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Bookkeeping for the 21st Century – Making the Most of Xero

Complimentary Workshop

Along with Cloud accounting software providers, Xero, we will be providing an introduction and further workshop for both existing cloud users and those interested in finding out more.

on:

Thursday 21st September 2017

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Are you a U.S. citizen?

Did you know that:

  1. You are still required to file U.S. tax returns even if you don’t live there?
  2. You could be caught a double taxation if your affairs are not setup correctly
  3. There are penalties for non – compliance

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ICAEW reminds tax credit claimants of 31 July 2017 renewal deadline

ICAEW has issued a press release reminding tax credit claimants of the 31 July deadline for renewing tax credits claims.
The press release explains that if the cut-off date is missed, tax credit payments will stop and tax credits already paid since 6 April 2017 may need to be repaid. Claimants should already have been sent a renewal pack and tax credits can be renewed online, over the telephone or by sending the paper form included in the renewal pack by 31 July 2017.
The tax credits renewal process does two things: it gives HMRC the information it needs to finalise tax credit awards for last year, and it will also renew the claim for the current year.
View the press release: Tax credits – don’t miss 31 July deadline.

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VAT: A “heads up” for Property Developers

The following will be of interest to anyone involved in development projects that include any ‘planning gain’ improvement works.

 
In a recent European Court of Justice case a Bulgarian developer was building a large holiday village. One of the requirements for obtaining the planning was that the developer substantially upgraded the local waste pumping station. In England and Wales this might be referred to as a ‘section 106’ (of the Town and Country Planning Act 1990) requirement. Similar examples might be for link roads, roundabouts or building community use areas or play parks. (more…)

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New Statutory Duty To Report On Supplier Payment Practices

A new statutory reporting duty has come into force requiring disclosure of supplier payment practices. The stated aim is to boost transparency of payment practices to help SME businesses. The new reporting requirement applies to large companies and LLPs, regardless of whether they are private or public companies, based on the size thresholds in the Companies Act 2006 and therefore exceed at least two of the following criteria:-

– Annual turnover of £36m;
– Balance sheet total of £18m;
– 250 employees. (more…)

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#supportinglocal

For over 40 years, supporting our local community has always been a priority to Burgess Hodgson and a cornerstone of the firm. In addition to providing a full range of quality financial services to our local businesses and individuals, we still remain strong in promoting our local area throughout a range of fields. (more…)

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Changes for Landlords to consider

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.

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Film schemes fall foul of HMRC

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…)

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Employers still hiring despite Brexit fears

British employers plan to hire more staff to meet demand but confidence about future investment and hiring has deteriorated because of worries about the impact of Britain’s exit from the European Union, a survey by a recruitment body showed.

The “business-as-usual attitude” among consumers so far since the vote had encouraged many businesses to plan to expand their workforces, Kevin Green, chief executive of the Recruitment and Employment Confederation (REC), said. (more…)

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