News Items

Autumn Budget 2024

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Tax efficient salaries 2023/24

Hopefully the government will not tinker with National Insurance this year and we have fewer salary options to notify for 2023/24 (starting April 2023). However it remains difficult to generalise and...  Read more >>

Corporation Tax Rates 2023/24

Very little with regard to taxation to comment on generally following the Budget. The main surprise would be abolishing the pension lifetime allowance and increasing to £60,000 per annum per in...  Read more >>

Tax Efficient Salaries 22/23

You may well have noticed in the national news the starting rate at which employee NI is payable has increased quite significantly and so in some cases the monthly salaries we recommend this year are ...  Read more >>

Directors personally liable for company debts to HMRC

Schedule 13 to Finance Act 2020 enables HMRC to issue a notice to a company in liquidation (or in danger of) so that if the company does not pay taxes due the liability can be imposed on the Directors...  Read more >>

Self-employed COVID Grants and the 2021 Tax Return

The 2021 Tax Return contains a section to enter any ...  Read more >>

Rates relief and HMRC enquiries

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Construction Industry VAT Reverse Charge

If this applies a contractor will need to notify its subcontractors....  Read more >>

December Furlough claim

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COVID Grants and the Self-employed Scheme (SEISS)

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Local COVD Grants

We noticed Shropshire Council published details on Friday evening of where to apply for local COVID grants. ...  Read more >>

2nd Self-employment claims AND August Furlough Claims circular email 16th August 2020

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SEISS second grant - guidance on eligibility

For some detailed guidance on what may impact on eligibility for the second self-employed grant I would refer you to the examples provided by the Money Saving Expert...  Read more >>

SEISS second grant - circular email 13th July 2020

This email is aimed at people working on a Self-employed basis. To clarify, that does not include people working through a limited company who consider themselves to be self-employed but are technica...  Read more >>

SDLT and VAT circular email 9th July

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Flexible Furlough Template Employee letter

Note. Items in italics to be amended or omitted as appropriate to individual circumstances...  Read more >>

Flexible Furlough circular email 26th June 2020

The Direction governing the amendments to the Furlough scheme has been published on 25th June. The complications of the new scheme are highlighted by the guidance running to 34 pages compared with 17...  Read more >>

June Furlough claim - circular email sent 12th June 2020

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Furlough and new SEISS update

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What can a Furloughed Director do?

As commercial activity is starting to pick up and people are considering if they should unfurlough a useful reminder (largely cribbed from an accountancy periodical)...  Read more >>

SEISS - Self-employed income support scheme - Circular email

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May Furlough claims - Circular email

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COVID Self-employed scheme Updated 4th May

See original summary dated 2nd May...  Read more >>

Self-employed grant and Bounce Back Loans - Circular email

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COVID Self-employed scheme

On 1st May 2020 the government published more information which is summarised below....  Read more >>

Business support Toolfinder

The government have launched a tool to help business find financial assistance under the COVID relief package....  Read more >>

Minute of a meeting agreeing to Furlough

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Further update on the Job Retention Scheme (Furlough)

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Furlough Guidance Update : Directors and others

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Furlough template letter

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Directors and Furlough - this has been surperseded

Circular email to clients:...  Read more >>

Support for self-employed - Detail

Claim a grant through the coronavirus (COVID-19) Self-employment Income Support Scheme Use this scheme if you're self-employed or a member of a partnership and have lost income due to coronavirus. ...  Read more >>

Workers on variable pay or flexible or zero-hour contracts

Government guidance with regard to furlough says:-...  Read more >>

Furloughing must last 3 weeks

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Defer VAT and Income Tax payments

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Support for self-employed through the Self-employment Income Support Scheme

For those affected here is the information released by the government. For the many director/shareholders of your own companies you are not self-employed for tax purposes rather an employee of your o...  Read more >>

Reliable CV health advice

To use the free GOV.UK Coronavirus Information Service on WhatsApp, simply add 07860 064422 in your phone contacts and then message the word ...  Read more >>

Companies House filing extension Application required

Government statement reproduced below. While appreciated, surely temporarily extending the deadline or not imposing penalties through that period would create much less work for all concerned than se...  Read more >>

Cash grants for retail, hospitality and leisure businesses

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Coronavirus Business Loan Scheme Webinar 25th March

In the spirit of co-operation to assist us all I pass on this reference to this webinar courtesy of Steve Parry Commercial Finance Director at QCommercial finance....  Read more >>

Q&A by The HRdept - 80% Furlough recovery

Courtesy of ...  Read more >>

Circular email to Clients from Ian Stewart

Many apologies for the delay issuing this message. A recent software upgrade has prevented me reaching all our clients until now....  Read more >>

Business Loan Scheme - more information

Information made available by one bank today. Note the second bullet point....  Read more >>

