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.

Big changes following loan charge review

Date: 8th January 2020

The Government has revealed that a number of important changes will be made to the loan charge following the independent review of the disguised remuneration loan charge policy and its implementation by Sir Amyas Morse and his team.

The review

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New funding for farmers announced

Date: 8th January 2020

Over the Christmas and New Year break, the Chancellor announced that nearly £3 billion of funding is to be put in place to help support farmers once the UK leaves the EU. This cash injection will maintain the level of funding for direct

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Getting clients ready for Brexit

Date: 8th January 2020

HMRC has published a useful list to help businesses be prepared to import goods from the EU to the UK as we count down to the 31 January 2020 Brexit date. We are then likely to see a fixed transition period until 31 December 2020 by the end of which

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CGT – Gift Hold-Over Relief

Date: 8th January 2020

Gift Hold-Over Relief is a relief that defers Capital Gains Tax (CGT) when assets are given away (including certain shares) or sold for less than they’re worth to the buyer. The relief means that any gain on the asset is 'Held-Over'

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Tax Diary January/February 2020

Date: 2nd January 2020

1 January 2020 – Due date for Corporation Tax due for the year ended 31 March 2019.

19 January 2020 – PAYE and NIC deductions due for month ended 5 January 2020. (If you pay your tax electronically the due date is 22 January 2020)

19 January 2020 –

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Annual increases to the National Minimum Wage

Date: 2nd January 2020

The government has accepted the recommendations of the Low Pay Commission in full and has announced that it will increase the National Living Wage (NLW) and National Minimum Wage (NMW) rates from 1 April 2020 as follows:

the NLW rate for workers

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Top up your pension pots

Date: 20th December 2019

You can claim tax relief for your private pension contributions. The current annual allowance for tax relief on pensions is £40,000. Remember, that there is now just 3 months left in the current tax year in which to maximise the amount of tax

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Exemptions from CGT

Date: 20th December 2019

Capital Gains Tax (CGT) is a tax on the profit made on the disposal of an asset that has increased in value. Whilst most taxpayers are aware of their annual tax-free allowance (currently £12,000) and the exemption for the, qualifying, sale of

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What is reasonable care

Date: 20th December 2019

The inaccuracy penalty system is intended to make penalties simpler to understand and more consistent across many taxes. HMRC has the power to significantly reduce the amount of penalties due. The largest reductions are for unprompted disclosures (as

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Basis periods and change of accounting date

Date: 20th December 2019

HMRC’s guidance lists the following useful examples about a change of accounting date:

If your accounting date in 2016 to 2017 is more than 12 months after the end of the basis period for 2015 to 2016, your basis period is the period between

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