Are you employing a carer?

The number of elderly or infirm people who directly employ a care worker or personal assistant has been increasing in recent years. Whilst the funding may come from a variety of sources, the relationship between the service user and the care worker/assistant is predominantly one of employer and employee.  This means that the employer must … Continued

Carbon reporting for LATCOs

Carbon reporting is not new, and its not just a LATCO requirement. However, what makes this topical is the increased focus on climate change and the expectations from a wide range of stakeholders to see these disclosures in the accounts. There are numerous voluntary frameworks on climate reporting. The most prominent of these initiatives is … Continued

Tax implications of converting Farm buildings

The RPA has commenced the distribution of the 2021 Basic Payment Scheme (BPS) payments, but it will not have escaped notice that the payments have decreased (with 2021 being the first year of the phased reductions) thus bringing a stark reminder to agricultural businesses that the phasing out will undoubtedly leave what may be a … Continued

Personalised Car Registrations

Personalised numberplates continue to be sought after with some achieving stratospheric values. The most valuable registration sold in the UK was in excess of £518,000 and worldwide, the record is over £7.25m (Dubai).  Consequently, HMRC have not been slow to seek tax. Looking at HMRC’s manuals, you will see that “a car numberplate is a … Continued

When Not To Claim Capital Allowances

For tax purposes, the method of claiming asset depreciation is known as Capital Allowances (CAs).  These operate on a reducing pool of value basis using HMRC-prescribed rates ranging from 2% to 100% depending on the asset (and tax year) involved.  These allowances are then treated as deductions against your annual profits. But must you claim … Continued

Software tips – Banking Rules

Do you have a number of direct debits or standing orders which clear every month/year such as insurance or subscriptions? Or perhaps a regular income source which you receive every month such as rental income? Cloud accounting software packages (Sage Accounting, QuickBooks and Xero) allow you to set up banking rules when using the bank … Continued

Software tips – Banking Feeds

Cloud accounting software packages (Sage Accounting, QuickBooks and Xero) enable you to set up a secure direct link to your bank account which then automatically downloads the bank transactions in to your software for you to code and post rather than having to enter each receipt and payment manually. In order to be able to … Continued

Software tips – Repeating Transactions

Do you find yourself entering the same purchase or sales invoice month after month, wondering if there’s an easier way or wishing you could “copy and paste”? Most software options have a repeating transactions function, whereby you can create a template to post transactions you create regularly or copy a transaction you have posted previously. … Continued

R & D spending gets Budget boost

In a budget where Covid 19 was notable by its absence, Rishi Sunak announced a number of measures which had been pre-briefed to the press with a focus on spending increases across the board and little in the way of unexpected tax increases. There was good news on the economic outlook, with higher than expected … Continued

Personal Tax & Corporate Tax Post Autumn 2021 Budget comments

Personal Tax Cheers to the Chancellor? – By Matt Herd Following numerous announcements in the run up to the Autumn Budget including the introduction of the Health and Social Care Levy, increases to the National Living Wage and a variety of spending commitments, many advisers like myself sat down to listen the Chancellor on Wednesday … Continued