Blog

Accountancy, bookkeeping and taxation are fast-moving areas. It is our job to keep up with changes so that you don’t have to! However, from time to time, we do share urgent, important or even entertaining subject matter with you in the form of our blog. Please browse at your leisure, and if there is any issue about which you would like more detail, please do not hesitate to call us today.

Disclosing VAT errors

Date: 22nd January 2020

Where an error on a past VAT return is uncovered, you have a duty to correct the error as soon as possible. As a general rule, you can use your current VAT return to make any necessary adjustment. However, there are three important conditions that

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Ways that HMRC can collect overdue tax

Date: 22nd January 2020

If you are unable to pay your tax bill or need time to pay then it is in your best interests to contact HMRC as soon as possible. For example, you can apply to HMRC to make a payment plan and seek to agree a way forward. This can be done through the

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HMRC publish strange late filing excuses?

Date: 22nd January 2020

A recent press release by HMRC has revealed some of the oddest excuses for submitting a late tax return, that have been made during the past 10 years. The excuses ranged from the sublime to the ridiculous and included:

My mother-in-law is a witch

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Relief for CGT losses

Date: 22nd January 2020

Usually, if you sell an asset for less than you paid for it you would make a capital loss. As a general rule, if the asset would have been liable to CGT if a gain had resulted when sold, then the loss should be an allowable deduction.

The exact

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When is a Will revoked?

Date: 22nd January 2020

We have previously covered the importance of making a Will and ensuring that assets are divided amongst beneficiaries in the way best suited to personal circumstances. One of the most important reasons for doing so is to ensure that individuals do

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Scottish 2020 Budget

Date: 22nd January 2020

Derek Mackay, Scotland’s finance secretary has announced that the Scottish Government’s Budget will be published for 2020-21 on 6 February 2020. The date has been selected in order to allow the Scottish Government time to prepare for the

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New taskforce to target waste criminals

Date: 22nd January 2020

A new taskforce has been launched to tackle serious and organised waste crime, such as dumping hazardous materials on private land and falsely labelling waste so it can be exported abroad to unsuspecting countries.

This will be the first time that

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Statutory maternity, adoption, paternity, shared parental and sick pay to rise from April 2020

Date: 16th January 2020

According to proposals set out in a government policy paper, the revised rates for statutory maternity pay (SMP), statutory adoption pay (SAP), statutory paternity pay (SPP), statutory shared parental pay (ShPP) and statutory sick pay (SSP) for tax

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What qualifies for First Year Allowances?

Date: 15th January 2020

Businesses can claim a 100% first-year allowance (FYA) on the purchase of certain qualifying Plant and Machinery (P&M). The cash-flow benefit of accelerated tax relief is designed to encourage businesses to invest in capital items which help

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VAT – what is a limited cost trader?

Date: 15th January 2020

The VAT Flat Rate Scheme (FRS) has been designed to simplify the way a business accounts for VAT and in so doing reduce the administration costs of complying with the VAT legislation. The scheme is open to businesses that expect their annual taxable

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