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A reminder of ways you can pay tax due
17/01/2018 - More...
Last week we confirmed that as from 13 January 2018, HMRC will not accept personal credit cards for payment of tax or penalties. We have listed below the payment options you still have available to you: Electronic payment. HMRC’s preferred method of payment is by electronic bank transfer using Faster Payments, CHAPS or BACS. In order

Buying a rental property?
17/01/2018 - More...
The removal of the 10% wear and tear allowance that allowed landlords to reduce the tax they paid on furnished property lets (after the end of the 2015-16 tax year) was a significant loss for many landlords. The 10% deduction was available to landlords regardless of whether furnishings in their property were replaced or not. The wear

Projects that count as R & D for tax purposes
17/01/2018 - More...
Research and Development (R&D) tax credits were introduced for small and medium sized enterprises (SMEs) in 2000 and for large companies in 2002. R&D credits are a Corporation Tax relief to encourage innovation and enterprise within the UK economy. Small and medium-sized enterprises (SME) can claim SME R&D tax deductions

Salary sacrifice examples of tax consequences
17/01/2018 - More...
The tax and NIC advantages of certain benefits provided as part of a salary sacrifice arrangement were removed from 6 April 2017. The new rules effectively remove the Income Tax and employer NIC advantages of certain benefits provided as part of salary sacrifice arrangements such as mobile phones and workplace parking. When the changes

What to consider when employing family, young people and volunteers
17/01/2018 - More...
When a new employee is added to the payroll it is the employers’ responsibility to ensure they meet the employees’ rights and deduct the correct amount of tax from their salary. This includes any employees who are family members. HMRC’s guidance is clear that if you hire family members you must: avoid special treatment in terms of

What is the herd basis?
17/01/2018 - More...
There are special rules which can apply to farmers and market gardeners that prepare their accounts on an accruals basis. This includes special rules for farmers’ averaging relief, dealing with losses and the treatment of compensation for compulsory slaughter. The special rules also refer to the use of the herd basis. The herd basis is

Holiday let property – reminder to check your occupancy stats
09/01/2018 - More...
The Furnished Holiday Let (FHL) rules allow holiday lettings of properties that meet certain conditions to be treated as a trade and therefore qualify for additional tax benefits. In order to qualify as a FHL, the following criteria need to be met: The property must be let on a commercial basis with a view to the realisation of

Who is entitled to claim statutory maternity pay?
09/01/2018 - More...
Employees that are pregnant are eligible to take up to 26 weeks of maternity leave (known as ordinary maternity leave) plus an additional 26 weeks (known as additional maternity leave). This means that an employee can take up to a full year of maternity leave once they give their employers the correct notice. All women employees are

The end of credit card payment surcharges?
09/01/2018 - More...
From 13 January 2018, it will become illegal for any business to charge a fee in addition to the advertised price of a transaction to consumers (widely known as surcharging). For example, a travel company charging more to use a credit card rather than a debit card or cash. This change is being brought about by the introduction of the EU

Basic monthly tasks if you run your own payroll
09/01/2018 - More...
One of the most time-consuming admin tasks associated with the running a small business can be dealing with the payroll. Generally speaking, you can: Run your own in-house payroll, or Hire your accountant to do the work for you. If you operate your own payroll, there are a multitude of tasks that must be completed each tax month.

Can we claim for marketing, entertainment and subscription costs?
09/01/2018 - More...
The self-employed are often concerned if an expense is allowable or not for tax purposes. In this article, we will briefly look at the rules for claiming marketing, entertainment and subscription costs. Most marketing expenses are treated as allowable business expenses. This includes advertising in newspapers or directories, bulk mail

Changes to approved English apprenticeships
07/01/2018 - More...
The Apprenticeships (Miscellaneous Provisions) Regulations 2017, which only apply in relation to England, will come into force on 15 January 2018. The new Regulations: make it a requirement that off-the-job training be provided during the course of an approved English apprenticeship entered into under the Apprenticeships, Skills,