Furloughed Workers

The information below is supplied by The HR Dept ...  Read more >>

The Coronavirus Job Retention Scheme

Under the Coronavirus Job Retention Scheme, ALL UK EMPLOYERS will be able to access support to continue paying 80% of the salary for those employees that would otherwise have been laid off during this...  Read more >>

Sick Pay Support

Small-and medium-sized businesses and employers (fewer than 250 employees as of 28 February 2020) will be able to reclaim Statutory Sick Pay (SSP) paid for sickness absence due to COVID-19. ...  Read more >>

HMRC - Time to Pay service

All businesses and self-employed people in financial distress, and with outstanding tax liabilities, may be eligible to receive support with their tax affairs through the HMRC Time To Pay service....  Read more >>

CoronaVirus Business assistance update Friday 20th March

The headline announcements summary. The published information on each will be featured as a separate News Item:-...  Read more >>

10,000 grant for businesses that pay little Rates

Small Business Grant Scheme provided by local authorities to support small businesses in England that occupy property but pay little or no business rates because of small business rate relief (SBBR), ...  Read more >>

Business Rates

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Nursery Schools Rates holiday

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Ban on evictions for commercial tenants who miss rent payments

These measures, included in the emergency Coronavirus Bill currently going through Parliament, will mean no business will be forced out of their premises if they miss a payment in the next three month...  Read more >>

Coronavirus Business Interruption Loan Scheme

A new temporary Coronavirus Business Interruption Loan Scheme, delivered by the British Business Bank, will launch early next week to support UK businesses with a turnover up to £45 million to a...  Read more >>

Rates Relief - Businesses in hospitality and retail

Our email yesterday commented that it was not clear which businesses would be included within the rate relief. The text copied below is from guidance provided to the Local Authorities which removes ...  Read more >>

The Virus - Financial measures for business

Loans to business - As I write the details of the operation of the Coronavirus Business Interruption Loan Scheme to be delivered by the British Business Bank, have not been released although the gov...  Read more >>

Budget Speech 2020 - 11th March

Well most of the speech concerned non-tax matters particularly short-term measures regarding The Virus and public expenditure which in the main are not issues for this note....  Read more >>

Small Business & Retail, Hospitality and Leisure Grants

This guidance is for businesses....  Read more >>

Director salary levels 2017/18

Attached is our spreadsheet tool to help you decide the appropriate salary level for 2017/18. Some variables:- ...  Read more >>

Tax Matters - re April 2017

Well the post Budget announcements were distinctly lacking in drama to the extent the Taxation Magazine Article published today is headed "Is that it?" As usual there are pages of documents...  Read more >>

Incorporation of a property business

Property investors are being hit this year with a 3% SDLT charge and with effect from 2017 with a restriction in the tax relief on loan interest. Consequently many are considering incorporating their...  Read more >>

On a seasonally lighter note

If you have trouble sleeping you may want to read one of the really interesting Factsheets on our Website. Money Laundering is particularly thrilling http://www.saltd.co.uk/AccountantsInfoSheets/Mo...  Read more >>

Phoning HMRC (courtesy of a newspaper article)

Calls to the Taxman take more than half an hour to be answered and more than an hour in the evening, an investigation found. More than 100 calls to HM Revenue and Customs' self-assessment and general...  Read more >>

Car or commercial vehicle

Most people are aware that a company provided commercial vehicle is generally more tax efficient than a car but what is a commercial vehicle for tax purposes. HM Revenue and Customs provide a list of...  Read more >>

Autumn Statement 2015 summary

Apart from the much publicised SDLT charge on all second properties there was little of note in the Autumn Statement although I suggest we should be wary of what may still appear in the Spring Budget ...  Read more >>

Workplace Pension Auto-Enrolement

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Rental income - deductible expenses

Tax deductible costs How you categorise an expense can mean tax relief being delayed or lost altogether. A good example is expenses linked to property purchases. These usually count as part of th...  Read more >>

Household bills as a tax expense

As a tax advisor I am commonly asked if tax relief can be obtained on household expenses when working from home. When the work is performed through a limited company the business is entitled to pay a...  Read more >>

Entrepreneurs Relief Has the business ceased?

