Hull: 01482 224763
Pocklington: 01759 305165
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Latest News

New DBS basic disclosure service goes live
21/01/2018 - More...
From 17 January 2018, individuals who...

Statutory payment rates for tax year 2018/19 confirmed
21/01/2018 - More...
Following the written ministerial...

A reminder of ways you can pay tax due
17/01/2018 - More...
Last week we confirmed that as from 13...

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New DBS basic disclosure service goes live
21/01/2018 - More...
From 17 January 2018, individuals who need to obtain a basic disclosure check for a job in England and Wales should apply to the Disclosure and Barring Service (DBS), not to Disclosure Scotland. The DBS now provides the service for England and Wales. Individuals who wish to apply for their own basic check can use the new online service provided by the DBS. Individuals who...

Statutory payment rates for tax year 2018/19 confirmed
21/01/2018 - More...
Following the written ministerial statement published in November 2017 announcing the proposed new 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 year 2018/19, the government has now published the draft Social Security Benefits Up-rating Order 2018...

A reminder of ways you can pay tax due
17/01/2018 - More...
Last week we confirmed that as from 13 January 2018, HMRC will not accept personal credit cards for payment of tax or penalties. We have listed below the payment options you still have available to you: Electronic payment. HMRC’s preferred method of payment is by electronic bank transfer using Faster Payments, CHAPS or BACS. In order to make a payment electronically you will...

Buying a rental property?
17/01/2018 - More...
The removal of the 10% wear and tear allowance that allowed landlords to reduce the tax they paid on furnished property lets (after the end of the 2015-16 tax year) was a significant loss for many landlords. The 10% deduction was available to landlords regardless of whether furnishings in their property were replaced or not. The wear and tear allowance was replaced by the...

Projects that count as R & D for tax purposes
17/01/2018 - More...
Research and Development (R&D) tax credits were introduced for small and medium sized enterprises (SMEs) in 2000 and for large companies in 2002. R&D credits are a Corporation Tax relief to encourage innovation and enterprise within the UK economy. Small and medium-sized enterprises (SME) can claim SME R&D tax deductions totalling 230% of any qualifying R&D...

Salary sacrifice examples of tax consequences
17/01/2018 - More...
The tax and NIC advantages of certain benefits provided as part of a salary sacrifice arrangement were removed from 6 April 2017. The new rules effectively remove the Income Tax and employer NIC advantages of certain benefits provided as part of salary sacrifice arrangements such as mobile phones and workplace parking. When the changes were introduced it was confirmed that...

What to consider when employing family, young people and volunteers
17/01/2018 - More...
When a new employee is added to the payroll it is the employers’ responsibility to ensure they meet the employees’ rights and deduct the correct amount of tax from their salary. This includes any employees who are family members. HMRC’s guidance is clear that if you hire family members you must: avoid special treatment in terms of pay, promotion and working...

What is the herd basis?
17/01/2018 - More...
There are special rules which can apply to farmers and market gardeners that prepare their accounts on an accruals basis. This includes special rules for farmers’ averaging relief, dealing with losses and the treatment of compensation for compulsory slaughter. The special rules also refer to the use of the herd basis. The herd basis is a special method of working out profits...

Holiday let property – reminder to check your occupancy stats
09/01/2018 - More...
The Furnished Holiday Let (FHL) rules allow holiday lettings of properties that meet certain conditions to be treated as a trade and therefore qualify for additional tax benefits. In order to qualify as a FHL, the following criteria need to be met: The property must be let on a commercial basis with a view to the realisation of profits. Second homes or properties that are...

Who is entitled to claim statutory maternity pay?
09/01/2018 - More...
Employees that are pregnant are eligible to take up to 26 weeks of maternity leave (known as ordinary maternity leave) plus an additional 26 weeks (known as additional maternity leave). This means that an employee can take up to a full year of maternity leave once they give their employers the correct notice. All women employees are entitled to both classes of maternity leave...

