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

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

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

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

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

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

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

Company Car Tax

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

Mental Health and Wellbeing at Work

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 Tax – Taper Relief & Gifting allowance:

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 that 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

Uniform Allowance

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

Restrictions on Finance Cost Reliefs for Individual Landlords

Previously, 100% of finance costs have been allowable for tax relief, however, new restrictions on finance costs mean that landlords are no longer allowed to deduct all of their finance costs from their rental income to calculate their property profits. The restrictions are being gradually phased in, beginning in the 2017 to 2018 tax year…Read More

New tax year, new allowances

While the 6th of April may be just another Saturday to most people, it marks the start of a new UK tax year. On the most part, this means higher minimum wages and higher allowances! Below is a short summary of some of the changes that are most likely to impact employees, the self-employed and…Read More

Mother’s Day (Trivial Benefits)

Does your mother work for you? The trivial benefit exemption could be a tax-efficient way to treat your mother this Mother’s day – 31st March 2019. What qualifies as a trivial benefit? Employers that provide a gift or expense to their employee or director, under a statutory exemption. All of the conditions below have to…Read More

Pension

What should I consider when making a pension contribution? Annual Allowance There is a limit to the amount that can be contributed to your pension each year while still receiving tax relief. This limit is known as the ‘Annual Allowance’ and is capped at £40,000. The annual allowance applies to all schemes you belong to…Read More

George W. Bush

In the corporate world, sometimes things aren’t exactly black and white when it comes to accounting procedures.

George W. Bush