Mr Rice ceased one business selling sporty used cars because of vandalism and after a short gap started selling family cars from a new site nearer to his home relying on internet introductions. When t...  Read more >>

Household bills as a tax expense

As a tax advisor I am commonly asked if tax relief can be obtained on household expenses when working from home. When the work is performed through a limited company the business is entitled to pay a...  Read more >>

New timetable for RTI penalties

HMRC have announced a new timetable for their introduction. Under the revised proposals, automatic in-year penalties where returns are filed late will now take effect from October 2014, but automatic ...  Read more >>

The £2,000 Employment Allowance from 6th April 2014

The new Employment allowance which provides relief from paying employers NIC on the first £2,000 of contributions starts 6 April 2014. For many employers the benefit of the £2,000 relief w...  Read more >>

Approved mileage rate

While the Approved Mileage Rate of 45p for the first 10,000 miles has applied since 2011/12 the fuel only rate changes quite consistently. As the title states this is advisory and can be used for cla...  Read more >>

Rate of Corporation Tax and Associated Companies

The small company rate of Corporation Tax of 20% applies to profits up to £300,000. The main rate of Corporation Tax in 2010 was 28%. In the year commencing March 2014 the main rate will reduce...  Read more >>

Directors Loans

In 2013 HMRC tightened the rules on Directors Loans which ate repaid and subsequently advanced. However these rules do not apply where the loan is less than £15,000. Husband and wife are indep...  Read more >>

Some 2014/15 statutory payment rates

he government has announced some of the 2014/15 statutory payment rates that take effect on 6 April 2014. From then: Statutory sick pay (SSP) will go up from 86.70 to 87.55 p.w. Statutory maternity ...  Read more >>

Employee Shareholder (ES) Status

The employee shareholder (ES) status became available on 1 September 2013. In return for sacrificing some employment rights, the chief benefit is that gains on ES shares are exempt from capital gains ...  Read more >>

Help with school fees?

A politically sensitive subject and generally a definite non-starter. However if the child's grandparents are able to subscribe for shares in the parents' company, at market value, and if the grandpar...  Read more >>

Employment Allowance

The Employment Allowance will give employers a £2,000 reduction in NICs from April 2014. Draft arrangements have been issued by HMRC which set out how employers should claim the Employment Allowa...  Read more >>

Pensions Auto enrolment

The next stage will be to roll out Auto-enrolment to employers with between 50 and 249 employees between 1 April 2014 and 1 April 2015. The precise date will be assigned by the Pensions Regulator. Emp...  Read more >>

Growth Vouchers now accepted

The government has launched a £30 million research programme to test the value to small businesses of accessing professional advice. The subsidised business support will be delivered in the form ...  Read more >>

Statutory Residence Test indicator updated

HMRC have released an updated version of the Tax Residence Indicator tool, which helps taxpayers determine their residence status in the UK for tax years 2013/14 onwards for income tax or capital gain...  Read more >>

VAT and Sports clubs

The European Court of Justice has ruled that green fees charged to non-members at a not-for-profit members-owned club should never have been liable to VAT. Many not-for-profit sports organisations pu...  Read more >>

An alternative source of business finance

Apparently "The Government is lending 20 million pounde to British businesses through Funding Circle". This comment is not our endorsement of this source of finance but a pointer in case...  Read more >>

Self Assessment Late filing penalty excuses not accepted by HMRC

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DocSafe

Welcome to our system for securely transmitting documents electronically to Clients. This will be of particular benefit for viewing and approving Self Assessment Tax Returns during the January fili...  Read more >>

Employer provided benefits and form P11d

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RTI - Real Time information for PAYE

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Gifts at Christmas

It is not uncommon to be asked the tax efficient value of gifts which can be given to customers at Christmas. The answer has to consider the tax position of the company making the gift and perhaps ...  Read more >>

Child Benefit Taxation

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Standing Up for Taxpayer's Rights

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Thinking of investing in a business or do you require business investment?

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HMRC IR35 Update

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What is Added Value?

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Budget March 2012

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The end of the tax year 2009/10 is fast approaching.

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Celebrating 30 Years in Business

On the 18th November 1981 a 28 year old Chartered Accountant (and Chartered Tax Advisor), Ian Stewart, set up in practice as a Tax Consultant working from home . Initially providing tax advice to pro...  Read more >>

May 2011 Update

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Budget March 2011

Having waded through the 240 pages of the Budget Notices I have extracted some points which may be of interest and disregarded the obvious headlines and remote or technical issues....  Read more >>

Nursery Fees & Cycle to Work

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Impending VAT Rate Change

Most of the information supplied below is relevant to businesses supplying the general public although we are all of course a consumer in our personal lives . ...  Read more >>

June 2010 Budget Statement - Initial Comments

I have read through the Budget Notes and the Guidance and Technical Notes I will not repeat the rates allowances and headline items which are widely reported in the media. If you require any e...  Read more >>

Potential VAT Recovery

There are two situations, albeit remote for most of us, where due to a change in the interpretation of the law it may be possible to pursue VAT reclaims ...  Read more >>

Budget Information March 24th 2010

The Budget information is available from the pages at ...  Read more >>

VAT Rate Change - Beware!

I am sure everyone is aware the standard rate of VAT went back up to 17.5% from 1st January 2010 although we find not everyone has made the appropriate amendment throughout their accounting system. C...  Read more >>