Industry News Nottingham : tcp accountants

Industry News

Labour win landslide election result

Labour win landslide election result

As had been widely predicted, the results at the polls have seen the Labour Party back in power after 14 years in opposition. Labour have swept into power with their second-largest majority

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Inheritance and tax

Inheritance and tax

As a general rule, an individual who inherits property, money or shares is not liable to pay tax on the inheritance. This is because any Inheritance Tax (IHT) due should be paid out of the

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Company filing obligations

Company filing obligations

It is important that anyone responsible for the accounts and tax filing regime for private limited companies is aware of their obligations. After the end of its financial year, a private

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Restarting a dormant company

Restarting a dormant company

HMRC must be informed when a non-trading or dormant company restarts trading and becomes active for Corporation Tax purposes. Companies can use HMRC Online Services to supply the relevant

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Business VAT responsibilities

Business VAT responsibilities

The taxable turnover threshold that determines whether businesses should be registered for VAT is currently £90,000. Businesses with turnover below this level can also apply for a voluntary

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Are mega sized marshmallows zero-rated?

Are mega sized marshmallows zero-rated?

In the UK most basic food stuffs are zero rated. However, the definition of 'basic' is not straightforward and many of the foods are zero rated as a result of historical legislation dating

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New government

New government

Our new government, and in particular, Rachel Reeves, the new Chancellor, will be responsible for raising the funds that our new government requires to finance its activities. The

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Exit plans

Exit plans

Exit can be seen as quitting, especially if the exit discussed is your business interests. But actually, business exit planning is an essential part of general business planning. In some

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CGT Incorporation Relief

CGT Incorporation Relief

Where a taxpayer owns a business as a sole trader or in partnership, a capital gain will be deemed to arise if the business is converted into a company by reference to the market value of

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What your tax code means

What your tax code means

The letters in your tax code signify your entitlement (or not) to the annual tax free personal allowance. The tax codes are updated annually and help employers work out how much tax to

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Income Tax in Scotland

Income Tax in Scotland

The Scottish rate of income tax (SRIT) is payable on the non-savings and non-dividend income of those defined as Scottish taxpayers. The definition of a Scottish taxpayer is based on

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Late night taxi for an employee

Late night taxi for an employee

There is no specific requirement for employers to provide employees with transport home. Nevertheless, an employer has a duty of care to their employees, which means that they should take

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Claim full expensing or 50% FYA

Claim full expensing or 50% FYA

Full expensing allows for a 100% first-year capital allowance for qualifying plant and machinery assets and came into effect last April. To qualify for full expensing, expenditure must be

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Statutory redundancy pay

Statutory redundancy pay

If you have been in the same job for two years or more and are made redundant you will usually be entitled to redundancy money. The legal minimum that you are entitled to receive is known as

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Translation

Translation

If you receive documents from overseas customers or suppliers and you need to translate text into English, have you used Google Translate? It’s a free, but incredibly powerful

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Extracting profits from a small, limited company

Extracting profits from a small, limited company

It is pretty much universally accepted that shareholders (usually directors) of small companies take out their remuneration as a small salary - a salary pitched high enough to secure NIC

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Tax Diary August/September 2024

Tax Diary August/September 2024

1 August 2024 - Due date for corporation tax due for the year ended 31 October 2023. 19 August 2024 - PAYE and NIC deductions due for month ended 5 August 2024. (If you pay your tax

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Are you claiming the marriage allowance

Are you claiming the marriage allowance

The marriage allowance can be claimed by married couples and those in a civil partnership and where a spouse or civil partner does not pay tax or does not pay tax above the basic rate

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Check your State Pension forecast

Check your State Pension forecast

The enhanced Check Your State Pension forecast service is now available online. The service can be found on GOV.UK at the following webpage https://www.gov.uk/check-state-pension. The new

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Finding your National Insurance number

Finding your National Insurance number

If you have lost or forgotten your National Insurance number there are a number of ways to locate it. Firstly, you could try and locate the number on paperwork such as your tax return,

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Check employment status for tax

Check employment status for tax

The Check Employment Status for Tax (CEST) tool can be used to help ascertain if a worker should be classified as employed or self-employed for tax purposes in both the private and public

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How to check a UK VAT number

How to check a UK VAT number

The online service for checking a UK VAT number is available at: www.gov.uk/check-uk-vat-number. This service can be used to check: if a UK VAT registration number is valid; and the

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Private rental deposits

Private rental deposits

There are special rules under the Tenancy Deposit Scheme that limits the amount of deposit that landlords in England can request. There are also further limitations on what landlords and

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What is a group company structure?

What is a group company structure?

A group is formed when one company has control of, owns, a number of subsidiary companies. A group is different to an arrangement where an individual owns a number of companies personally.

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