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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

Tax Returns – When is it right to write in the white space?

Up and down the land people are beginning to look nervously at their calendars  and realise how quickly the “big day” is approaching.  No, not Christmas.  We’re talking about the Tax Return filing deadline at 31 January 2014. But for those who like to think “white” a… More

Employers – If you only read one thing in the next year, let it be this!

OK, we know we keep banging on about “auto-enrolment”.  But the message here is really important. The story so far… Every employer must, by a fixed “staging date”, enrol all their eligible employees into a pension scheme which meets specified criteria. [Some companies which have only … More

Simon Gill’s passion – Working for charities

Everyone seems to be adding ‘specialisms’ to their biographies these days.  How does the old adage go?  –  If you’ve done it once you’re experienced; if you’ve done it twice you’re an expert!  Here we take the word specialism very seriously.  One of our partners, Simon Gill, h… More

Inheritance Tax – Normal expenditure out of income – A little used exemption?

 You will probably know that most gifts you make (in excess of annual exemptions of £3,000 per year and some other limited exemptions) rank as “potentially exempt transfers” for Inheritance Tax (IHT) purposes.  This means they will potentially be added to the value of your estate on death, an… More

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