Blog

Sharing the love on Valentines Day…

February 14, 2020

Don’t be late in paying your personal tax bill

February 7, 2020

Individual’s 2018/19 income tax, CGT, class 2 and 4 NIC liabilities should have been paid by 31 January 2020. Note that if the balance is still unpaid at the end of February 2020 a 5% surcharge penalty is added in addition to the normal interest charge unless a time to pay arrangement has been agreed…Read More

Finance Bill should now proceed

February 3, 2020

Now that the General Election is out of the way, the tax changes in the draft Finance Bill scheduled to take effect from April 2020 are now more likely to go ahead. The key tax measures “in limbo” until legislated in Finance Act 2020 are: – Extending the “off-payroll” working rules to the private sector…Read More

Tax Scam Warning!

January 24, 2020

The deadline for the Self Assessment Tax Return, 31 January, is fast approaching, which also means that the number of HMRC related scams tends to surge at this time of year. HMRC states it received 900,000 reports of attempted fraud in the 2018/2019 tax year, a staggering figure given that most people don’t bother to…Read More

Happy New Year from Cowley Holmes

January 6, 2020

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

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

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

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.

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

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

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

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

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

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