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Private Residence Relief – Changes from 6 April 2020
  • Private Residence Relief – Changes from 6 April 2020

Private Residence Relief (PRR) is designed to keep out of Capital Gains Tax (CGT) those gains or losses that arise when a person sells or otherwise disposes of a dwelling that has been used as their only or main residence. In the 2018 budget, the government announced the following changes: the final period exemption will…Read More

Posted in: Benefits | Helpful Tips | Tax

Have you ever been an Entrepreneur? There’s a relief for that
  • Have you ever been an Entrepreneur? There’s a relief for that

If you have been skilful or lucky enough to build a business and now think it’s time to pack up or sell, Entrepreneur’s Relief could be the answer for you. While there is more to cover than in this blog, this should give you a beginner’s guide to the Entrepreneur’s Relief. Why use it? On…Read More

Posted in: Allowance | Benefits | Companies | Helpful Tips | Tax

Implications of Capital Gains Tax
  • Implications of Capital Gains Tax

Selling of residential property and the implications of Capital Gains Tax Selling a property and the associated tax implications can seem very daunting to many homeowners, however, the aim of this blog will be to simplify and explain the most common type of reliefs and deductions available to help you better understand your possible capital…Read More

Posted in: Helpful Tips | News | Tax

Changes to IR35- Expected April 2020
  • Changes to IR35- Expected April 2020

IR35 is the off-payroll working rules for clients, workers and their intermediaries. The legislation was designed to assess whether a subcontractor is actually acting as a subcontractor, or whether they are a ‘disguised employee’. By establishing this, HMRC can then ensure tax avoidance is not happening. Current legislation Under the current IR35 rules, the off-payroll…Read More

Posted in: Uncategorised

VAT – Health Professionals providing Medical Services
  • VAT – Health Professionals providing Medical Services

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

Posted in: Tax | VAT

Zapier – What is a Zap?
  • Zapier – What is a Zap?

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

Posted in: Helpful Tips | News

VAT Reverse Charge
  • VAT Reverse Charge

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

Posted in: Helpful Tips | Tax | VAT

Inheritance Tax Planning
  • Inheritance Tax Planning

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

Posted in: Benefits | Helpful Tips | Pension | Tax

Tax Relief
  • Tax Relief

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

Posted in: Helpful Tips | Pension | Tax | VAT

Accounting after university
  • Accounting after university

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

Posted in: Benefits | Helpful Tips | University

Gift Aid Donations and the effect on higher rate taxpayers
  • Gift Aid Donations and the effect on higher rate taxpayers

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

Posted in: Helpful Tips | Tax

Finding the light at the end of the ‘post-graduation tunnel’
  • Finding the light at the end of the ‘post-graduation tunnel’

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

Posted in: Community | Helpful Tips | Staff | University

Director’s loan accounts (DLA):
  • Director’s loan accounts (DLA):

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

Posted in: Allowance | Companies | Loans

Open Banking with QuickBooks Online
  • Open Banking with QuickBooks Online

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

Posted in: News | QuickBooks

Personal Savings Allowance
  • Personal Savings Allowance

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

Posted in: Allowance | Helpful Tips | Tax

Benjamin Franklin

Beware of little expenses; a small leak will sink a great ship.

Benjamin Franklin