Latest blogs for Specialisms

Lorry Insurance: costs set to rise from 1 November 2015. In this year’s Summer Budget the Chancellor announced a 58% increase to Insurance Premium Tax (IPT), raising the current rate of 6% to 9.5% with effect from 1 November 2015. The 2015 RHA cost tables detail the average insurance premium for a 44t lorry at £3,675,…

CIS: Why are our subcontractors now showing as unverified? This is a phrase undoubtedly being heard in the offices of construction industry firms nationwide as HMRC appear to be having some CIS online service verification issues.  Contractors looking to complete their latest monthly return may be logging on to their online services to find that…

BREXIT: What now for UK manufacturing? Now that the dust is beginning to settle following the UK voting to leave the EU, it is clear that it will take some time to determine what the economic infrastructure will be once we do finally reach the point of exit. One immediate effect, however, is the initial…

On the Road: And in the cloud? Road hauliers, both big and small, can enjoy the advantages of a cloud based accounting system. For the small operator, with say 4 or 5 vehicles, who is actively on the road, a cloud based system such as Xero or Quickbooks online will provide the ability to raise…

IR35: HMRC research into making clients responsible for compliance. HMRC have undertaken research to understand how employers would react if made responsible for operating IR35 on behalf of their contractors. HMRC are keen to level the playing field between employees and those who use a limited company to work in a similar manner, as they…

FRS102: How affects TechCo’s ? Accounting standard FRS102 is the biggest change in accounting rules for nearly a generation. It will influence how statutory accounts are presented, the terminology and how profit (and hence tax) is calculated. All SME companies must follow this standard for accounting periods commencing on or after 1 January 2016, with earlier adoption encouraged. So…

Landlords: Get ready for submitting 4 tax returns a year? H M Revenue & Customs will be implementing ‘ Making Tax Digital’ over the coming few years. Their aim is for ‘most’ landlords to be reporting their income each quarter via their digital tax account rather than after the end of the tax year on a tax return.

Itchy Feet: Is now the time to start your own business? We are here for all of your accountancy requirements, Corporation Tax, Income Tax, VAT, PAYE, as well as Capital Gains Tax and Inheritance Tax. We pride ourselves at being experienced with dealing with businesses and being available no matter how big or small the…

CIS: Big administration changes. With effect from 6 April 2016, a lot has changed within the CIS processing sector: The abolishment of the paper return, Amendment to the nil return obligation, Changes to the Compliance and Turnover tests when applying for Gross status. Paper seems to be a thing of the past and so HMRC…

Contractors: Don’t pay too much flat rate VAT. Just three weeks ago it was reported that the VAT flat rate scheme guidance was flawed. The ATT had highlighted that HMRC’s practice was costing traders, as they were forced to pay more VAT to HMRC under the flat rate scheme than the law required. HMRC has…