You may already be aware that UK companies are about to experience fundamental changes to the framework of their financial reporting. UK Generally Accepted Accounting Practice (GAAP) has undergone a significant overhaul and the current Financial Reporting Standard for Smaller Entities (FRSSE) is to be withdrawn. A new standard – FRS102 – will take its…
You will have no doubt heard about the new changes to the taxation of dividends that were announced by the Chancellor in his recent July budget. These will apply from April 2016, so we have decided to summarise the changes, the taxation implications and possible planning measures and considerations going forward. Up until now, the…
Over the past few years, many mediums that we use on a daily basis have “gone digital”. From television to radio, adding the word “digital” immediately conveys the thought of an upgrade. During the recent Budget, Chancellor George Osbourne announced plans for HMRC to implement a “Digital Tax Account” for individuals and SMEs. Accountants across…
One of the most common questions I receive from our clients is “Shall I purchase a car through my business”? My response is always: Look at the facts, count the costs and study the Tax implications. This is because successive governments have increased taxation on cars and fuel, which has made it very expensive to…
For many, retirement brings a whole new chapter to their life. For others it can be something they only start to think about when the time arrives. But all of us, regardless of our age and background should take note of the new state pension rules, as taking steps now can ensure we do not…
VAT legislation never seems to stand still, so as a business owner this means keeping up to date with the latest changes. You may have read something online or in the press referring to the VAT “Moss” Scheme? Moss stands for the “Mini One Stop Shop” and could affect your business if you supply any…
The internet has since its inception delivered many new words for our everyday personal and business vocabulary. Terms such Email, Social Media, E-Commerce, Firewalls, Spamming and Blogging have now become familiar to all of us. 10 years ago “The Cloud” was something in the sky that would bring rain or shade from the sun. But…
It may be hard to believe now, but the worldwide web did not exist 25 years ago, especially now that the internet is integral to the way we run our finances and businesses. Over the past 5 years, H M Revenue & Customs and Companies House have, to their credit created an online infrastructure so…
From 2010-2011 H.M Revenue and Customs have dramatically increased the financial penalties for late submission of self assessment returns. These penalties are in addition to the increased penalty regime introduced in April 2009. Annexed is a resume of their new powers and new penalties which do not just relate to late submissions but also to…
When the previous government doubled the annual investment allowance (AIA) from £50,000 to £100,000, the response was widely received in positive manner. It was also a way for the former government to keep our businesses spending to apparently “stimulate growth” within the economy. However, since the coalition government gained power the “goal posts” have subsequently…
