2020 Budget and Coronavirus Government Assistance

With the recent 2020 Budget and now daily announcements regarding Coronavirus Government assistance, we want to take a proactive approach by providing you with a useful resource of links to assist you and your business. LAST UPDATE 06/05/20 – Bounce Back Loan is live and SEISS (Self-employed support) RPP and Coronavirus In these uncertain times we wanted to let all …

Capital Gains Tax on a Residential Property

Capital Gains Tax on a Residential Property New HMRC laws regarding how Capital Gains Tax is reported and paid when disposing of a (residential) property could potentially lead to property chains collapsing.  We believe that it is important that the following understand the issues that can arise: Buyers Sellers Estate Agents Solicitors Recommendation From 6 April 2020 it will be …

Off-Payroll Working Rules (IR35)

The new Off-Payroll Working Rules were set to be introduced from 6 April 2020, but have now been delayed to 2021.  These follow the rules that were introduced for the public sector in 6 April 2017.  The public sector rules can be found here. What is the major difference to the new Rules? The old rules placed the onus on …

The Benefits of Having An Accountant

As the owner or director of a company you are responsible for the accounting records and must ensure they show a truthful financial position of the business.  If you have no experience this may be a daunting task. It is essential that good records are kept so accounts can be prepared to the current statutory requirements to avoid incurring penalties. …

Changes in Lettings Relief

Taxpayers can currently obtain a rather generous tax relief (known as ‘Lettings Relief’) on sales of buy-to-let properties. This applies if they have been rented out a property which has been their main residence. However, changes in Lettings Relief will be coming into effect in the near future. The lettings relief is currently the lowest of: The Principal Private Residence …

Benefits of Outsourcing Bookkeeping

Many business owners choose to carry out their own bookkeeping; with the main benefit being the cost savings paying a bookkeeper. However, when you look at the benefits of outsourcing bookkeeping, you may find the cost is well worth it. If the bookkeeping is relatively straightforward and the owner is content to spend their own time, away from the principal business activity, …

Rental Expenses for Buy-to-Let Properties

Ensuring you claim the correct rental expenses against your income for buy-to-let properties is not always obvious.  The HMRC Property Income Manual can be found here. This article written by  RPP Accountants explains what can and can’t be claimed as a revenue expense for buy-to-let properties.  HMRC have also produced other guidance for landlords here. The starting point for any …

Payroll

Payroll can be a very rewarding and satisfying job, especially because everyone likes to be paid on time and accurately! Communication is vital to get things right and it is worth remembering that we all have a part to play in ensuring that personal changes and information are disclosed to “Payroll and Employers” as soon as possible.  Changes in addresses marital status maternity/paternity …

Domestic Reverse Charges for the Construction and Building Sector

The Reverse Charges legislation for the Construction Industry will come into effect on 1st October 2019. There are the following questions that need clarifying: Why is the new legislation is being introduced? Who does this affect? What exactly does this affect? How does it work? What impact is this going to have on the affected businesses? Let’s start with the first question: Why? …

Auto-Enrolment Pension Contributions Increase From 6 April 2019

Auto-enrolment pension contributions are to rise from 6 April 2019 for both employees and employers. What are the increases? The minimum amount that should be paid into employee pensions rises from 6 April 2019 to 8% of an employee’s qualifying earnings. At least 3% must come from employers, while employees make up the difference. The table below shows how the …