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 […]

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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 […]

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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 […]

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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 […]

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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 […]

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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 […]

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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 […]

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Make school holidays easier with Tax-free childcare

Did you know there is a government scheme available that can help contribute towards childcare costs? Tax-Free Childcare is a scheme available to working parents with children from 0-11 years. HMRC welcome help from employers, so please tell your employees about Tax-Free Childcare and how it can reduce their childcare costs. Eligible parents can get […]

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A staff summer party can be a tax-free benefit

Your organisation may have an annual Christmas party for staff, but the tax rules also allow staff parties at other times of the year which are a tax-free benefit if certain conditions are satisfied. The exemption applies to an annual party (for example, a Christmas party), or similar annual function (for example, a summer barbecue), […]

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Some cars only qualify for 6% tax relief now

The latest Finance Act has reduced the tax writing down allowance for motor cars that emit more than 110 grams of CO2 to just 6% on a reducing balance basis from April 2019. In the case of company cars the vehicle is included in the “special rate” pool which means that even when the car […]

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