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Industry News

Keep abreast of Brexit news

Keep abreast of Brexit news

As the Brexit date fast approaches, it seems the only thing we can say with any certainty is that uncertainty continues to plague the issue of our leaving the EU. The negotiations on the

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Present tax-free company benefits

Present tax-free company benefits

The list of company benefits that can be provided tax-free to employees is quite short. However, some of the benefits that can be provided include the following: Meals: Free or subsidised

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Changes to VAT IT systems if no-deal Brexit

Changes to VAT IT systems if no-deal Brexit

In a letter being sent to businesses across the country, HMRC has published the following information on the effect a no-deal Brexit would have on changes to VAT IT systems. We have

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What is a finance lease?

What is a finance lease?

The definition of a finance lease can be difficult to pin down. In legal form a finance lease is just another lease - the legal ownership of the asset lies with the lessor and the lessee

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Removing your home address from the public register

Removing your home address from the public register

Since April 2018 company directors and other eligible people such as company secretaries, people with significant control (PSC) and LLP members can apply to remove their personal addresses

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Full EU Settlement Scheme roll-out

Full EU Settlement Scheme roll-out

The government has laid a Statement of Changes to the Immigration Rules implementing the full opening of the EU Settlement Scheme from 30 March 2019. The scheme will apply regardless of

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2019 Spring Statement: employment implications

2019 Spring Statement: employment implications

In the Spring Statement 2019, the Chancellor of the Exchequer has announced that the apprenticeship reforms set out in the Autumn Budget 2018 will now be introduced a year early. From 1

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Cash basis and capital expenditure

Cash basis and capital expenditure

The cash basis scheme helps many sole traders and other unincorporated businesses benefit from a simpler way of managing their financial affairs. The scheme is not open to limited companies

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Business record keeping for the self-employed

Business record keeping for the self-employed

If you are self-employed as a sole trader or as a partner in a business partnership, then you must keep suitable business records as well as separate personal records of your income. For

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Topping up your self-employed NIC contributions

Topping up your self-employed NIC contributions

In many circumstances it can be beneficial to make voluntary Class 2 National Insurance Contributions (NICs) to increase your entitlement to benefits, including the State or New State

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Lost your Unique Tax Reference number?

Lost your Unique Tax Reference number?

Your Unique Taxpayer Reference (UTR) identifies your tax records at HMRC. The number is also known as your taxpayer number or tax reference number and should be used whenever you contact

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Treatment of deposits for VAT purposes

Treatment of deposits for VAT purposes

As a general rule, most deposits made by customers serve as advance payments and create a VAT tax point when the deposit is received. It is important that businesses ensure that the VAT

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What are the badges of trade?

What are the badges of trade?

The 'badges of trade' tests, whilst not conclusive, are used by HMRC to help determine whether an activity is a proper economic / business activity or merely a money-making side line to a

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Sale of income by an individual

Sale of income by an individual

A capital sum received by an individual in respect of the sale or relinquishment of income to be derived from his or her personal activities, can sometimes be treated as earned income and

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Employee tax codes 2019-20

Employee tax codes 2019-20

The P9X form is used to notify employers of the tax codes to use for employees. The basic Personal Allowance for the tax year starting 6 April 2019 will be £12,500 and the tax code for

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Spring Statement - 13 March 2019

Spring Statement - 13 March 2019

The following comments were written on the 13th March 2019 immediately following Philip Hammond’s presentation of the 2019 Spring Statement to Parliament. In theory, the government uses the

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Expenditure on building that qualifies as plant

Expenditure on building that qualifies as plant

Capital Allowances are the deductions which allow businesses to secure tax relief for certain capital expenditure. Capital Allowances are available to sole traders, self-employed persons or

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Are you claiming the Marriage Allowance?

Are you claiming the Marriage Allowance?

HMRC has published a press release to remind qualifying couples to claim the Marriage Allowance. The Marriage Allowance allows lower earning couples to share part of their personal tax-free

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Last chance to get ready for VAT filing changes 1 April 2019

Last chance to get ready for VAT filing changes 1 April 2019

The deadline for the introduction of VAT filing changes is now just weeks away. For VAT returns periods starting on or after 1 April 2019, some 1 million businesses with a turnover above the

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Have you received income in the form of loans?

Have you received income in the form of loans?

HMRC has issued a new briefing paper on disguised remuneration charge on loans. Disguised remuneration schemes are tax avoidance arrangements that seek to avoid Income Tax and National

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Companies House – Late Filing Penalties

Companies House – Late Filing Penalties

There are Late Filing Penalties which are designed to encourage companies to file their accounts and reports on time. The penalties were first introduced in 1992 and were significantly

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Utilising unused losses for CGT

Utilising unused losses for CGT

Sometimes tax-payers may sell an asset at a loss. If acceptable as capital losses, they can be deducted from Capital Gains made in the same or future years. As a general rule, if the asset

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Incentive award schemes and tax

Incentive award schemes and tax

Companies can use incentive award schemes to encourage their employees in various ways, for example, to sell more of their own goods and services. The award can take various forms including

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Post cessation receipts and expenses

Post cessation receipts and expenses

According to HMRC’s published guidance there are special rules for the taxation of post-cessation receipts and expenses. These provisions apply to professions, vocations and trades. Tax

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