Latest News

Featured Apps – Dext Prepare (formerly known as Receipt Bank) 

Dext Prepare (formerly known as Receipt Bank) automatically extracts key data from receipts, invoices, bank statements and other financial documents, eliminating the need for manual data entry, saving valuable time and reducing the risk of human error.

Sudden closure of HMRC self-assessment helpline could cause chaos

Alarmingly HMRC announced a major change to its self-assessment helpline just four days before it was due to take effect. It said on Thursday, 8 June 2023, it would be trialling a seasonal model for the helpline from Monday, 12 June 2023, which it claims, will enable its advisers to prioritise helping those with urgent queries.

Avoid the VAT issues for new dwellings on farms

The shortage of affordable properties in many rural areas, means more farming businesses are looking at building new properties or converting buildings to provide accommodation for family members or workers. But what about the VAT issues that can arise?

7 tips to help your hospitality business through the summer season

With the holiday season now revving up, how can business owners in the hospitality sector tap into the increased voracity for socialising when faced with pressing challenges like the cost of living crisis? 

Making Tax Digital for Income Tax (ITSA) - make time to prepare

Although sole traders and landlords now have a further two years before they will be required to keep digital records and report these to HMRC, it may help further down the line if they start to prepare and familiarise themselves with the new process.  

Careful timing needed to claim capital allowances for assets on hire purchase

When buying farm machinery on hire purchase, care needs to be taken with the timing. Once the asset is brought into use for the purposes of the trade, you are treated as having incurred all the capital expenditure even though you will be paying off the finance over several years. 

'Pay Transparency for General Practice’ is back!

‘Pay Transparency for General Practice’ was initially introduced (and set out in legislation) in October 2021. However, shortly thereafter, as a consequence of the work demands of covid, the Department for Health and Social Care put it on hold… until now! The data collection has resumed and will commence with NHS Earnings for 2021/22.

Reminder that new penalty regime for VAT will hit farmers

Farmers who submit late VAT returns or miss their payment deadlines could now be fined £200.

Spring Budget 2023: Overview of announcements, a medic’s perspective

Despite intense pressure to cut taxes in his first Spring Budget, the Chancellor resisted, and while he seemed to deliver a fiscal plan that promised to stimulate growth.

The Budget 2023 –  changes to tax relief of capital expenditure

While there was little of real interest for farmers in the Spring Budget, there was a big announcement regarding tax relief known as “full expensing”, which will offer some businesses more tax relief when purchasing machinery and equipment.

To replace the super deduction tax relief, companies will be able to claim 100% relief on qualifying capital expenditure, such as IT equipment and plant and machinery, without any cap for the next 3 years.