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COVID-19 Related Issues

Introduction:The UK, Scottish and Welsh Governments and the Northern Ireland Executive have announced a wide range of measures to support businesses that are experiencing difficulties due to COVID-19. The support that is available depends on the particular circumstances; for example, the sector in which the business operates. details of support can be found at website.We had also put together tax planning opportunities and pitfalls relating to COVID-19 for your particular circumstances in...

April 1, 2021

IR35 (Off-payroll rules from 6th April 2021)

If you’re not directly employed by your client in a traditional sense, but you use an intermediary (such as a Limited Company) to provide your services, the intermediaries’ legislation – known as ‘IR35’ – may apply to you. Broadly, an engagement will fall within the new IR35 rules for payments made for services provided on or after 6 April 2021, where: a worker is personally providing services to a public sector or medium/large private sector end user via their own intermed...

March 31, 2021

Tax Planning (Year-End 5/4/2021)

As the tax year end approches in these uncertain times (5/4/2021). We are presenting you with tax planning opportunities and pitfalls advices for both individuals and businesses as well as dealing with issues around COVID-19 in modules as follows: Tax for individuals:  Changes in personal circumstancesInternational issues Transferring wealth Issues for employees Minimising tax liabilities Savings and investments and Real estate. Tax for businesses:  Starting ou...

November 14, 2020

Tax dates and return deadlines for the tax year 2019/20

Knowing the important deadlines in the last tax year started on 6 April 2019 and ended on 5 April 2020 will help you to prepare and send off the main forms in good time. You may have a range of obligations for corporation tax, PAYE, self-assessment, VAT, National Insurance contributions (NICs) and the Companies House annual confirmation. As well as preparing for the tax year end, you need to deal with a variety of regular payments and filings. When necessary, you should take professional advice....

April 5, 2020

HMRC enquiries: Which records to keep private

Any taxpayer who submits a tax return can be selected for an HM Revenue and Customs (HMRC) enquiry at random. Those taxpayers unfortunate enough to be selected may find HMRC’s tax return enquiries rather obtrusive.Is HMRC entitled to see a self-employed taxpayer’s private records, and if so, to what extent? ...

February 14, 2019

Directors' Loan Accounts

The opportunity to borrow funds from a personal or family company can provide an attractive source of cheap finance. In a family or personal company, transactions between the company and the individual directors are commonplace. A director's loan account is a simple mechanism for recording the transactions that take place. If the company is a close company and the director's account is overdrawn at the end of the tax year, tax consequences may arise....

February 9, 2019

Close Companies

A company is close if it is UK resident and either condition A or B is met: Condition A: It is under the “control” of: Five or fewer participators, orParticipators who are directors. Condition B: That five or fewer participators, or participators who are directors together possess or are entitled to acquire: Such rights on a notional winding up of the company, as would entitle them to receive the greater part of the assets of the company available for distribution amongst the participators, ...

February 8, 2019


Automatic enrolment is a government initiative which aims to help people save more money for later life through a compulsory workplace pension scheme. This means that every employer, no matter what size, is legally obligated to provide a pension for all eligible employees. If your business does not adhere to these guidelines then you could face substantial fines or even prison.The scheme was first introduced in 2012 for large businesses and has gradually been rolled out to businesses with smalle...

February 6, 2019

Cash basis for landlords – when does it apply?

The cash basis simply takes account of money in and money out – there is no need to worry about debtors and creditors and prepayments and accruals. Income is recognised when received and expenditure is recognised when paid. Since 6 April 2017, the cash basis has been the default basis for eligible landlords.An eligible landlord is one in respect of whom none of the tests A to E below is met....

January 18, 2019

Inheritance tax – making tax-free gifts

There are various exemptions, and potential exemptions, which make it possible to make gifts free of inheritance tax. Making tax-free gifts is a useful way to reduce the value of your estate – and ultimately the inheritance tax that may be payable on gifts....

January 15, 2019

Budget 2018 in 24 Bullet Points

1. Public Finances - Turning Point Since 2009-2010 the deficit has fallen by four-fifths, from 9.9% to 1.9%. Public debt peaked in 2016-17 and is now falling. On average, spending on public services will grow 1.2% above inflation a year from next year until 2023-24. 2. Employment Growth and OBR forecasts  The economy has grown every year since 2010, and is projected to continue growing in each year of the forecast. The unemployment rate is at its lowest for over 40 years, there are over 3.3...

October 30, 2018



August 1, 2017

Are you bereaved?

