The Risk of Fraud in Small Businesses

Every business would like to think that it’s employees are trustworthy but it would be naive not to recognise that there is always the risk of fraud in a business whatever it’s size. However, the risk of fraud is less likely to become a reality if a business is both aware of the risk and actively manages and monitors it in order to prevent fraud. There are some obvious steps… Continue Reading

Paying Too Much Income Tax?

Why you might have a wrong HMRC tax code

One of the most common reasons for paying too much income tax is that you have been assigned the wrong tax code. This can happen for a number of reasons such as when you change jobs and your new employer does not have the correct code so an incorrect or sometimes a temporary code is allocated to you. If you have returned to the UK from working overseas y… Continue Reading

National Minimum Wage Increases From October 2013

From October 2013 the National Minimum Wage for workers in the UK has risen as to the following rates:

• £6.31 per hour for those aged 21 and over
• £5.03 per hour for those aged 18 to 20
• £3.72 per hour for those aged 16 to 17
• £2.68 per hour for apprentices (aged under 19)

This is an increase of 12p an hour for adults aged 21 and over and of 5p an hour for 18- to 20-year-olds resulting from recommend… Continue Reading

Getting audited isn’t as easy as you think…

Many firms of accountants have surrendered their audit licence since the new compulsory audit thresholds increased at the end of last year. However, in order to audit solicitors’ accounts, the auditing firm has to be a registered auditor. And that puts us all in a bit of a Catch-22 situation. Here’s the rub. The turnover threshold that currently exempts most companies and limited… Continue Reading

Solicitors’ accounts audits – making things more ‘outcome-focused’

You have to love our governing bodies use of language. The phrase ‘outcomes-focused’ is one that would send most people scurrying to Google to try and find a definition. But for those in the financial sector who act as a reporting accountant for solicitor clients operating client accounts, it’s much more important to understand exactly what this phrase means, and how recent chang… Continue Reading

Partnerships and LLPS

For several years partnerships and LLPs have provided a very flexible business structure and in some cases have provided tax advantages, mostly because of their flexibility both in terms of tax and legal framework. On 20th of May 2013 HM Revenue and Customs published  a consultation document  titled: “Patnerships: A review of two aspects of the tax rules” This is a 38 page docume… Continue Reading

Tuchbands Budget Report

The Chancellor’s 2013 Budget contained some important announcements and confirmed a number of changes planned for the new tax year. Following this, we are delighted to attach the Tuchbands Budget Report  which contains the latest tax and financial information, which we trust you will find useful. As a result there may be a number of changes that will affect you so please fee… Continue Reading

Notice to Landlords – Flat Conversion Allowances, Energy-Savings Allowances

The special tax relief for flats over shops comes to an end on 5 April 2013. It may be renewed in next weeks budget but if the work is contacted for before 5 April, it can be claimed. The main conditions to obtain relief are: 1. Maximum number of storeys- 4; 2. The flats must have been unoccupied or just used for storage for at least a year before conversion work starts; 3. The flats must be l… Continue Reading

Residence New Rules From 6TH APRIL

The Statutory Residence Test comes into effect on 6th April. For non UK residents and those planning to be non resident now is the time to plan for the new regime. The new rules are summarised as follows: You are automatically UK resident if: 1. If you spend more than 183 days or more in the UK  or 2. You have a home in the UK for at least 90 days, you are present in that home for at least 30 separ… Continue Reading

VAT returns

On 9 January HMRC launched a VAT Outstanding Returns Campaign which is aimed at businesses who are behind with their VAT returns. If the outstanding returns are not filed by 28 February, then these businesses are under threat of  being  targeted for detailed enquiries which could result in penalties. That leaves eight days to file any outstanding VAT returns.… Continue Reading