The end of credit card payment surcharges?
09/01/2018 - More...
From 13 January 2018, it will become illegal for any business to charge a fee in addition to the advertised price of a transaction to consumers (widely known as surcharging). For example, a travel company charging more to use a credit card rather than a debit card or cash. This change is being brought about by the introduction of the EU Second Payment Services Directive...

Basic monthly tasks if you run your own payroll
09/01/2018 - More...
One of the most time-consuming admin tasks associated with the running a small business can be dealing with the payroll. Generally speaking, you can: Run your own in-house payroll, or Hire your accountant to do the work for you. If you operate your own payroll, there are a multitude of tasks that must be completed each tax month. Tax months run from the 6th of one month...

Can we claim for marketing, entertainment and subscription costs?
09/01/2018 - More...
The self-employed are often concerned if an expense is allowable or not for tax purposes. In this article, we will briefly look at the rules for claiming marketing, entertainment and subscription costs. Most marketing expenses are treated as allowable business expenses. This includes advertising in newspapers or directories, bulk mail advertising (mail shots), providing free...

Changes to approved English apprenticeships
07/01/2018 - More...
The Apprenticeships (Miscellaneous Provisions) Regulations 2017, which only apply in relation to England, will come into force on 15 January 2018. The new Regulations: make it a requirement that off-the-job training be provided during the course of an approved English apprenticeship entered into under the Apprenticeships, Skills, Children and Learning Act 2009...

Beware iTunes gift card scam
02/01/2018 - More...
HMRC is warning members of the public of a worrying iTunes gift card scam. The fraudsters are cold calling victims purporting to work for HMRC and warning them that they owe HMRC large amounts of tax which they can only pay off using digital vouchers and gift cards, including those used for Apple’s iTunes Store. Victims are told to go to a local shop, buy these vouchers, and...

Staircase tax to be reversed
02/01/2018 - More...
The Government has announced that the business rates anomaly known as the ‘staircase tax’ is to be axed. The 'staircase tax' affects businesses that operate in adjoining units or rooms, but are accessed from a communal lift, corridor or staircase. For example, a business that has offices on two floors of a building that are accessed via a communal staircase. Such businesses are...

Relief if you let and then sell your home
02/01/2018 - More...
One of the most often used and valuable of the capital gains tax (CGT) exemptions concerns the sale of the family home. As a general rule there is no CGT on a property which has been used as the main family residence. An investment property which has never been used will not qualify. This relief from CGT is commonly known as private residence relief. Taxpayers are usually...

Fair payment practices for small businesses
02/01/2018 - More...
In October 2017, Paul Uppal (a former Conservative MP and entrepreneur) was appointed to the newly-established post of Small Business Commissioner (SBC) based in Birmingham. At the time, it was estimated that the office of the SBC would be operational by the end of 2017. The SBC is an independent public body and covers the whole of the UK - England, Wales, Scotland and Northern...

VAT when business transferred as a going concern
02/01/2018 - More...
The transfer of a business as a going concern (TOGC) rules concern the possible VAT liability resulting from the sale of a business. Normally the sale of the assets of a VAT registered or VAT registerable business will be subject to VAT at the appropriate rate. However, where the sale of a business includes specific assets and meets certain conditions the sale will be...

Pre-owned assets income tax charge
02/01/2018 - More...
The pre-owned assets (POA) income tax charge was introduced in the Finance Act 2004 and the first year in which a POA charge could arise was back in 2005-6. The POA charge is effectively a tax on individuals who have given certain types of assets away but who continue to enjoy either full or partial benefits from the assets. The charge was introduced to help combat the problem...

Hull Office

1 Parliament Street
Hull
East Yorkshire
HU1 2AS
Tel: 01482 224763
Fax: 01482 214874

Pocklington Office

3-4 Georges Place
George Street
Pocklington
YO42 2DF
Tel: 01759 305165
Fax: 01759 305985

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