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Deadline looming for tax relief on commercial property deals

Whilst most accountants and many business owners understand about claiming capital allowances on loose plant items such as tables, chairs and fridges, capital allowances are often overlooked on “fixed plant” such as electrical and heating systems.

According to research by Deloitte, 96% of owners have not taken advantage of the available allowances, losing out on an estimated £70bn to £80bn.

Presenting at Xero roadshows and the introduction of files in Xero

I had the honour this week of guest speaking at the Leeds and Manchester Xero Roadshow events. The events were well attended with over 200 people in attendance.  It was an opportunity to share Armstrong Watson’s success as a Gold Xero partner with other parties interested in joining the Xero journey. For those that are not aware of Xero it is ground breaking cloud accounting software.

Can you claim capital gains tax relief on incorporation of your property letting business?

A recent tax case, Ramsay v HMRC (2013), has helped provide a bit more clarity in respect of when property letting classes as a business for capital gains tax purposes.

And Sebastian Vettel wins again…

I’ve just finished watching the last F1 race of 2013, the Brazilian Grand Prix, and to the surprise of nobody Sebastian Vettel won again. This was his ninth straight win in a row, his thirteenth of the season and a fourth consecutive world title for him and the Red Bull team. On the slowing down lap he was talking to his team over the radio and said “we have to remember these days; we have to enjoy them while they last”.

Advisory fuel rates for company cars

Following a change in the advisory fuel rates by HMRC, from 1 December 2013 the mileage rates applying to company cars are as follows:

10 things you need to know about Help to Buy

I am sure you are aware of the depressed housing market that has affected much of the United Kingdom during the last five years. Some of you may also be aware of initiatives that were launched by the Government this year to encourage some confidence in the property market. This initiative is called Help to Buy. 

There are two distinctly different Help to Buy schemes:-

Gifting to charity by individuals and companies

With the recent distressing disaster in the Philippines we have received a number of enquiries from clients wanting to make contributions.  Clients have been asking us the best way to go about this to maximise the amount they can give to charity.  We have therefore pulled together a recap of the very important Gift Aid rules for individuals, and also included details on how companies can make charitable contributions too.

How can your business access finance?

Recent Department of Business, Innovation and Skills (BIS) research showed the flow of new bank lending to SMEs which includes family and owner managed businesses fell by 23% between 2009 and 2012. One of the issues was the lack of awareness of alternative sources of finance amongst businesses. 

Our corporate finance team who work with clients to raise finance give their top 10 routes to accessing finance:

Top tips for improving your cash flow

1. Credit check customers before agreeing credit terms. By offering early payment and cash discounts, you will encourage customers to settle invoices quicker, reducing the risk of bad debts.
2. If you are struggling to turn invoices into cash, employ a credit controller or debt collection agency to chase them on your behalf.
3. Think about working with an invoice financing company to generate cash as soon as your invoices are raised.

A fresh modern way for landlords to manage property portfolios

As Xero Gold Partner accountants, the Xero team at Armstrong Watson are constantly reviewing the many add on partners that integrate directly with Xero in search for cloud software that will either save our Xero clients time or improve their business.

Pocket Rent is one such cloud software provider that is worth further investigation. Pocket Rent is for landlords looking to better manage their property portfolio.

Features of Pocket Rent