Posts Categorized: Uncategorized

As part of a package of initiatives to help local economies recover from the disruption caused due to wet and stormy weather of the last couple of months, David Cameron, Prime Minister has said the government is to offer a tax deferral scheme for affected businesses. At a recent conference held at number 10, David… Read more »

Preston accountants to give free advice to small businesses under new scheme Small businesses could get up to £2000 under government initiative Free advice will be available to small businesses worth up to £2000 from Ilyas Patel Ltd, a member of global accountancy body ACCA (the Association of Chartered Certified Accountants) under a new initiative… Read more »

If you are aged over 18 with a viable business plan, you could apply for a government-backed Start Up Loan to help you start your business. Lancashire Community Finance is one of the local partners and has provided nearly £40,000 and practical advice to business start ups in Preston.  Those taking advantage of the support… Read more »

When buying a new home from a builder or developer you are not required to pay VAT on top of the purchase price because these such dwellings are exempt of VAT. H M Revenue & Customs recognise that it is unfair to charge VAT to builders who build their own house/home, therefore it has put in place certain… Read more »

H M Revenue & Customs revealed the top ten oddest excuses for late tax returns ahead of the 31 January deadline. The following bizarre, exotic and flimsy excuses have all been used by tardy taxpayers: My pet goldfish died (self-employed builder) I had a run-in with a cow (Midlands farmer) After seeing a volcanic eruption on… Read more »

In April 2015, new rules will come into force under the Children and Families Bill 2012-13 allowing working mothers to share their maternity leave and maternity pay with their partners. Employees will be entitled to share a maximum of 52 weeks’ leave and 39 weeks’ statutory pay upon the birth or adoption of a child.  After… Read more »

Late night travel expenses can be paid to employees without it resulting in a tax or NI bill who are asked to work later than usual and where it causes them problems getting home.  However, working late as a director is deemed part and parcel and you are not ordered to stay late, which bodes the question… Read more »

The long awaited general anti-abuse rule (GAAR) came into force on 6 April.  The general message is that avoiding tax by making the most of the rules is still alright, but taking steps which are artificial or abnormal and are mainly used to escape tax can be caught by the GAAR.  The tax saved can… Read more »

Landlords will no longer be able to send in the bailiffs for unpaid rent from 6 April 2014. A new process, known as the Commercial Rent Arrears Recovery Process (CRAR), will come into effect which will involve giving notice to the tenant, something which a landlord is not required to do at present. This process… Read more »

A Let Property Campaign has been launched by HMRC which is aimed at landlords who let out residential property without paying income tax on the net rents. HMRC is now reviewing Land Registry, Council Tax and other government agency records and will actively pursue anyone who is deliberately ignoring or not understanding the tax rules and… Read more »