FactSheet Archives - Page 9 of 12 - Three Kings Accounting

Homeworking and Tax Relief for Employees

Working 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.

Micro Entity Accounting

Small 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.

Property Investment – Buy to Let

In 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.

Statutory Sick, Statutory Maternity and Statutory Paternity Pay

Statutory 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.

Data Security – Data Protection Regulatory Framework

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.

Capital Gains Tax

A 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.

Data Security – Access

Many 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.

Homeworking Costs for the Self-Employed

Working from home may be an attractive option for some. Here we consider the tax implications of homeworking arrangements for the self-employed. 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.

Money Laundering and the Proceeds of Crime

There are tough rules to crack down on money laundering and the proceeds of crime. These rules affect a wide range of people and we consider how your organisation may be affected. Most of us imagine money launderers to be criminals involved in drug trafficking or terrorism or to be someone like Al Capone. However, legislation in the last two decades has expanded significantly the definition of what we might have traditionally considered as money laundering.

Property Investment – Tax Aspects

Investment in property has been and continues to be a popular form of investment for many people. It is seen as a route by which relatively secure capital gains can be made on eventual sale, income returns can be generated throughout the period of ownership and mortgage finance is covered in repayment terms by the security of the eventual sale of the property and in interest terms by the rental income.