We are out, but no immediate change
February 4, 2020

The 31 January has past and we are out of the EU. But what difference does this make and what is the transition period?

The word “transition” is defined as:

A change from one to another or the...

Read More...
When assets can become a tax liability
January 30, 2020

There are certain assets that may be carried on your balance sheet at values higher than their market value or past their sell by date. If so, and if these amounts are written-off against your profits, you will pay less...

Read More...
Last week in the EU
January 29, 2020

At the end of this week, 31 January, the UK is leaving the EU. In actuality, we are entering the “transition” period during which we will need to negotiate our ongoing terms of trade with the EU. This transition period is due to end...

Read More...
VAT – how this can affect your cash-flow
January 27, 2020

Paying VAT should never reduce your business profits as you are acting as an unpaid tax collector for HMRC: the VAT added to your sales (less any VAT paid on your purchases) is simply collected from your customers (less amounts paid to...

Read More...
Is your home a tax-free zone?
January 21, 2020

In most cases, if you have lived in your home during the entire period of your ownership of a property, then when you sell that property you should pay no capital gains tax (CGT) on any profit you make on the sale. You can claim the Private...

Read More...
VAT – leaving the Flat Rate Scheme
January 17, 2020

The VAT Flat Rate Scheme (FRS) does simplify the calculation of VAT returns, but there are certain circumstances when you may no longer use the FRS.

You will need to leave if your turnover on the anniversary of joining...

Read More...
Budget day 2020
January 14, 2020

The treasury has announced that the next budget will be presented by the Chancellor, Sajid Javid, on Wednesday 11th March 2020.

In recent years, the Budget has been held in the Autumn. The Autumn Budget 2019 was...

Read More...
Tax Diary January/February 2020
January 10, 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...

Read More...
Keeping business records if self-employed
January 10, 2020

Now that we are approaching the end of the 2019-20 tax year it’s worth noting that you are required to keep your self-employed business records – that underpin your self-assessment tax return for 2019-20 - for 5 years after the 31...

Read More...
Spousal CGT tax advantages
January 10, 2020

It is fairly common knowledge that the UK tax system is biased in favour of married couples or those partners who have entered into a formal civil partnership.

Note that from 2 December 2019, the Civil Partnership (Opposite Sex Couples)...

Read More...