Software tips – Sage Accounting – Correct Transactions

Have you just realised that you’ve posted all your barley crop sales to the wheat code by mistake? Or perhaps you’ve mis posted your insurance payments to rates? The “Correct Transactions” feature on Sage Accounting enables users to amend the ledger account or department on a number of transactions in one go. Simply enter the … Continued

Calling all Trustees – HMRC Trust Registration Service

The HMRC Trust Registration Service (TRS) has now been in existence since 2017 but until now has largely been concerning itself with those trusts that have a tax liability. From the autumn of 2021, however, the TRS will be extended to all express trusts (with few exceptions) even if there is no tax liability or … Continued

Software tips – Sage Line 50 – Favourite Reports

Do you frequently use the same reports in Sage Line 50? For example, ‘Aged Debtors’ to check for outstanding customer balances or ‘Bank Report – Unreconciled’ to check for outstanding items on the bank accounts. There is a quicker way to reach these reports. When you next run the report, click on the grey star … Continued

Remote working and auditing – LATCOs

As we all transition to the “new normal” the hot topic for discussion is – to be in the office or not to be in the office? Clearly there are pros and cons for each. Council offices have had most staff working from home since the start of the pandemic and whilst remote meetings allowed … Continued

Farm diversification and VAT

As the rural community continues in its search for new, non-farming and diverse income sources, thought needs to be given to the VAT position of any new enterprises. Many new diversified businesses will involve dealing with the public at consumer level rather than at a business to business level. Any addition of VAT to products … Continued

Accelerate your Capital Gains Tax plans

Predicting what the government will do in the next Budget is nigh on impossible but one thing is certain: the government has spent an eye-watering amount of money over the pandemic and it must be paid back somehow. Currently we are in a very low capital tax environment and capital taxes are unlikely to go … Continued

Is your agricultural business trading losses?

Following the government’s announcement in March, businesses that incur trading losses can now carry them back up to three years instead of the usual one. This temporary extension applies to trading losses made by companies in accounting periods ending between 1 April 2020 and 31 March 2022, and by unincorporated businesses in tax years 2020/21 … Continued

What capital allowances can LATCOs claim on properties?

Commercial buildings are usually fitted out with fixtures, such as electrical wiring, lifts, water, heating and air conditioning systems (“integral features”). Tax relief on these systems could lead to significant savings, but in order to claim Capital Allowances on fixtures, there are strict conditions that must be met. Broadly, there are two important requirements: The … Continued

Intestacy Rules

New research suggests that 61% of people in the UK still do not have a Will. That is a lot of people who will be relying on the Intestacy Rules to deal with their Estate on their death. In the UK, when someone dies intestate (without a Will in place) there are strict rules to … Continued

Ecommerce VAT Changes from 1 July 2021

VAT is an complex and specialist tax subject and we work closely with CVC who are experts on VAT to ensure our clients are provided with the most up-to-date information. Helen Carey’s blog on the upcoming VAT rule changes around ecommerce can be read here.