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When can you recover VAT on entertaining costs?

December 23, 2019

The recovery of VAT on most business entertainment is blocked but there are some instances when you can get it back. When is this the case, and how can you trigger the rules in your favour to enable recovery? Business entertainment The recovery of VAT on business entertainment is normally blocked by the legislation, but…Read More

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Does the name on the invoice matter?

December 20, 2019

Q. I am the finance director of a large company and have just learned that hotel bills we pay for in relation to our sales staff working away from home are always made out to the individual employee and not the company. Does this create an input tax problem? A. The two challenges with input…Read More

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Tax problems during major life events

December 16, 2019

OTS. The Office of Tax Simplification (OTS) has completed a report on tax problems that can arise as a result of major turning points in life. The report (see link below) looks at the tax implications of events like starting work, changing jobs or multiple jobs; saving for and drawing pensions; tax education; helping others with tax. https://www.gov.uk/government/publications/ots-life-events-review-simplifying-tax-for-individuals HICBC. The high income child benefit charge (HICBC) applies if either partner in a…Read More

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Christmas Tombola

December 13, 2019

Cowley Holmes Christmas Tombola has taken off to a good start with Joe of Happyfones Ltd in St Cuthberts Arcade winning a Santa Hamper Sack! Following on from this, further clients throughout the week have enjoyed receiving all sorts of festive gifts to get us all into the Christmas spirit.

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Child Benefit pension benefits

In recent years, Child Benefit has been complicated by the High Income Child Benefit Charge (HICBC) introduced at the start of 2013. This tax charge applies if you or your partner receive Child Benefit, and either of you has income over £50,000. The HICBC recovers an increasing proportion of Child Benefit if the income is…Read More

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Time for an Electric Company Car?

December 9, 2019

The government has announced that there will be a zero P11d benefit for the drivers of electric cars from 2020/21. This is instead of the 2% scale charge that was originally included in Finance Act 2017 to apply for 2020/21. The legislation for the change will be included in Finance Bill 2020 and it is…Read More

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We are Recruiting for a Practice Accounts and Tax Assistant

December 6, 2019

Practice Accounts and Tax Assistant – Full Time (may consider Part Time) Salary negotiable depending on experience Due to continued growth in our client base we are looking for a Full Time Accounts and Tax Assistant to join us. About the Role: Providing Tax and Accountancy services to local businesses. Preparation of client accounts including…Read More

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VAT Question Time

December 2, 2019

My client ran his decorating business for three years as a sole trader and is now going to incorporate. As a sole trader his turnover never quite reached the registration threshold but he will VAT register when he incorporates as a lot of his customers are now contractors. Will he be able to recover VAT…Read More

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Collecting Unpaid Tax for 2018/19 through your PAYE Coding

November 22, 2019

Under certain circumstances it is possible to arrange the collection of unpaid tax through your PAYE coding rather than making a balancing payment on 31 January. This will depend upon the amount outstanding and the amount of income taxable under PAYE. There is a further condition that the return is submitted to HMRC online before…Read More

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Home sweet home

November 11, 2019

For many, owning and selling their own home is thought to be tax-free but, as always, tax is never quite as simple as that. Principal Private Residence Relief (PPRR) is a set of tax rules which are designed to ensure that the sale of a person’s home is exempt under certain conditions. The existing rules…Read More

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New tactic employed by scammers

November 1, 2019

Another phishing tactic has been identified. It’s employed to try to trick people into paying money that simply isn’t due. The scam involves using a phone number that looks like a genuine HMRC one, i.e. using an 0300 prefix, with a call threatening court action if payment is not made immediately. HMRC never calls unless…Read More

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Who has a Will?

October 7, 2019

A shocking case was reported in the FT of two step-sisters who were arguing over which of them should inherit their late parents’ house. The elderly couple had been found dead in their home, and it was not possible to determine who had died first. The situation was complicated because the father had not made…Read More

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Registering a deceased’s Estate for Tax

October 4, 2019

Tax obligations do not cease on death, the executors of the deceased’s estate have to complete the final tax return to the date of death, and deal with the IHT returns and payment. Where the estate is extensive or there are competing claims under the will it can take a significant period to transfer all…Read More

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Tax deductible mobile phones for employees

September 9, 2019

Q. I am the director of a family-owned company. My wife and my two children are employed by the company. If the company provides a mobile phone to each of us, what will the tax implication be? A. No tax charge arises where an employer provides an employee with a mobile phone, irrespective of the level of…Read More

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Flat Rate VAT and Rental Income

September 6, 2019

Q. I am a VAT-registered trader and use the flat rate scheme for working out my VAT payments. I receive a small amount of rental income each month which I include in turnover to calculate the VAT due to HMRC. The rental income is managed by a letting agent. Should I include the gross or net…Read More

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