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Determined slow payer

A customer sent an order to a supplier for a large quantity of goods costing several thousands of pounds. The supplier’s credit line manager noticed that the previous bill hadn’t been paid, so he left a voice-mail for the customer saying “We cannot ship your new order until you pay… More

LLPs – Salaried members to be taxed through PAYE from 6 April 2014

Following consultations, the government is making significant changes to the tax rules governing Limited Liability Partnerships (LLPs).  These are due to come into effect from 6 April 2014. One of the changes is that “salaried members” will be treated as employees for the purposes of PA… More

2014 MK Business Achievement Awards

PROUD OF YOUR BUSINESS? Then we would love to see you at the 2014 MK Business Achievement Awards on 20th March! It’s a great opportunity to get recognised for all your business has achieved in the past year.  And, to help in the honours,  we are pleased to be sponsoring the Professional P… More

Reduced disclosure requirements for micro-entity companies

Following legislation introduced last November, we are pleased to see that the Financial Reporting Council (FRC) has recently issued consultation proposals to amend the Financial Reporting Standard for Smaller Entities (FRSSE) applicable to the UK’s smallest companies, known as micro-entities.… More

No one ever needs to face a penalty for the late filing of a personal Tax Return

The 31st January approaches.  It’s that time when tax accountants up and down the land are setting up camp in the office, while a couple of million people receive menacing letters from HM Revenue & Customs, warning of penalties for late filing of Tax Returns.  Surprisingly, perhaps, 915,… More

Make sure you claim the 10% tax allowance on rents from furnished lettings

Much has been made in the press of the withdrawal (for this tax year) of an extra-statutory concession that allowed a tax deduction on a “renewals basis” for property letting. Landlords of residential properties have for years been specifically denied capital allowances on furniture, fix… More

5 things for the novice to explore in Excel

You’re an accountant. It’s the Day after Boxing Day. The turkey curry is gently simmering on the stove. You’ve played Grand Theft Auto V for the nth time. The in-laws are still arguing over whose turn it is to have Great Aunt Jemima for New Year… How to while away an hour or so in peace… More

‘Tiz the season to bring out the “trivial benefits”!

The 1960 court case of Wilkins v Rogerson established that goods supplied to employees were taxable at their second-hand value (N.B. now it’s usually at cost to the employer, as a result of intervening law). Many years ago, when Ebenezer Scrooge still prowled the corridors at HM Revenue & … More

Do you always know the difference between cause and effect?

Indians living in a federal reservation asked their Chief if the coming winter was going to be cold or not. Not really knowing the answer, the Chief replied that the winter could be cold, and that the members of the village should collect wood to be prepared. Being a conscientious leader, the Chief … More

Cash is king

Pehr Gyllenhammar, Senior Advisor of the Rothschild Group and former CEO of Volvo, is credited with having coined the phrase “Cash is king”.  How does this translate into small and medium-sized businesses?  Even if a company has a good asset base and strong profits, cash-management will still… More

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