Tag Archives: accountant durham

Residential Finance Costs

rent finance

Back in July 2015 the then Chancellor, George Osborne, announced a change to the way that tax relief for finance charges, in particular loan and mortgage interest, would be given against residential property rents. Rather than reducing the net profit of the residential property business, any tax due would be […]

We’re working hard to get more financial support for SMEs

Support for SME

We are deeply concerned about the plight of the smaller businesses across the UK including the c. 3m self-employed directors of limited companies, who are not eligible for the government’s existing grants, and have therefore been excluded from the financial support measures during COVID-19. self-employed director And this is one […]

Where have HMRC enquiries gone?

hmrc

If you are wondering where HMRC have been enquiry wise then wonder no more. They will be back with a vengeance. HMRC all but stopped enquiries (tax investigations) from mid April 2020 as it shifted many of its investigations staff into helping taxpayers with emergency coronavirus support schemes. As a […]

IR35 & the Off-Payroll Rules

IR35

IR35 has been around since April 2000 and exists to allow HMRC to challenge the employment status of those workers who provide their services via an intermediary, such as a limited company but who would be an employee if the intermediary was not used. HMRC refers to such workers as […]

Letter from the Tax Office?

Letter from HMRC

We have been advised that HMRC is sending computer generated letters to taxpayers when the submitted 2019 personal tax return contains information that differs from the information held by HMRC.   HMRC uses data from many sources to cross check information reported on self- assessment tax returns. It could open […]

Has Covid-19 affected my UK tax residency?

non resident tax

The rules regarding UK residency and UK tax position are not straightforward and we recommend that this is carefully reviewed to ensure your peace of mind. As well as the usual regulations, HM Revenue & Customs’ rules include a 60 day “exceptional circumstance” get out clause. However, this may not […]

Furlough Explained

Furlough

Over recent months the government has announced a number of changes to the Coronavirus Job Retention Scheme – more commonly referred to as ‘furlough’.   From September the government contribution towards wages is reducing from 80% to 70% up to a maximum of £2,187.50 per month; in October this reduces […]

HMRC impose compliance and enforcement powers for false Coronavirus Job Retention Scheme claims

Furlough

The most basic conditions of the Coronavirus Job Retention Scheme (CJRS) is that your business is / will be adversely affected by Covid-19 and that employees on furlough are not allowed to do any work whilst on furlough.  A “snitch line” for false furlough claims has already seen thousands of […]

Top 20 Tips for SMEs looking to survive and thrive

survive and thrive

We’ve produced a handy ‘Top 20 Tips’ guide for SMEs. Focusing on the practical things that businesses need to do, the guide highlights the 3 key areas that businesses need to focus on: their cash, their people and their customers. The guide has been produced following results from our latest […]

Helpful guide for SMEs about the changes to the furlough scheme

The government has announced a number of changes to the Coronavirus Job Retention Scheme – more commonly referred to as ‘furlough’. These changes start to take effect from tomorrow (Wednesday 1 July).   To help SMEs understand the changes and how they apply to them, we have produced a handy […]