Accounting for VAT on goods and services provided by registered health professionals, including doctors, dentists, and physiotherapists might not be as straight forward as you initially thought, particularly where the business is operating as a Limited Company and there are workers providing medical care. A ‘health professional’, is accepted by HMRC to mean the following…Read More
Zapier is an online workflow automation tool that allows you to connect your apps and services together. You can connect two or more apps together with an “If X happens, do Y” structure, to automate repetitive tasks that currently cannot be automated due to lack of integration ability between the two apps. This is where…Read More
VAT reverse charge on building and construction services Now is the time to prepare your CIS registered clients for this change. VAT reverse charge comes into effect on 1 October 2019. It is a major change to the way VAT is collected in the building and construction industry. From this date, the customer receiving the service…Read More
Save on Inheritance Tax by making pension payments into a Self-Investment Pension Plan (SIPP) Funds held in a Self-Investment Pension Plan (SIPP) on the death of the member may be transferred to the ‘nominated beneficiaries’. The member should complete an ‘expression of wish’ form for each pension plan stating to whom they wish the benefit to…Read More
Tax Relief Tax relief means that the amount you spend on certain expenses is deducted from your total income. This effectively reduces your taxable income and therefore the tax you will have to pay. In some cases, such as pension contributions, it may mean that you get tax back in another way; some reliefs are…Read More
Have you recently left university, and are you wondering if an accountancy career is for you? As a graduate looking to get your first job in accountancy, it is important to first evaluate whether you are willing to put in the work and dedicate another 3 years of your life to studying. Whether it be…Read More
Gift aid is a UK tax incentive that enables registered charities to reclaim the tax element of donations made by a UK taxpayer, which effectively increases the total amount of the donation. Charities are able to claim back Basic rate tax of 20% on any donation you make which equates to an extra 25p for…Read More
Graduating is no easy thing. You think you’ve done the hard work already, studying for the exams, writing the dissertation, cooking for yourself for three years with no parent around to help… the majority of students think that actually graduating is the easy bit. You put on the cap and gown and celebrate your success,…Read More
A director’s current or loan account is a way for directors to essentially lend money to or borrow money from their company. The director’s loan account (DLA) is, in essence, a record of all transactions that occur between the company and its directors. 1) Loaning money to a company: Director’s loan accounts are a usual…Read More
What is Open Banking? Open banking is the practice of sharing financial information electronically, securely, and only when customers give their permission. This means you don’t opt in or out, you choose which services you want to share data with and nothing is shared with services you haven’t signed up for. With open banking, third…Read More
The personal savings allowance (PSA) was introduced on the 6th of April 2016. Depending on your income, the PSA allows you to get up to £1,000 of interest tax free. The introduction of the PSA has resulted in the majority of people in the UK with income from savings no longer paying tax on this…Read More
Company cars are a great way for businesses to reward staff as a benefit on top of their salary, unfortunately, HMRC is aware of this and levies tax on the perk, this is referred to as a Benefit-in-Kind (BIK) as the car is seen as an additional taxable benefit. The amount of tax you pay…Read More
The importance of a positive attitude towards mental health in the workplace has been highlighted many times over recent years. Businesses acknowledge its significance to the workforce and employee productivity and are taking steps to make sure that they’re promoting positive mental health in the workplace. According to Acas, 1 in 4 adults in the…Read More
Inheritance and the associated tax implications may not be something that you are familiar with or concerned with yet, however with careful planning there are ways of ensuring that the tax payable on possessions passed on to your beneficiaries are minimised. Under current legislation, Inheritance Tax (IHT) is payable on the total value of your…Read More
Wearing a work uniform may not be seen as a benefit – but you can gain Tax relief from it! HMRC give you the opportunity to claim up to 4 years’ worth of uniform allowance. What is classified as a uniform? ‘A uniform is a set of specialised clothing that’s recognisable as identifying someone as…Read More
I have no use for bodyguards, but I have very specific use for two highly trained certified public accountants.
Elvis Presley
