News

The new Winter Economy Plan - Summary of Measures

24/09/2020 – The Chancellor, Rishi Sunak, has today delivered a statement to the House of Commons outlining plans to help protect jobs across the UK whilst the country faces a resurgence of coronavirus and a winter of uncertainty. The Chancellor was facing mounting pressure to reveal future changes as many of the schemes and reliefs previously … More...

Venues required to record contact details

23/09/2020 – It has become a requirement for premises and venues across England to have a system in place to record contact details of their customers, visitors and staff. This move is intended to help trace people should a venue be linked to a coronavirus outbreak. The government has said that further guidance and, where necessary, regulations will … More...

Changes to duty free shopping

23/09/2020 – The government has published the new rules for duty free and tax free shopping that will come into effect from 1 January 2021. The changes are wide ranging. For anyone who smokes or drinks there will be no duty charged on alcohol or tobacco products from January 2021. This will apply irrespective of whether you are travelling to an EU or … More...

Claiming tax relief for work related expenses

23/09/2020 – Employees who need to buy equipment to use as part of their employment may be able to claim tax relief based on the cost of the equipment acquired. In most cases you can claim tax relief on the full cost of this type of equipment as it usually qualifies for a type of Capital Allowance called annual investment allowance. Any tax relief … More...

Removing your home address from the public register

23/09/2020 – Company directors and other eligible people such as company secretaries, people with significant control (PSC) and LLP members can apply to remove their personal addresses from the UK’s official company register on Companies House. Company directors and others are still required to provide an alternative correspondence address if … More...

Companies in partnership

23/09/2020 – A Partnership is a relatively simple way for two or more legal persons to set up and run a business together with a view to profit. Partnerships can take many forms. Legal persons other than individuals can also be partners in a partnership. For example, companies may form partnerships with other legal persons including individuals, other … More...

Definition of a potentially exempt transfer

23/09/2020 – The majority of gifts made during a person's life are not subject to tax at the time of the gift. These lifetime transfers are known as 'potentially exempt transfers' or 'PETs'. These gifts or transfers achieve their potential of becoming exempt from Inheritance Tax if the taxpayer survives for more than seven years … More...

When the cash basis is not available to a property business

23/09/2020 – The cash basis scheme helps landlords, sole traders and other unincorporated businesses to benefit from a simpler way of managing their financial affairs. The scheme is not open to limited companies and limited liability partnerships. The entry threshold for the cash basis scheme is £150,000 and qualifying businesses can stay in the … More...

Mothballing your business assets

22/09/2020 – Mothballing as used in a business sense is usually defined as to stop using a piece of equipment or process, and then storing and preserving mothballed assets for later use. Many business owners are now faced with marshalling their resources in this way. There is a temptation to sell off assets that are under-utilised due to the present … More...

Where is the silver lining?

22/09/2020 – It is really difficult to maintain a sense of equilibrium and optimism in these difficult times. Even if you can embrace the notion that everything changes, and they do, the present restrictions on our daily business and home lives seem all consuming and never ending. Where is the silver lining, the light at the end of the tunnel? An … More...

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