Latest News

Basis period reform – law firm partnerships and LLPs

The legal sector is set to be heavily affected by the basis period reform which impacts self-employed partners in both standard partnerships and LLPs. But what are the tax implications and what considerations will you need to make? 

HMRC focus on Construction Industry Scheme (CIS) contractors’ compliance

HMRC has said it will be writing to thousands of construction businesses to check compliance with the Construction Industry Scheme (CIS). What action should you take if you receive a letter? 

Retention of title clauses: supplier protection for unpaid goods

If your business supplies goods, there is always a risk that you will not get paid. By default, once you sell goods they belong to the customer, whether or not they have paid for them, and the customer owes you the purchase price. But what if your customer refuses to pay or becomes insolvent. This is where the existence of a retention of title (ROT) clause is vital.

Motor Dealerships Cross Market Report – April 2024

Following on from our 12 month overview of motor dealership performance for 2023, we are delighted to launch our new Motor Dealerships Cross Market Report for the April 2024.

Accountancy network calls for more support for owner-managed businesses

Owner-managed businesses need meaningful help and support from the Government according to the Association of Practising Accountants (APA) following its latest survey. 

Tax considerations for new farm buildings or extensions

When planning to build new farm buildings or extensions, it’s crucial to consider the tax implications and the capital allowances available. Proper planning can maximise tax relief and reduce the overall cost of the investment.

Register your trust with HMRC to avoid hefty penalties

The majority of trusts need to be registered with HMRC’s Trusts Registration Service to comply with anti-money laundering regulations. The revenue is actively tracking and looking to fine trustees for non-compliance.

Maximise value from your pension scheme audit

As a pension scheme trustee, the audit of your financial statements should be seen as an opportunity for insight and improvement, not just another tick-box chore.

The annual audit is the only regular complete overview of all the processes encompassing your scheme’s operations. This includes a review of:

Family Business Report 2024: Don’t leave business succession planning until it’s too late

The succession or sale of a business requires careful consideration and planning to ensure it can be successful for many years to come.

Speculation over 30% pension tax relief: what could this mean for you?

Recent media reports suggest the Chancellor may introduce a new flat rate of 30% tax relief on pension contributions and should the rumours prove true, it may leave no or very little time for those impacted to act.