• Loss Buying Restrictions

    Under qualifying circumstances, Corporation Tax relief is available where your company makes a trading loss. The trading loss can be used by offsetting the loss against other gains or profits of your business in the same or previous accounting period. The loss can also be set against future qualifying trading income. However, there are restrictions […]

  • The Optional Remuneration Arrangements Defined

    The Optional Remuneration Arrangements (OpRA) legislation was introduced with effect from 6 April 2017. The legislation counters the tax and NIC advantages of benefits where an employee gives up the right to an amount of earning in return for a benefit. This includes flexible benefit packages with a cash option, cash allowances and salary sacrifice. […]

  • When You Can’t Reclaim VAT

    For most fully taxable businesses, VAT can be reclaimed on goods and services used in the business. This means businesses must consider where there is any personal or private use of goods or services purchased for the business as the business can only reclaim the business part of the VAT. You cannot reclaim VAT for: […]

  • Changes To The Employment Allowance

    As part of the Autumn Budget 2018 measures it was announced that access to the Employment Allowance was to be restricted. From 6 April 2020, the £3,000 NIC Employment Allowance will only be available to employers with employer NIC liabilities of under £100,000 in the previous tax year. The draft legislation necessary to put this […]

  • New Cyber Security Guidance Published

    The National Cyber Security Centre (NCSC) has published guidance to help small to medium sized organisations prepare their response to, and plan their recovery from a cyber incident. The NCSC define a cyber incident as unauthorised access or attempted access to an organisation’s IT systems. These may be malicious attacks (such as malware infection, ransomware […]

  • Informing HMRC of Changes In your Personal Details

    If your personal details change, you are required to notify HMRC as this can affect your entitlement to certain tax breaks and/or benefits. You need to tell HMRC if: you get married or forma a civil relationship you divorce, separate or stop living with your husband, wife or partner the sooner you tell HMRC the […]

  • Government Help With Childcare Costs

    For many working parents, childcare costs can play a large role when planning to return to work. Now that childcare vouchers have closed to new entrants, we are reminding employers that help is at hand with Tax-Free Childcare, a government scheme to help working parents with the cost of childcare. Eligible parents could get up […]

  • Free Information About Companies

    You can find a surprising amount of free information about companies on Companies House. This is in line with the government’s commitment to free data and ensures that all publicly available digital data held on the UK register of companies is free of charge. This includes: company information such as registered address current and resigned […]

  • VAT Reverse Charge Construction Industry

    A change to the VAT rules first announced at Budget 2018, will come into effect from 1 October 2019. This change will make the supply of construction services between construction or building businesses subject to the domestic reverse charge. the reverse charge will only apply to supplies of specified construction services to other businesses in […]

  • When Does ATED Apply?

    The Annual Tax on Enveloped Dwellings (ATED) came into effect from 1 April 2013. The tax applies to certain Non-Natural Persons (NNPs) that own interests in dwellings valued at more than £500,000. These provisions affect most companies, partnerships with company members and collective investment schemes. There is no ATED or ATED-related Capital Gains Tax payable […]