IHT changes on the horizon

Inheritance tax threshold increased to £1m by 2020-21. From 6 April 2017, a new inheritance tax Residence Nil Rate Band (RNRB) is available (in addition to an individual’s own nil rate band (NRB) of £325,000), conditional on the family home being passed down to...

FreeAgent Software

By now readers of this newsletter should be aware of the impending arrival of Making Tax Digital. Staging dates are: April 2018 sole traders / partnerships over vat limit – Income Tax and NI April 2019 sole traders / partnerships under vat limit – Income...

Recent reporting changes for charities

Recent changes for charities include around model accounts and audit/examiner reporting requirements. Model accounts The Charity Commission has updated its accounts pack for charitable companies. CC17 Charity accounting templates: accruals accounts (CC17) SORP FRS 102...

VAT partial exemption

A review of the potential pitfalls. When a business that is registered for VAT makes exempt supplies it will normally fall within the scope of partial exemption. This creates two problems: output VAT cannot be charged on exempt supplies – sounds obvious but the...

Dividend payment templates

The practical procedures for payment of dividend templates for board minutes, dividend vouchers and dividend waivers. The payment of a dividend is governed by a company’s Articles of Association. Unless otherwise stated, this will be in accordance with...

Latest Phishing Scam

Latest Phishing Scam HM Customers have issued a warning about the latest phishing scam. If you get an email with the subject, “Your 2016 Tax Report”, with an attachment, please do not open it. Please forward it to phishing@hmrc.gsi.gov.uk and then delete it. For more...