
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Tax Diary November/December 2019

1 November 2019 - Due date for Corporation Tax due for the year ended 31 January 2019. 19 November 2019 ...
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Sale of income for a capital sum

A capital sum received by an individual in respect of the sale or relinquishment of income - derived from his ...
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Pecuniary liability treated as income

A pecuniary liability can occur when a monetary obligation is fulfilled by an employer, when by law, the liability was ...
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Using the cash basis for property businesses

The cash basis scheme helps sole traders and other unincorporated businesses benefit from a simpler way of managing their financial ...
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Costs you can claim against your self-employed business

If you are self-employed it is important to be aware if an expense is allowable for tax deduction purposes or ...
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What you must do when charging VAT

When you issue a VAT invoice to your customer, you must ensure that you charge the correct rate of VAT ...
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Just under 100 days to go

HMRC has published a news release to remind you that there is now less than 100 days to file your ...
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Coding out debts deadline

You can have tax underpayments collected via an adjustment to your PAYE tax code, provided you are in employment or ...
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November Budget cancelled

Sajid Javid has cancelled the Budget that was due to be presented to Parliament 6th November. As the UK will ...
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Compensation limits for bank deposits

What happens if your bank becomes insolvent and you stand to lose any funds deposited? The bank deposit guarantee limit ...
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Making Tax Digital (MTD)

Since April 2019, VAT registered businesses with a turnover above the VAT threshold need to keep digital records for VAT ...
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What is a Close Company?

A Close Company is broadly defined as a company that is controlled by: five or fewer participators or any number ...
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Tax deducted from payments by companies

Under certain circumstances, companies (including non-resident companies trading from a branch or agency in the UK and local authorities) can ...
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Lump sums paid in continuing employment

A lump sum payment can sometimes be made in lieu of all or part of an employee’s salary, wage, commission ...
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Tax implications for construction industry

If you run a construction business and secure the services of sub-contractors, or if you are a building sub-contractor, you ...
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What is a reasonable excuse?

There are a number of options if you find yourself in disagreement with a tax decision issued by HMRC. As ...
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Win while you save

HM Treasury has announced the trial launch of a new PrizeSaver account with participating credit unions. The new account was ...
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