Charity Trustees Quiz

26/09/2023 – The Charity Commission has launched the next phase of its trustee campaign which aims to increase charity trustees’ knowledge and drive a positive change in charities’ governance. The campaign encourages trustees to check what they know about their duties and aims to increase their awareness of the Commission’s 5-minute guides. As part … More...

Help for businesses launching new AI

26/09/2023 – Organisations across the country will be able to demonstrate that their new artificial intelligence and digital innovations meet regulatory requirements so they can quickly bring them to market. In their press release published 19 September 2023, the Department for Science, Innovation and Technology said: A new pilot scheme set to … More...

Change to Company Accounts filing

21/09/2023 – The Economic Crime and Corporate Transparency Bill has completed its initial journey through the House of Commons and the House of Lords and is now at the stage known as, consideration of amendments. This is where the second House’s amendments are considered, and the Bill may go back and forth until both Houses agree on the Bill. The Bill … More...

Activities subject to the scope of VAT

21/09/2023 – There are a number of conditions that must be satisfied for an activity to be within the scope of UK VAT. An activity will fall within the scope of VAT when all the following conditions are met: it is done for consideration; it is a supply of goods or services; the supply is made in the UK; it is made by a taxable person; or it is … More...

Tax on incentive rewards

21/09/2023 – Companies may use incentive award schemes to encourage their employees in various ways. For example, to sell more of their own goods and services. The award can be in forms including cash, vouchers or other gifts. Where an employer meets the tax payable on a non-cash incentive award given to a direct employee, by entering into a PAYE … More...

Utilising Capital Gains Tax losses

21/09/2023 – Usually, if you sell an asset for less than you paid for it you would make a capital loss. As a general rule, if the asset would have been liable to CGT had a gain taken place, then the loss should be an allowable deduction. The exact treatment of losses depends on whether they are: losses of the same year of assessment as the … More...

No gain - no loss transfers in groups of companies

21/09/2023 – There are special rules concerning the transfer of assets in groups of companies. In most cases, this means that where assets are moved around group companies, there are no immediate capital gains consequences. This effectively allows for a tax neutral, no gain - no loss transfer opportunity. HMRC’s manuals states that: This is achieved … More...

Repairs or replacement of business assets

21/09/2023 – The term 'capital allowances' is used to describe the allowances available to businesses to secure tax relief for certain capital expenditure. The rules that govern the purchase of capital equipment such as computer equipment, vehicles and machinery by businesses are different to those for day to day business expenses that can be deducted … More...

Changes afoot at Companies House

19/09/2023 – Due to new legislation working its way through Parliament, Companies House will be making a number of significant changes. In a recent blog post, they made the following announcement: We’re approaching a pivotal moment in the history of Companies House. This legislation, The Economic Crime and Transparency Bill, will fundamentally change … More...

Calculate tax on company cars

14/09/2023 – Where an employee with a company car is provided with fuel for their own private use by their employers, the default position is that the employee is required to pay the car fuel benefit charge. The charge is determined by reference to the CO2 rating of the car applied to a fixed amount, currently £27,800. For example, a CO2 rating of … More...

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