News

Increase in National Living Wage?

13/11/2019

An independent review into the evidence on minimum wage rates has been published by the government. The review concludes that increases in the National Living Wage (NLW) have little effect on employment whilst significantly increasing the earnings of low paid workers. This was found to be the case even in countries who had the most...

More...

Employing staff for the first time

13/11/2019

There is a multitude of rules and regulations that you must be aware of when you start employing staff for the first time. A full examination of the rules is beyond the scope of this article. However, we wanted to list the following points from HMRC’s guidance which sets out some important issues to be aware of when becoming an...

More...

Basic business structures

13/11/2019

It is important to be aware of the main basic business structures available if you are considering starting a new business. There are three commonly used forms of business structure. A sole trader – this is the simplest way of starting and running a business. However, you are personally responsible for your business’s...

More...

HMRC’s tax app

13/11/2019

A free HMRC tax app is available to taxpayers. The APP can be used to see: your tax code and National Insurance number an estimate of the tax you need to pay your income and benefits up to 12 future tax credits payments your Unique Taxpayer Reference (UTR) for Self-Assessment The APP can also be used to complete a number of...

More...

Tax when partnership assets are distributed in kind

13/11/2019

Partnerships are treated as transparent for Capital Gains Tax (CGT). This means that each partner is responsible for their share of any capital gains arising on the disposal of their interests in the assets of the partnership. Each partner is treated as owning a fractional interest in each of the assets of the partnership. It is...

More...

Furnished holiday let qualifying tests

13/11/2019

The furnished holiday let (FHL) rules allow holiday lettings of properties that meet certain conditions to be treated as a trade for certain tax purposes. In order to qualify as a furnished holiday letting, the following criteria need to be met: The property must be let on a commercial basis with a view to the realisation of profits....

More...

Waivers of remuneration

13/11/2019

A waiver of remuneration happens when a director or an employee gives up their right to salary or other cash remuneration and gets nothing in return. Where the employee gets a non-cash benefit in return, this is called a salary sacrifice. The treatment of a waiver of remuneration, when a director / employee gets nothing in return, is...

More...

Last chance to claim enhanced capital allowances

13/11/2019

There is a special scheme known as the enhanced capital allowances (ECA) scheme for energy-saving technologies. The ECA scheme enables a business to claim accelerated tax relief 100% first year allowances (FYA) on qualifying energy efficient and environmentally beneficial technologies. The accelerated tax relief is designed to encourage...

More...

Finance Bill 2019-20 shelved

06/11/2019

The Government’s draft finance bill has been shelved as we countdown to the general election on 12 December 2019. The consultation on the draft legislation has closed, but the prorogation controversy and Brexit issues meant there was no time for the Government to respond to any of the issues raised. The Bill contained the...

More...

Diss Office

4b Church Street
Diss
Norfolk
IP22 4DD
Phone: 01379 640640
Fax: 01379 650459
Email: diss@newmans-online.co.uk

Beccles Office

7 Hungate
Beccles
Suffolk
NR34 9TT
Phone: 01502 711356
Fax: 01502 711627
Email: beccles@newmans-online.co.uk

Lowestoft Office

17 Surrey Street
Lowestoft
Suffolk
NR32 1LW
Phone: 01502 565857
Fax: 01502 515249
Email: lowestoft@newmans-online.co.uk

Newsfeed Search


Memberships

 

ICAEW White