There are important financial actions that you need take in the event of a bereavement. This blog talks you through some of the support that’s available.  'Tell Us Once' is a service that lets you report a death to most government organisations in one go. The Tell Us Once service is offered by most local authorities on behalf of the Department for Work and Pensions. Acting as a single point of contact it allows the bereaved person to advise central and local government, such as ...

July 23, 2017

The Pensions Regulator (TPR)

Workplace pension contributions are increasing. The minimum amount that employers and their staff need to pay into their pension scheme is going up. On 6 April 2018, the minimum amount employers will have to pay in will be 2% of their staff’s pay, and the amount their staff put in will rise to 3%. On 6 April 2019, this will rise again to 3% contribution from employers and 5% contribution from their staff member. TPR will be writing to all employers about the changes soon....

July 18, 2017

Current list of deliberate tax defaulters updateded

The HMRC list of current (name and shame) deliberate tax defaulters had been updated. The list provides the name of the defaulter, the industry, amount of tax avoided, and penalties charged. As with previous lists, it includes a number of restaurants, take-aways, cafes, hotels, and bars, along with those in the construction industry. A few electronics wholesalers and retailers had showed up, including a £954k tax bill plus £501k penalty for a computer and software wholesaler. A football agency...

July 14, 2017

Tax credits

If you’re claiming tax credits, We are reminding everyone to renew by the 31 July deadline. If you miss the cut-off date, your tax credit payments will stop and you may have to pay back the tax credits you’ve been given since 6 April 2017....

July 10, 2017

Tax-Free Childcare

Did you know, on 21 April the government launched two new childcare schemes for working parents? Tax-Free Childcare is for eligible UK working families, including the self-employed, with children under twelve or under seventeen, if disabled. For every £8 they pay in, the government will add an extra £2, up to £2,000 per child, per year (or £4,000 per year for disabled children). Parents of children under four on 31 August and parents of disabled children can apply now.  30 hours free ch...

July 3, 2017

Charity governance, finance and resilience:

In 'The essential trustee: what you need to know, what you need to do (CC3)' the Charity Commission sets out the 6 key duties for charity trustees and what these cover - the top three being: act in the interests of their charity and its beneficiaries protect and safeguard the assets of their charity act with reasonable care and skill To deliver against these duties, charity trustees need to be able to identify the critical issues - the charity's purposes and plans, its solvency, its resilie...

June 30, 2017

Fit and Proper Persons - Charity trustees

HMRC has updated its 'fit and proper persons' declaration for charities. Charities must satisfy the 'management condition', so its managers must be 'fit and proper persons'. The guidance explains how HMRC applies the test to people who have the general control and management of the administration of the charity. HMRC assumes that all people appointed by charities are fit and proper persons unless HMRC holds information to show otherwise. HMRC states that, provided charities take appropriate st...

June 28, 2017

Telling your story well: Trustees reports

A recent study by the Charity Commission for England & Wales showed that although 90% of the annual reports discussed what the charity was setup to do and its activities during the year, many did not go on to consider what difference they had made to their beneficiaries and/or include the required statement that the trustees had considered the Commission's guidance on public benefit reporting. If the purpose of the charity sector is to make a difference to the lives of the beneficiaries it s...

June 25, 2017

Are you demonstrating commitment to best practice fundraising?

Charity fundraising: a guide to trustee duties (CC20) sets out the law and good practice principles for trustees to follow when dealing with fundraising. It highlights the importance of following the recognised standards for fundraising, which are set by the Fundraising Regulator in the Code of Fundraising Practice. Charities can now demonstrate their commitment to best practice fundraising in 2 ways: charities with fundraising costs in excess of £100,000, by paying the voluntary levy to me...

June 24, 2017

Preparing for Data Protection Reform:

The current Data Protection Act is due to be replaced by general data protection regulation (GDPR) on the 25th May 2018. GDPR is the biggest overhaul of data protection legislation for over 25 years and will introduce new requirements for how organisations process personal data. Click here to see the ICO's 12 step guide to what organisations should be doing now.Although the GDPR shares similarities with the existing UK Data Protection Act 1998 (DPA), it also has some new and different requiremen...

June 23, 2017

Choosing an accountant or tax adviser

It is important to choose your accountant/tax adviser carefully. Here are a few tips to help you. If you have not used an adviser before you should be aware that anyone can call themselves an accountant/tax adviser whether or not they are professionally qualified. There are some non-qualified advisers who may have the experience to help you but qualified accountants/ tax advisers have completed relevant qualifications and will be regulated by their professional body. Professionally qualifie...

June 22, 2017 Posts 1-23 of 23 | Page

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