News

Keep abreast of Brexit news

20/03/2019 – As the Brexit date fast approaches, it seems the only thing we can say with any certainty is that uncertainty continues to plague the issue of our leaving the EU. The negotiations on the terms of the UK’s exit from the EU are unresolved and there are three possible outcomes: a delayed Brexit by extending Article 50, a no-deal Brexit or a … More...

Present tax-free company benefits

20/03/2019 – The list of company benefits that can be provided tax-free to employees is quite short. However, some of the benefits that can be provided include the following: Meals: Free or subsidised meals in a staff canteen where meals are provided for all employees on a reasonable (not overly extravagant) scale. The exemption does not apply … More...

Changes to VAT IT systems if no-deal Brexit

20/03/2019 – In a letter being sent to businesses across the country, HMRC has published the following information on the effect a no-deal Brexit would have on changes to VAT IT systems. We have reproduced below a summary from the letter of the main announcements made by HMRC on this issue. Changes to VAT IT systems If the UK leaves the EU … More...

What is a finance lease?

20/03/2019 – The definition of a finance lease can be difficult to pin down. In legal form a finance lease is just another lease - the legal ownership of the asset lies with the lessor and the lessee only has the right to use the asset. However, in commercial terms a finance lease is often considered to be an alternative form of 'purchase' with a … More...

Removing your home address from the public register

20/03/2019 – Since April 2018 company directors and other eligible people such as company secretaries, people with significant control (PSC) and LLP members can apply to remove their personal addresses from the UK’s official company register on Companies House. Prior to the introduction of this law it was only possible for a director to ask for … More...

Full EU Settlement Scheme roll-out

19/03/2019 – The government has laid a Statement of Changes to the Immigration Rules implementing the full opening of the EU Settlement Scheme from 30 March 2019. The scheme will apply regardless of whether there is a Brexit deal or not. The scheme will allow EEA/Swiss citizens living in the UK by 31 December 2020 (or by 29 March 2019 if the UK … More...

2019 Spring Statement: employment implications

19/03/2019 – In the Spring Statement 2019, the Chancellor of the Exchequer has announced that the apprenticeship reforms set out in the Autumn Budget 2018 will now be introduced a year early. From 1 April 2019, the co-investment rate for non-levy employers will be cut by a half from 10% to 5%. In addition, from the same date, levy-paying employers … More...

Cash basis and capital expenditure

19/03/2019 – The cash basis scheme helps many sole traders and other unincorporated businesses benefit from a simpler way of managing their financial affairs. The scheme is not open to limited companies and limited liability partnerships. The scheme allows qualifying businesses to use the cash basis when recording income and expenditure. You must … More...

Business record keeping for the self-employed

19/03/2019 – If you are self-employed as a sole trader or as a partner in a business partnership, then you must keep suitable business records as well as separate personal records of your income. For tax purposes, the business records must be held for at least 5 years after the 31 January submission deadline for the relevant tax year. For example, … More...

Topping up your self-employed NIC contributions

14/03/2019 – In many circumstances it can be beneficial to make voluntary Class 2 National Insurance Contributions (NICs) to increase your entitlement to benefits, including the State or New State Pension if you are self-employed. You might want to consider making voluntary NICs because: you’re close to State Pension age and do not have enough … More...