Director’s Loan Account

HMRC states that a detailed breakdown of directors loan account transactions is required, including dates. The significance is that where the loan account is overdrawn (debit balance) there may be a possible P11d benefit on the director and also a tax charge on the company. A taxable benefit in kind would arise where the loan […]

Continue Reading

Furnished Holiday Lets

Furnished holiday lettings businesses are eligible for capital allowances on equipment in the property. Where the business incurs finance costs such as mortgage interest the restriction that applies to other residential property businesses does not apply to furnished holiday lettings. It should also be noted that qualifying furnished holiday lettings businesses are eligible for a […]

Continue Reading

When is a van not a van?

HMRC are being urged to provide clarity and consistency on the tax treatment of commercial vehicles such as VW Kombi Vans marketed as goods vehicles. Capital Allowances definition of “Motor car” The definition of a “motor car” for plant and machinery allowances purposes is a mechanically propelled vehicle except a vehicle: 1. constructed in such […]

Continue Reading

IHT Relief for businesses and farms

There is currently a very generous 100% relief from inheritance tax for passing on businesses and farm land during lifetime and on death. The rationale for Business Property Relief (BPR) and Agricultural Property Relief (APR) is to enable businesses to be passed on without the need to sell off assets to pay the IHT due […]

Continue Reading

Company officers jointly and severally liable for VAT penalty

The decision in a recent tax tribunal case reminds us that directors and other company officers may be personally liable for VAT penalties of their company. Three conditions must be satisfied before the liability for a penalty payable by the company can be imposed on an individual: 1) A penalty must be payable by the […]

Continue Reading

VAT on Renewable Energy Sources

From the 1st October, HMRC increased VAT from 5% to 20% for the installation of a number of renewable and sustainable energy sources, such as solar panels and biomass boilers. There are some exceptions to this rule, for which a 5% VAT will still apply. This will be for residential installations for recipients aged 60 […]

Continue Reading

Government U-Turn on pension tax

From 2016/17 those taxpayers with ‘adjusted income’ over £150,000 and ‘threshold income’ over £110,000 receive a tapered annual allowance. This taper potentially reduces the normal annual pension allowance from £40,000 down to a minimum of £10,000 which may result in tax payable on excess contributions. The government have recently announced that it would consult on […]

Continue Reading

Welcome to a new member of our team

We are writing to let you know of an exciting change within our business. Since we set up the business in 2012 we have steadily been growing our client base, the services we offer and have increased our team. As of September 2019 we are delighted to announce we have appointed a Client Manager; Mrs […]

Continue Reading

Our Quickbooks telephone support line

From Monday 16th September we are changing our Quickbooks support telephone line to a voicemail ring back service. You will still be able to select option one for Quickbooks support when calling our office, you will then be able to leave a message with brief details of your Quickbooks query. Messages will be sent to a […]

Continue Reading

New feature – Quickbooks SmartScan (for checking VAT returns)

Quickbooks have released a new feature, SmartScan, which is a unique innovation that automatically checks VAT returns in Quickbooks for common mistakes and also saves time on checking. Your second pair of eyes – duplicates, inconsistent VAT codes and missing transactions; SmartScan spots them so you don’t have to. You can then simply click on […]

Continue Reading