Article written by Greg Mayne, Director of Indirect Tax and VAT
We have had a number of enquiries from clients currently operating the VAT Flat Rate Scheme who are concerned about the imminent changes to the scheme. As a quick reminder the Flat Rate Scheme allows smaller businesses (those with annual turnover of less than £150,000) to pay to HMRC a percentage of their income, rather than the ‘normal’ VAT charged on their supplies – this percentage being lower than the standard rate of VAT (20%).
Andrew Collyer, Matthew Lightfoot, Alex Baker, and Dale King have all excelled at BH since first joining us as trainees. Since qualifying, all four have been successful at managing an extensive portfolio of clients, and been given greater responsibility within the firm.
Given the quality of their work and the level of commitment they have provided to our clients, the partners are proud to formally welcome them all as Associates of the firm.
With an exciting future ahead of them, the four are joining an already impressive group of talented Associates. (more…)
Burgess Hodgson were match sponsors for the Canterbury RFC game against Barnstaple on Saturday 7 January. In an evenly-fought game Canterbury emerged victorious by 38 points to 32, and Man of the Match Barney Howard is pictured receiving his award from Greg Mayne, Associate at Burgess Hodgson.Read More
Each year Burgess Hodgson nominate a charity to benefit from annual staff fundraising efforts.
Staff have really pushed the boundaries in 2016, raising a firm record of £6,909 for local charity Snaap (Special Needs Advisory & Activities Project).
Wishing all our friends, clients and colleagues a very merry Christmas and a happy new year!
Our Christmas opening hours are as follows:
Thursday 22nd December – Business as usual
Friday 23rd December – Closed from 2.15pm
Monday 26th – Thursday 29th December – Closed
Friday 30th December – Business as usual
Monday 2nd January – Closed
From Tuesday 3rd January onward – Business as usual
Article written by our Associate, Fiona Wilkes
As we turn to the final quarter of the 2016/17 tax year, many buy to let landlords are reviewing their affairs due to the restriction of tax relief on loan interest and finance costs being brought in from 6 April 2017.
Any higher rate tax relief on loan interest and finance costs, such as arrangement fees, will be restricted from 6 April 2017, with the restriction being phased in over 3 tax years.
Article by Greg Mayne, our Director of indirect tax and VAT
Many smaller businesses benefit from the simplification and tax advantage that comes with using the VAT Flat Rate Scheme for small businesses. By way of a memory jogger this scheme applies to businesses with a taxable turnover of £150,000 or less, and allows the business to pay to HMRC a percentage of their income rather than the amount of VAT collected from customers. The ‘trade off’ for this is that VAT incurred on expenditure cannot
be recovered unless it is for a single capital asset of more than £2,000. (more…)
CLICK HERE to download our Autumn Statement summary which we have put together as a guide for you to get to grips with the key announcements. Alternatively, if you have any queries or think you may be affected by anything included in the Autumn Statement, please don’t hesitate to get touch.Read More
Resilience, commitment and match-fit for Brexit – these were the watchwords for Philip Hammond as the new chancellor delivered his first – and last – Autumn Statement to a packed House of Commons.
In a largely upbeat Statement, Mr Hammond blended a more humorous approach than his predecessor with an economic insight that were a breath of fresh air. He also said this would be the last Autumn Statement, with the Budget moving to Autumn and a new Spring Statement. (more…)Read More
The news that Wayne Rooney was facing a potential £3.5 million tax bill over alleged involvement in a film tax avoidance scheme has raised the profile of these dubious tax measures.
According to The Times, the Manchester United and England captain was the biggest investor in one of the highest profile film schemes.
He is believed to have been informed by HM Revenue & Customs (HMRC) that the investment is liable to retrospective tax action.
Introduced by former chancellor Gordon Brown in 1997, the schemes were popular investments among the rich and famous due to their generous tax benefits. (more…)Read More