Blog

25 Prizes for 25 Years – Christmas Raffle 2017

December 21, 2017

With it being our 25th year in business we decided to have 25 prizes to celebrate our 25 years! Here are just a few of our Christmas lucky prize winners!

Christmas 2017 Charity Donations

This Christmas Cowley Holmes have donated to St John’s Hospice & Soupervan.UK         Merry Christmas & a Prosperous 2018 to all!

Buying a used commercial vehicle

December 18, 2017

If you buy a second-hand commercial vehicle from a dealer, they will normally try to sell it to you under the second-hand margin scheme. This means that they only account for VAT on the profit margin. You will not be provided with a VAT invoice and you will be unable to recover this VAT as it…Read More

HMRC now takes a more targeted approach when selecting businesses for a VAT inspection

December 14, 2017

HMRC now uses a sophisticated system to gather information and target enquiries.  This uses a range of third party data sources, including banks, insurers, Land Registry etc. as well as the Internet and social media, to select businesses for an inspection. Inspections could also be prompted by an anomaly in accounting or VAT return figures…Read More

HMRC – no more credit card payments

November 23, 2017

If you blow your cash over Christmas and are planning to pay your self-assessment tax bill (due no later than 31 January 2018) with your credit card you’ll be out of luck. HMRC won’t accept credit card payments after 12 January 2018. This goes for all tax payments, not just those for self-assessment. So if…Read More

Celebrating 25 Years in Business

September 28, 2017

We are delighted to be celebrating 25 years of Accounting and Tax Advice in Bedford, first opening the doors to Cowley Holmes Accountants in 1992. We would like to thank our clients, a number of whom have been with the Practice since it started, and looks forward to the Practice serving them the over the next…Read More

Winner of Beds SME Best Customer Service 2017

July 13, 2017

We are delighted to announce we are a winner at the SME Bedfordshire Business Awards 2017 for the Best Customer Service Award! Thank you to everyone that voted for us.

keep your Class 2 NIC record up to date if you have low or no profits

July 6, 2017

Until 5 April 2015, every ‘self-employed earner’ was, if he was over the age of 16 and under pensionable age, liable to pay Class 2 contributions at a prescribed weekly rate. From 6 April 2015, this liability has applied only to earners with relevant profits from a trade. Before 6 April 2015, this was enough…Read More

Stamp Duty on Second Homes

June 27, 2017

Since 1 April 2016 there has been a 3% supplementary Stamp Duty Land Tax (SDLT) charge payable on the purchase of second and subsequent residential properties costing more than £40,000. This was clearly aimed at buy-to-let investors as well as those buying second homes. Note that this additional 3% charge does not apply where the…Read More

HMRC Computer isn’t always correct

June 26, 2017

HM Revenue and Customs have acknowledged that their software and some commercial software used by accountants doesn’t always come up with the right amount of tax payable! You may have seen this reported in some newspapers such as the Daily Telegraph. This arises because the tax system of different income tax personal allowances, dividend allowances,…Read More

Finalists in the SME Bedfordshire Business Awards

May 23, 2017

Cowley Holmes are delighted to announce they have been successful in reaching the finals of the SME Bedfordshire Business Awards 2017 for Best Customer Service. The team will be attending the Gala Awards Final at The Bedford Corn Exchange on 12th July. Thank you to everyone that voted for us.  

Tax and Accounting Focus

The PM’s surprise announcement of a ‘snap’ General Election last month may suit politics, but the Chartered Institute of Taxation (CIOT) had already warned it was unlikely to suit good tax policy making.  The government has now deleted 72 out of 135 clauses, and 18 out of 29 schedules – leaving just 140 pages out…Read More

Celebrating 25 years

May 3, 2017

This year Cowley Holmes are celebrating 25 years of helping their clients.  This has only been possible with the ever present commitment of the staff at Cowley Holmes to ensure clients are well looked after and receive the best possible advice. Please would you help me in congratulating the staff by voting for us in…Read More

Tax Question Time – Losses on Property Let at Undervalue

March 31, 2017

Q. My client has bought a flat which is being let to her son. He has recently started his working life in a relatively low paid job so my client is helping out by charging him less than market rent and, as a result, expects her mortgage interest and other expenses to exceed the rents…Read More

Tax Question Time – Stamp Duty Land Tax

March 24, 2017

Q. I note that the higher rate of stamp duty land tax on the purchase of additional dwellings only applies to the acquisition of a major interest. Does this mean the higher rate does not apply if I buy only a 49% share in a property? How is the tax charged if I arrange to…Read More