The government acts on insolvency

Will ‘phoenix’ companies and corporate failures be a thing of the past? Many companies in the UK have suffered due to ‘phoenix’ arrangements. This is the well-known process where a debtor goes into liquidation owing money to its supplier and then miraculously starts...

Cash basis for property businesses

Since 6 April 2017, the default basis of preparing accounts for unincorporated property businesses is cash basis. But eligible business have a choice of cash basis or accruals basis. The Finance Act 2017 inserted sections 271A- 271E in Income Tax (Trading and Other...

VAT vs. Brexit

What happens to VAT if there is no deal? Last month, the Department for Exiting the European Union issued guidance on how to prepare for Brexit if there is no deal. ACCA issued a statement highlighting the main impact on the VAT situation once UK is out of the...

Preparing for Brexit

Preparing for Brexit A look at government guidance, including on VAT MOSS. The guidance issued by the government to businesses and consumers – How to prepare if the UK leaves the EU with no deal – contains guidance on each of the following areas: applying for...

Proposed Class II NI abolition deferred

BBC News are reporting that the abolition of Class II Self Employed NI, set for April 2019, has been scrapped. How much fiscal change this makes isn’t clear – at £2.95 a week it’s not a huge cost, and the proposal was to adjust – read increase –...

Keeping track of pensions

Pensions never seem to stand still. From the increase in state age to the growing number of schemes individuals may be enrolled in, people increasingly have a range of queries State pension ages have been undergoing changes since April 2010. These changes have seen...

The potential benefits of open banking

Understand how open banking could benefit you What is open banking? Open banking is part of a piece of European legislation known as the Second Payment Services Directive, or PSD2. This requires banks to open up their data to third parties, designed to boost...

ATED reliefs and filing deadlines

Following on from last month’s ATED update the available reliefs are considered alongside filing deadlines. The reliefs available are: Property rental business relief Property is used in a commercial property business to generate taxable profit, or steps are being...