What is Goodwill?

July 11th, 2019

According to the dictionary goodwill is: 1. a feeling of benevolence, approval, and kindly interest 2. (modifier) resulting from, showing, or designed to show goodwill: the government sent a goodwill mission toMoscow. 3. willingness or acquiescence 4. (Accounting & Book-keeping) accounting an intangible asset taken into account in assessing the value of anenterprise and reflecting […]

Filing documents with Companies House

July 9th, 2019

In the not too distant past, if you filed a set of accounts for a registered company with Companies House this usually involved sending the required documents using the postal system. Inevitably, this involved a certain amount of delay: initially, for the package to find its way from your location to Companies House, and then […]

Recurring income

July 4th, 2019

If you are in business you either buy (manufacture) or sell goods, or you deliver a service based on your personal skills. If you buy or sell goods there is no reason to believe that once you have achieved a sale to a particular person of business, they will return to buy again. Unless, what […]

Update on the VAT reverse charge for building contractors

July 3rd, 2019

From 1 October 2019, contractors who employ subcontractors, will need to assume responsibility for declaring and paying the VAT that was previously settled by their VAT registered subcontractors. From this date, registered subcontractors will no longer add VAT to their invoices and main contractors will pay this net of VAT amount. Now the challenging part. […]

Brexit risk assessment

July 3rd, 2019

It looks increasingly likely that we are heading for a no-deal Brexit. Taken literally, this means that our present relaxed trading relationship with customers and suppliers in the EU will cease at the end of October this year. Whilst there will be attempts to ease customs congestion and the effects of new tariffs, now is […]

HMRC prevents phone fraudsters

July 3rd, 2019

New defensive controls recently deployed by HMRC have put an end to fraudsters spoofing the tax authority’s most recognisable helpline numbers. Fraudsters have increasingly mimicked legitimate HMRC helpline numbers (often beginning with 0300) to dupe taxpayers and steal money. Last year alone, HMRC received over 100,000 phone scam reports. The ‘spoofing’ scam worked as taxpayers […]

Reconsider cycle to work scheme

July 3rd, 2019

The government have recently announced that they are to extend the criteria for an approved, and therefore tax-effective, cycle-to-work scheme as part of their drive to reduce pollution and CO2 emissions in urban environments. E-bikes have an integrated motor that helps a cyclist pedal, allowing them to reach speeds of up to 15.5 mph in […]

Tax Diary July/August 2019

July 3rd, 2019

1 July 2019 – Due date for Corporation Tax due for the year ended 30 September 2018. 6 July 2019 – Complete and submit forms P11D return of benefits and expenses and P11D(b) return of Class 1A NICs. 19 July 2019 – Pay Class 1A NICs (by the 22 July 2019 if paid electronically). 19 […]

Legal and professional fees and property transactions

July 2nd, 2019

We are often asked to explain if the professional fees you pay, associated with a property transaction, are a tax allowable deduction. The straight-forward answer is yes, they are, but it is necessary to consider the reason for which a property is purchased to determine which taxes are reduced by such payments. Simplistically, if you […]

CGT giveaway?

June 27th, 2019

The awkwardly named “Gift Hold-Over Relief” (GHOR) allows you to give away business assets – including certain shares – or sell them for less than they are worth, and not pay (or pay reduced) capital gains tax (CGT). The person receiving the gift will potentially pay CGT when and if they sell the asset at […]

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