Blog

We provide advice, comment, information, and technical tips across all our services and sectors.

Please click on a category to view specific articles.

Why not follow us on Twitter or sign up to receive our monthly newsletters where you will receive regular commentary and information for your sector.

Buying out the boss

Posted on: September 13th, 2018 by Seamus Gates No Comments

Seamus Gates, looks at why management buyouts (MBOs) and employee buyouts (EBOs) can work as succession routes to ensure a smooth transition and continued business success. (more…)

Making Tax Digital and Sage Software

Posted on: September 13th, 2018 by Judith Mallen No Comments

Making Tax Digital is HMRC’s move to digitise tax. As from 1 April 2019, businesses with a turnover above £85k will have to submit VAT returns through the HMRC gateway using commercial accounting software. 

If you currently have Sage 50 software you will need to check if your software is MTD Compliant and if the software is not MTD compliant then you will need to upgrade.  (more…)

Inheritance tax receipts reach record high of £5.2bn

Posted on: September 4th, 2018 by Sarah Curzon No Comments

The Treasury fetched a record high of £5.2 billion in inheritance tax receipts last year, according to statistics published by HMRC.

Inheritance tax receipts increased 8% year-on-year in 2017/18 to continue a long-term trend, which began when the nil-rate band was frozen at £325,000 with effect from 6 April 2009. (more…)

HMRC confirms ‘soft landing’ for Making Tax Digital

Posted on: September 4th, 2018 by Leighton Reed No Comments

HMRC has confirmed that digital reporting requirements will be relaxed during the first year of Making Tax Digital (MTD) for VAT-registered businesses.

From April 2019, businesses with annual taxable turnover of more than £85,000 will be required to maintain digital records for VAT and submit quarterly returns alongside the annual tax return. (more…)

Stamp duty tax break saves first-time buyers £284m

Posted on: September 4th, 2018 by Sarah Curzon No Comments

Philip Hammond’s decision to abolish stamp duty land tax (SDLT) for most first-time buyers on all properties worth up to £300,000 saved homeowners £284 million in the first half of 2018.

The chancellor scrapped SDLT in Autumn Budget 2017 for most people taking their first steps on the property ladder in England, Northern Ireland and for a limited time in Wales. (more…)

Tax on residential property

Posted on: September 3rd, 2018 by Leighton Reed No Comments

How has devolution affected what tax you pay?

First-time buyers in England, Northern Ireland – and for a short time in Wales – were the biggest winners in the most recent shake-up to affect property taxes in Autumn Budget 2017.

Philip Hammond’s headline measure was to abolish stamp duty for first-time buyers on homes worth up to £300,000, and the chancellor didn’t stop there. (more…)

Capital allowances for plant and machinery

Posted on: September 3rd, 2018 by Marcus Nallon No Comments

How to minimise business tax in 2018/19.

If there’s one thing that keeps us awake at night it’s the thought of how many British businesses are failing to claim capital allowances to which they are entitled – worth billions of pounds across the board, according to some estimates. (more…)

Expenses

Posted on: September 3rd, 2018 by Sarah Case No Comments

In month nine of our publication 11 Key Steps for Trustees, 1 Giant Leap for your charity we are focusing on expenses.

Making a payment of any sort to a trustee of a charity can be fraught with difficulties, especially when one of the defining aspects of the charitable sector is that trustees don’t get paid. However, that doesn’t mean that payments can’t be made to trustees – they can, if they are dealt with properly. Payments for services rendered and for being a trustee or employee are possible, although of course strict guidelines are in place. By far the most common payment to trustees is to cover expenses incurred by them. But even this is covered by quite detailed guidance.

To view the full report, please click here.

Our 2018/19 Manufacturing & Engineering Survey is Now Open

Posted on: September 3rd, 2018 by Ian Thomas No Comments

We are running a Manufacturing & Engineering Survey which will help to compile a nationwide picture of what the sector thinks. This is our seventh annual survey, your views in the here and now will help our specialist advisers gauge where the sector is and what can be done to support it through what may be an uncertain few years. (more…)

SMEs cite VAT as ‘biggest administrative headache’

Posted on: September 3rd, 2018 by Sarah Case No Comments

VAT creates the biggest administration burden for around two-thirds of businesses in the UK, research from the British Chambers of Commerce (BCC) has claimed.

The report, which polled more than 1,100 businesses of all sizes, found that 64% were bamboozled by an array of rates and rules to comply with VAT legislation. (more…)