Beware iTunes gift card scam
02/01/2018 - More...
HMRC is warning members of the public of a worrying iTunes gift card scam. The fraudsters are cold calling victims purporting to work for HMRC and warning them that they owe HMRC large amounts of tax which they can only pay off using digital vouchers and gift cards, including those used for Apple’s iTunes Store. Victims are told to go

Staircase tax to be reversed
02/01/2018 - More...
The Government has announced that the business rates anomaly known as the ‘staircase tax’ is to be axed. The 'staircase tax' affects businesses that operate in adjoining units or rooms, but are accessed from a communal lift, corridor or staircase. For example, a business that has offices on two floors of a building that are accessed via a

Relief if you let and then sell your home
02/01/2018 - More...
One of the most often used and valuable of the capital gains tax (CGT) exemptions concerns the sale of the family home. As a general rule there is no CGT on a property which has been used as the main family residence. An investment property which has never been used will not qualify. This relief from CGT is commonly known as private

Fair payment practices for small businesses
02/01/2018 - More...
In October 2017, Paul Uppal (a former Conservative MP and entrepreneur) was appointed to the newly-established post of Small Business Commissioner (SBC) based in Birmingham. At the time, it was estimated that the office of the SBC would be operational by the end of 2017. The SBC is an independent public body and covers the whole of the UK

VAT when business transferred as a going concern
02/01/2018 - More...
The transfer of a business as a going concern (TOGC) rules concern the possible VAT liability resulting from the sale of a business. Normally the sale of the assets of a VAT registered or VAT registerable business will be subject to VAT at the appropriate rate. However, where the sale of a business includes specific assets and meets

Pre-owned assets income tax charge
02/01/2018 - More...
The pre-owned assets (POA) income tax charge was introduced in the Finance Act 2004 and the first year in which a POA charge could arise was back in 2005-6. The POA charge is effectively a tax on individuals who have given certain types of assets away but who continue to enjoy either full or partial benefits from the assets. The charge

Tax Diary January/February 2018
01/01/2018 - More...
1 January 2018 - Due date for Corporation Tax due for the year ended 31 March 2017. 19 January 2018 - PAYE and NIC deductions due for month ended 5 January 2018. (If you pay your tax electronically the due date is 22 January 2018) 19 January 2018 - Filing deadline for the CIS300 monthly return for the month ended 5 January 2018. 19

Benefits of letting furnished holiday property
19/12/2017 - More...
The furnished holiday let (FHL) rules allow holiday lettings of properties that meet certain conditions to be treated as a trade for some specific tax purposes. The FHL rules currently apply to individuals, partnerships, trustees and companies who let furnished holiday accommodation situated within the UK or elsewhere in the European

What are VAT special schemes?
19/12/2017 - More...
There are three main VAT schemes available to small businesses: The flat rate scheme The annual accounting scheme The cash accounting scheme The Flat Rate Scheme The purpose of this VAT scheme is to simplify the way a business accounts for VAT and so reduce the cost of complying with their VAT obligations. With the VAT Flat Rate

Longer or shorter company accounting periods
19/12/2017 - More...
Companies often have to contend with having two different company accounting periods. This is because there are different rules for Companies House filings and submissions to HMRC, for corporation tax purposes. The accounting periods can be the same but can also differ and a change may need to be made to ‘sync’ the accounting periods.

Simplified cash basis for unincorporated landlords
19/12/2017 - More...
The cash basis scheme helps sole traders and other unincorporated businesses benefit from a simpler way of managing their financial affairs. The scheme was extended to landlords from April this year with many expected to benefit from the savings in administrative burdens. The scheme is not open to limited companies and limited liability

Salary sacrifice changes from April 2018
19/12/2017 - More...
The tax and NIC advantages of certain benefits provided as part of a salary sacrifice arrangement were removed from 6 April 2017. The new rules effectively remove the Income Tax and employer NIC advantages of certain benefits provided as part of salary sacrifice arrangements such as mobile phones and workplace parking. When the changes

 

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