Tag Archives: accountant Newcastle

The key notes of the trustees’ report

trustee report

There are three notes in a charity trustees’ report which often contain inaccuracies. (As mentioned in previous blog entitled, What should be included in a Trustees’ report? These are: Reserves policy Key management remuneration Public benefit These notes are often misunderstood or do not contain correct information, so these have […]

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 […]