Principle Private Residence and Letting Relief

I was asked by a client last week as to what tax reliefs were available where their home (Principle Private Residence) was let under a tenancy agreement, rather than sold when they moved. This was something that we had done a number of years ago, but I needed to brush up on the current rules. […]

Property Embedded Fixtures & Features’ Allowances or PEFFs

Did you know that in addition to claiming Capital Allowances on moveable fixtures and fittings used in your business you can also claim ‘Property Embedded Fixtures & Features’ Allowances or PEFFs, on the immoveable assets in your properties? We came across PEFFs recently in discussion with a holiday let business on the Isle of Wight. […]

Importance of VAT Registration

We have many clients who see VAT registration as the ‘end of their business’. But we find many clients totally unaware of the penalties and other fines that can be imposed by HMRC if they do not comply with the regulations. The following details are of a recent case involving non-registration for VAT. The case […]

Making Tax Digital

The following paper has been written by Rebecca Cave for accountancy software provider, Tax Calc to provide information on the introduction of Making Tax Digital. Although there has been some delays due to the political situation, it is important for small businesses to prepare for its introduction. The making tax digital (MTD) project represents a […]

Successful Grant Applications

I was recently involved in carrying out due diligence on grant applications being awarded by a regional LEP. For confidentiality reasons I will not go into great detail, but the experience has been interesting and I feel that I am in a position to provide guidance to organisations looking for grant funding. There are 30 […]

Flat Rate VAT Scheme Guide (FRS) Including rule changes from 1/4/17

Significant changes are being made to the VAT Flat Rate Scheme from the 1st April 2017. For many contractors who incur limited direct costs, the scheme has provided a  great cash benefit. For example, if the contractor invoiced a client £15,000 in a VAT quarter, the contractor would have have charged the client a further £3,000 in VAT. […]

Personal Service Company versus the Umbrella Company

Many freelancers and contractors are attracted to the idea of an Umbrella Company to maximise their earnings. But the Personal Service Company can achieve the same tax advantage, plus you can benefit from lower monthly administration costs and other benefits described below. For example, as a freelance journalist you will receive an income probably from a […]

5 year Financial Forecast Model

The Helpful Bean Counter is pleased to offer a free to download 5 year financial forecast model. Please follow the attached link: http://www.helpfulbeancounter.co.uk/financial-model-template/ We are also keen to help you modify the financial forecast model to suit your business. Our fees are very competitive! We offer a free consultation to get to know your business, […]

EIS & SEIS Company Requirements

For EIS and SEIS purposes a company needs to meet a number of requirements at the time of accepting investment and, unless specified otherwise must continue to meet these requirements for a period of at least three years. What requirements must the company meet? The trading requirement A company must exist wholly for the purposes […]

Registering for Self Employment

If you wish to register for self-employment, then you must comply with the official HMRC procedures to ensure that you are paying the correct national insurance (NI) and income tax. How does the government define self-employment? HMRC will consider you self-employed if you are frequently trading goods or services, and take responsibility over the success […]

HMRC’s focus on tax avoidance

HMRC has recently unveiled severe penalties under proposed new legislation seeking to target those intermediaries that provide tax avoidance schemes, and this may have implications for contractors and freelancers, and the use of Umbrella Companies ( Personal services company versus the Umbrella Company ) In the UK tax evasion is illegal, but tax avoidance is not! But […]

New focus on IR35 by HMRC

HMRC are again starting to focus their attention on IR35, so watch out Contractors! Over the last 20 years there has been a significant increase in the number of freelance contractors. Depending on the sector different terminology is used. The writer himself spent a significant period of his career working as an ‘interim’ Accountant. In […]