Latest News

Simplification of Inheritance Tax

The Office of Tax Simplification (OTS) have been tasked with carrying out a review of Inheritance Tax (IHT) with a view to simplifying how the tax operates. IHT is perceived to be complicated and currently yields a relatively small amount of tax compared to income tax and national insurance.

Making Tax Digital Delayed Further, Apart from VAT Reporting

HMRC have confirmed that no further MTD for business changes will be brought in before 2020 at the earliest.

The Treasury set out its revised priorities for current digital transformation projects, to make room for the additional demands on its resources of work to upgrade customs systems in preparation for Brexit. 

Marriage Relief

Since 6 April 2015, it has been possible for you to transfer £1,190 of your annual personal allowance to your husband, wife or civil partner if they earn more than you do. This is a relief which is not being made the most of by a number of people but is worth a tax reduction of up to £238 per year.

Off-Payroll Rules (IR35) to be Extended to Private Sector Workers?

As mentioned in the Autumn Budget, the Government has opened a consultation into a possible extension of the rules that currently apply to “off-payroll” workers in the public sector to the private sector. This consultation is being undertaken at the same time as the consultation into employment status.

Guerrilla Coaching

Some new-fangled description of an age-old method, just to get new punters looking this way?

Well no! Guerrilla Marketing and Guerrilla Coaching are about stepping right in, doing some small stuff, and stepping right out. Small Interventions, BIG results.

GDPR is Almost Here!

The implementation date for the EU Data Protection Regulation (GDPR) is 25 May. Despite Brexit, UK businesses will need to comply.

In order to maintain business links with EU countries, the UK will need to create EU equivalent rules and regulations. GDPR is an example of this and must be complied with if businesses want to trade with the EU. The GDPR regulations are more favourable to consumers than businesses.

Don't Panic! Creating a Disaster Recovery Plan for Your Business

A disaster recovery plan is a documented process designed to help recover and protect a business and its infrastructure in the event of a disaster. It provides a clear plan of action to be taken before, during and after a disaster.

Diversity and Inclusion

Thanks to recent coverage in the global press, diversity and inclusion in the workplace have become an even greater priority for businesses.

As the UK population becomes more diverse, the businesses that embrace diversity and inclusion are more likely to be able to relate to their clients and target sectors, therefore improving their chances of winning new customers.

Taking a Lodger? Don't Forget to Claim "Rent a Room" Relief

HMRC are carrying out a review of rent a room relief to discover whether the scheme, introduced back in 1992 provides the right incentives for the rental market. The current scheme exempts from tax, gross rents up to £7,500 where rooms within the taxpayer’s main residence are rented out.

Most accountants that responded to the call for evidence were keen for the relief to continue as it encourages taxpayers to let out spare rooms and provides them with additional income. 

HMRC Loses IR35 Case

In the February newsletter, we reported the Tax Tribunal decision involving Christa Ackroyd Media Ltd, a company set up by a TV presenter to supply her services to the BBC, where it was held that the IR35 personal service company rules applied to the arrangements. In a recent case involving a night manager on a building site, another tribunal decided that the IR35 rules did not apply. 

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