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Recent Posts by Dev12

Proposals for consumer protections when companies collapse

The government is to consider new laws to protect consumers who have prepaid for products when a business becomes insolvent. • Government to consider new laws to protect consumers who have prepaid for products when a business becomes insolvent • proposed measures will include guaranteeing consumer schemes like Christmas savings clubs can safeguard customers’ money…
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Top tips for when you have a partnership change

As soon as there is any change in partnership property or partnership membership speak to your accountant to check all the financial and non-financial factors to consider. Nick Holmes* advises on what to watch: Existing partners: with a change in profit sharing ratios is there to be a change in property ownership as well? Ensure…
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Brexit may be in limbo, but Making Tax Digital is not

As we have highlighted in many posts to this blog, from 1 April 2019, ALL VAT registered businesses with turnover above the £85,000 VAT registration threshold will have to submit their VAT returns from within software that can link with HMRC’s networks. In techno- speak, your data will need to be transferred using a designated…
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A possible, unwelcome increase in service charges

From 1 November 2018, owners of properties on estates or sites that are obliged to pay service charges to a management company - for example, for the maintenance of common areas, gardens, or the employment of a site warden or caretaker - may be in for an unwelcome surprise. It would seem that HMRC have…
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What is an OpRA?

OpRA is the acronym for an optional remuneration arrangement. Before April 2018, these were termed “salary sacrifice” arrangements. Essentially, both are benefits in kind (BiK) offered to employees in place of salary increases. Recent changes ensure that that where such benefits are offered recipients many are taxed as if the cash value of the benefits…
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Would you set off for uncharted territory without a plan?

Truthfully, no one knows what trading conditions will be like once we exit the EU. Will supply chains seize up or will it be business as usual? If there is a possibility, however remote, that the commercial landscape will change, doesn’t it make sense to undertake an assessment of any downside risks and plan accordingly?…
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Tax Diary December 2018/January 2019

1 December 2018 - Due date for Corporation Tax due for the year ended 29 February 2018. 19 December 2018 - PAYE and NIC deductions due for month ended 5 December 2018. (If you pay your tax electronically the due date is 22 December 2018) 19 December 2018 - Filing deadline for the CIS300 monthly…
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Are you eligible to claim the Marriage Allowance?

Marriage Allowance lets you transfer £1,190 of your Personal Allowance to your husband, wife or civil partner - if they earn more than you. This reduces their tax by up to £238 in the tax year. To benefit from this arrangement, you (as the lower earner) must have an income below your Personal Allowance -…
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