Accounting, Business and Tax News Stories and Updates

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07-08-2018
32.5% Corporation Tax on overdrawn directors’ loans
HMRC defines a director's loan as money taken from your company (by you or other close family members) that isn’t:a salary, dividend or expense repayment and money you’ve previously paid into Read more..

07-08-2018
Tax free health benefits
There is no requirement for employers to pay tax and National Insurance on certain health benefits covered by tax concessions or exemptions. For example, there is no requirement to report employees’ Read more..

07-08-2018
Gifting share in home
Most gifts made during a person's life are not subject to tax at the time of the gift. These lifetime transfers are known as 'potentially exempt transfers' or 'PETs'. The gifts or transfers achieve Read more..

07-08-2018
What is overpayment relief?
Overpayment relief was introduced from 1 April 2010 and replaced error or mistake relief for Income Tax, Capital Gains Tax (CGT) and Corporation Tax. Overpayment relief allows taxpayers to recover Read more..

07-08-2018
VAT – goods on sale or return
There are special VAT rules that must be followed when you sell goods on a sale or return basis. Goods sold on a sale or return basis (sometimes known as 'on approval') are goods that are effectively Read more..

07-08-2018
Fixtures and fitting on transfer of ownership
The tax treatment of the sale of fixtures and fittings included in the sale or purchase of a commercial building changed from April 2014. From that date, the buyer of a building that contains fixtures Read more..

07-08-2018
Childcare voucher scheme issues
The Tax-Free Childcare Scheme (TFCS) was launched in April 2017 and opened to all remaining eligible families with children under 12 on 14 February 2018. The new scheme allows working parents to Read more..

07-08-2018
Emails and letters from HMRC
HMRC continues to warn taxpayers about email phishing scams. Phishing emails are used by fraudsters to access recipients’ valuable personal details, such as usernames and passwords. Whilst these Read more..

01-08-2018
Football agent scores £1.2m own goal
A former football agent, Jerome Anderson, who looked after over 200 players during his career including Thierry Henry and Dennis Bergkamp, has lost his £1.2m tax avoidance case with HMRC. The Read more..

01-08-2018
Correcting errors on your VAT return
Where an error on a past VAT return is uncovered taxpayers have a duty to correct the error as soon as possible. HMRC can also charge penalties and interest if an error is due to careless or dishonest Read more..