Virtual Christmas Party
Due to the coronavirus restrictions, you may be unable to host your usual Christmas Party for your employees. We are pleased to confirm that the annual parties’ exemption (s264 ITEPA03) will apply to the costs associated with virtual parties in the same way that it would for traditionally held parties. Therefore, subject to the normal…
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Covid 19 Newsletter
C19 NEWSLETTER ‘ECONOMIC EMERGENCY HAS ONLY JUST BEGUN’ In his spending review yesterday Rishi Sunak said the “economic emergency” caused by Covid-19 has only just begun, as he warned the virus would mean lasting damage to growth and jobs. Official forecasts now predict the biggest economic decline in 300 years. The UK economy is expected…
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Paying Your Tax By Direct Debit Monthly
People owe debt to HMRC for a variety of reasons and the best payment solution differs from individual to individual. HMRC takes its responsibility seriously to make sure that people who can pay do so on time, whilst providing extra, bespoke support to people facing financial hardship or in personal difficulty. If you’re facing difficulty…
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Tax Scams in the Pandemic
A Freedom of Information request from the firm has revealed taxpayers reported 9,948 Covid-related scams to HMRC between January and June. Activity peaked in May, with 5,048 incidents explicitly mentioning Covid, then proceeded to fall by over 55% to 2,495 in June. The total number of all phishing scams reported to HMRC was 44,777 in…
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R&D Tax Credits
R&D tax credits A guide to the tax relief available to innovative SMEs. Research and development (R&D) tax relief for small companies provides an enhanced deduction for the costs of qualifying R&D projects. R&D tax relief for large companies is given as an expenditure credit in the company’s profit and loss account before the tax…
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Business Records Check
What if HMRC want to visit your premises Within HMRC the tax department has decided to revive its programme of business record checks in November 2012, there’s an increasing chance of a visit from the tax inspector for businesses in the high risk category. The cross-tax checks where their connect system is part of a…
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Scottish Tax Payers
However, it will freeze the higher and additional rates so that there is increasing divergence between Scottish and rest of UK taxpayers. The Scottish Budget was delayed from December after the UK general election was called and had to be held before the UK Budget on March 11 due to legal requirements to set council…
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Capital Gains Tax Planning
Selling something you own for more than you bought it for is not only the basis of making a profit and doing ‘good business’; it is also the start of your liability for capital gains tax (CGT). In its broadest terms, CGT is a tax that applies when you dispose of an asset (meaning selling…
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When is a Hairdresser not an Employee
When a hairdressing salon uses subcontractors within their salon, they should ensure the following so it is crystal clear that they are not classed as an employee as tax and national insurance implications are at stake: Maintenance of their own books and accounting records. Being responsible for their own tax affairs and health and safety…
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Ways to get Your Accountancy Fee’s Down
Why Should I Get My Tax Return Prepared Early One of the questions that I often get asked is why I should get my tax return done early I will get it done in December or January and make them wait. HM Revenue & Customs issues a notice to complete a tax return for individuals…
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