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No deal

The phrase “no-deal” is assuming a rather specific meaning as the exit from the EU grinds towards a conclusion – the present deadline for achieving a withdrawal agreement is the end of October. If we fail to achieve consensus by that date, there are three outcomes:

  • We agree terms for the withdrawal agreement,
  • We kick the deadline...
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It is business as usual at the Treasury

With all the present upheavals in UK politics it is reassuring that for one government department, the Treasury, it’s business as usual.

Ordinarily, we would expect the next Budget to be presented to parliament in the autumn, usually November. As part of the Budget 2018, certain changes to the tax code were disclosed in advance of...

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What is Goodwill?

According to the dictionary goodwill is:

1. a feeling of benevolence, approval, and kindly interest

2. (modifier) resulting from, showing, or designed to show goodwill: the government sent a goodwill mission toMoscow.

3. willingness or acquiescence

4. (Accounting & Book-keeping) accounting an intangible asset taken into account in assessing the value of anenterprise and reflecting its commercial reputation, customer...

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Filing documents with Companies House

In the not too distant past, if you filed a set of accounts for a registered company with Companies House this usually involved sending the required documents using the postal system.

Inevitably, this involved a certain amount of delay: initially, for the package to find its way from your location to Companies House, and then for...

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Recurring income

If you are in business you either buy (manufacture) or sell goods, or you deliver a service based on your personal skills.

If you buy or sell goods there is no reason to believe that once you have achieved a sale to a particular person of business, they will return to buy again. Unless, what you...

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Tax Diary July/August 2019

1 July 2019 - Due date for Corporation Tax due for the year ended 30 September 2018.

6 July 2019 - Complete and submit forms P11D return of benefits and expenses and P11D(b) return of Class 1A NICs.

19 July 2019 - Pay Class 1A NICs (by the 22 July 2019 if paid electronically).

19 July 2019 -...

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HMRC prevents phone fraudsters

New defensive controls recently deployed by HMRC have put an end to fraudsters spoofing the tax authority’s most recognisable helpline numbers.

Fraudsters have increasingly mimicked legitimate HMRC helpline numbers (often beginning with 0300) to dupe taxpayers and steal money. Last year alone, HMRC received over 100,000 phone scam reports.

The ‘spoofing’ scam worked as taxpayers would receive...

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Brexit risk assessment

It looks increasingly likely that we are heading for a no-deal Brexit. Taken literally, this means that our present relaxed trading relationship with customers and suppliers in the EU will cease at the end of October this year.

Whilst there will be attempts to ease customs congestion and the effects of new tariffs, now is not...

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Reconsider cycle to work scheme

The government have recently announced that they are to extend the criteria for an approved, and therefore tax-effective, cycle-to-work scheme as part of their drive to reduce pollution and CO2 emissions in urban environments.

E-bikes have an integrated motor that helps a cyclist pedal, allowing them to reach speeds of up to 15.5 mph in the...

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Update on the VAT reverse charge for building contractors

From 1 October 2019, contractors who employ subcontractors, will need to assume responsibility for declaring and paying the VAT that was previously settled by their VAT registered subcontractors.

From this date, registered subcontractors will no longer add VAT to their invoices and main contractors will pay this net of VAT amount.

Now the challenging part.

The main contractor...

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