Due to the introduction of new accounting standards, commonly referred to as ‘New UK GAAP’, the form and content of company accounts has changed. The changes for non-small companies took effect for accounting periods beginning on or after 1st January 2015. In many instances companies will now show a different bottom-line profit or loss and a different total for net assets on the balance sheet.
Continue readingThe capital gains tax (CGT) exemption for gains made on the sale of your home is one of the most valuable reliefs from which many people benefit during their lifetime. The relief is well known: CGT exemption whatever the level of the capital gain on the sale of any property that has been your main residence. In this factsheet we look at the operation of the relief and consider factors that may cause it to be restricted.
Continue readingUnder the Criminal Finances Act 2017 (CFA), companies and partnerships may be criminally liable for failing to prevent their employees from criminally facilitating tax evasion. A potential defence can be utilised, in cases where the business has put into place a system of reasonable prevention measures. Here, we take a look at the key aspects of the Act and the implications for your business.
Continue readingWorking from home may be an attractive option for some employees. Here we consider the tax implications of homeworking arrangements. The tax rules differ considerably depending on whether you are self-employed, as a sole trader or partner, or whether you are an employee, even if that is as an employee of your own company. One way or the other though, if you want to maximise the tax position, it is essential to keep good records.
Continue readingSmall companies, which qualify as ‘micro-entities’, have a choice of accounting standards: to use the same accounting standard – FRS 102 – as larger UK companies but using a reduced disclosure regime (section 1A) within the standard, or to apply an alternative standard – FRS 105. FRS 102 introduced some significant accounting challenges including more widespread use of ‘fair value’ accounting so there may be a temptation to use FRS 105 as fair value accounting must not be applied.
Continue readingIn recent years, the stock market has had its ups and downs. Add to this the serious loss of public confidence in pension funds as a means of saving for the future and it is not surprising that investors have looked elsewhere. The UK property market, whilst cyclical, has proved over the long-term to be a very successful investment. This has resulted in a massive expansion in the buy to let sector.
Continue readingStatutory Sick Pay (SSP), Statutory Maternity Pay (SMP) Statutory Paternity Pay (SPP) and Shared Parental Pay (ShPP) are important regulations to understand as they enforce minimum legal requirements on employers. Each operates in a different way. This factsheet sets out the main principles of the regulations and what an employer needs to consider.
Continue readingDue to the introduction of new accounting standards, commonly referred to as ‘New UK GAAP’, the form and content of company accounts has changed. The changes for non-small companies took effect for accounting periods beginning on or after 1st January 2015. In many instances companies will now show a different bottom-line profit or loss and a different total for net assets on the balance sheet.
Continue readingA capital gain arises when certain capital (or ‘chargeable’) assets are sold at a profit. The gain is the sale proceeds (net of selling costs) less the purchase price (including acquisition costs). Capital gains tax (CGT) is charged at the rate of 10% on gains (including any held over gains coming into charge) where net total taxable gains and income is below the income tax basic rate band threshold.
Continue readingMany businesses are now completely reliant on the data stored on their Network Servers, PCs, laptops, mobile devices and cloud service providers or internet service providers. Some of this data is likely to contain either personal information and/or confidential company information. Here we look at some of the issues to consider when reviewing the security of your computer systems with respect to access controls.
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