• What is Capital Gains Tax incorporation relief?

    If you own a business as a sole trader or in a partnership, a Capital Gain will arise if your business is transferred into a company structure. The gain will be assessed by reference to the market value of the business assets, including goodwill, at the date of transfer. This could give rise to a […]

    Andrea L Richards | Accounts Navigator Associates Limited
  • New £20 note unveiled

    The Governor of the Bank of England, Mark Carney, has unveiled the design of the new £20 note which features the artist JMW Turner. The new note will be launched on 20 February 2020 and will join the current £5 and £10 notes in being printed on polymer, a thin flexible plastic. The new plastic […]

    Andrea L Richards | Accounts Navigator Associates Ltd
  • Tax Relief For Private Pension Contributions

    You can claim tax relief for your private pension contributions. The annual allowance is £40,000 for the current tax year. there is also a facility to carry forward any unused amount of your annual allowance from the last three tax years if you have made pension savings in those years. There is also a lifetime […]

    Andrea L Richards | Accounts Navigator Associates Limited
  • Shared Parental Leave And Pay

    The shared parental leave and pay rules offer working parents far greater choices as to how they share the care of their child and take time off work during the first year of their child’s life. Under the rules, mothers must take at least two compulsory weeks of maternity leave immediately after birth, but after […]

    Andrea L Richards | Accounts Navigator Associates Limited
  • Changing your company’s year end date

    There are rules in place which limit your options to change your company’s year end date. A company’s year end date is also known as its ‘accounting reference date’ and is set by reference to the date the company was incorporated. Under some circumstances it is possible to make a change to the year-end. You […]

    Andrea L Richards | Accounts Navigator Associates Limited
  • Income Excluded From A UK Property Business

    HMRC publishes a list of income streams that are excluded from a UK property business. The list includes fishing concerns, hotels and guest houses, tied premises, caravan sites, lodgers and tenants in your own home, extra services to tenants and letting surplus trade accommodation. In most cases the income from these activities will be taxed […]

    Andrea L Richards | Accounts Navigator Associates Limited
  • Tax For Provision Of Parking Spaces

    There are some important rules you must be aware of if your provide parking spaces to your employees. If the parking spaces you provide are at, or near your employee’s workplace, then you are entitled to an exemption. This means there is no requirement to report anything to HMRC and you are not required to […]

    Andrea L Richards | Accounts Navigator Associates Limited
  • Reporting Employee Changes

    There are rules that businesses must follow when they are reporting employee changes. These changes must be sent to HMRC using a Full Payment Submission (FPS). The FPS is a submission that you need to make to HMRC every time you pay your employees and must be submitted on or before the usual date you […]

    Andrea L Richards | Accounts Navigator Associates
  • Planning A Christmas Party?

    Now is the time that many businesses are planning their Christmas celebration for their staff, clients and prospective clients. The cost of a staff party or other annual entertainment is generally allowed as a deduction for tax purposes. If you meet the criteria written below, then there is no need to report anything to HMRC […]

    Andrea L Richards | Accounts Navigator Associates Limited
  • The Annual Investment Allowance

    The Annual Investment Allowance (AIA) is a tax relief that was introduced in 2008. The AIA allows for the total amount of qualifying expenditure on plant, machinery, commercial vehicles and other qualifying equipment to be deducted from your profits before tax. The AIA can be claimed by an individual, partnership or company carrying on a […]

    Andrea L Richards | Accounts Navigator Associates Limited