News

Holiday let property – reminder to check your occupancy stats
10/01/2018 - 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 profits. Second homes or properties that are...

Who is entitled to claim statutory maternity pay?
10/01/2018 - 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 entitled to both classes of maternity leave...

The end of credit card payment surcharges?
10/01/2018 - 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 Second Payment Services Directive...

Basic monthly tasks if you run your own payroll
10/01/2018 - 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. Tax months run from the 6th of one month...

Can we claim for marketing, entertainment and subscription costs?
10/01/2018 - 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 advertising (mail shots), providing free...

Changes to approved English apprenticeships
08/01/2018 - 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, Children and Learning Act 2009...

Beware iTunes gift card scam
03/01/2018 - 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 to a local shop, buy these vouchers, and...

Staircase tax to be reversed
03/01/2018 - 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 communal staircase. Such businesses are...

Relief if you let and then sell your home
03/01/2018 - 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 residence relief. Taxpayers are usually...

Fair payment practices for small businesses
03/01/2018 - 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 - England, Wales, Scotland and Northern...

VAT when business transferred as a going concern
03/01/2018 - 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 certain conditions the sale will be...

Pre-owned assets income tax charge
03/01/2018 - 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 was introduced to help combat the problem...

Tax Diary January/February 2018
02/01/2018 - 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 January 2018 - CIS tax deducted for the...

Benefits of letting furnished holiday property
20/12/2017 - 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 Economic Area (EEA). The EEA includes...

What are VAT special schemes?
20/12/2017 - 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 Scheme you pay VAT as a fixed percentage...

Longer or shorter company accounting periods
20/12/2017 - 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. As a general rule, the Companies House...

Simplified cash basis for unincorporated landlords
20/12/2017 - 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 partnerships. Unlike other taxpayers...

Salary sacrifice changes from April 2018
20/12/2017 - 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 were introduced it was confirmed that...

Are you paying tax at 60%?
20/12/2017 - More...
For high earning taxpayers, their Income Tax personal allowance is gradually reduced by £1 for every £2 of adjusted net income over £100,000 irrespective of age. This creates an effective marginal rate of tax of around 60% for tax payers as the £11,500 tax-free personal allowance is gradually withdrawn. Taxpayers whose income sits within this band should consider what planning...

VAT rules for retailers using online marketplaces
20/12/2017 - More...
Under new rules that came into force last year, HMRC has the power to force overseas retailers to appoint a UK-based VAT representative or to provide a financial guarantee. These rules currently apply to overseas retailers that supply goods already in the UK at the point of sale, to UK consumers through an online marketplace (such as eBay or Amazon). If the overseas retailer...

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Latest News

Holiday let property – reminder to check your occupancy stats
10/01/2018 - More...The Furnished Holiday Let (FHL) rules...
Who is entitled to claim statutory maternity pay?
10/01/2018 - More...Employees that are pregnant are eligible...
The end of credit card payment surcharges?
10/01/2018 - More...From 13 January 2018, it will become...