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Flexible accounts department and financial director service

09/08/2019

As your business grows and develops, Astrum can provide you with an experienced accounts and finance team on a flexible basis; in essence, Astrum can be your very own accounts department as and when you need it. We provide these services to a range of businesses from small, single director companies to multi-million pound organisations....

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Are expenses reimbursed to employees exempt from PAYE & NI?

17/04/2019

Expenses which to any degree are not 'wholly & exclusively' for business, are entirely taxable e.g. payments for home to work travel. Splitting between taxable and exempt is not required; if an employee disagrees, they can claim tax relief directly from HMRC. It is down to the employers to decide if expenses are exempt or taxable. If...

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QuickBooks or Xero for Making Tax Digital

30/10/2018

Making Tax Digital (MTD) is expected to affect most tax payers at some stage. MTD is a Government initiative designed to transform tax administration and inevitably means change is coming Any business that is VAT registered and has a taxable turnover of £85k or more will need to submit VAT returns using commercial software...

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Flexible accounts department and financial director service

07/08/2018

As your business grows and develops, Astrum can provide you with an experienced accounts and finance team on a flexible basis; in essence, Astrum can be your very own accounts department as and when you need it. We provide services like these to a range of businesses from small, single director companies to multi-million pound...

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Increase in National Living Wage?

13/11/2019

An independent review into the evidence on minimum wage rates has been published by the government. The review concludes that increases in the National Living Wage (NLW) have little effect on employment whilst significantly increasing the earnings of low paid workers. This was found to be the case even in countries who had the most...

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Employing staff for the first time

13/11/2019

There is a multitude of rules and regulations that you must be aware of when you start employing staff for the first time. A full examination of the rules is beyond the scope of this article. However, we wanted to list the following points from HMRC’s guidance which sets out some important issues to be aware of when becoming an...

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Basic business structures

13/11/2019

It is important to be aware of the main basic business structures available if you are considering starting a new business. There are three commonly used forms of business structure. A sole trader – this is the simplest way of starting and running a business. However, you are personally responsible for your business’s...

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HMRC’s tax app

13/11/2019

A free HMRC tax app is available to taxpayers. The APP can be used to see: your tax code and National Insurance number an estimate of the tax you need to pay your income and benefits up to 12 future tax credits payments your Unique Taxpayer Reference (UTR) for Self-Assessment The APP can also be used to complete a number of...

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Tax when partnership assets are distributed in kind

13/11/2019

Partnerships are treated as transparent for Capital Gains Tax (CGT). This means that each partner is responsible for their share of any capital gains arising on the disposal of their interests in the assets of the partnership. Each partner is treated as owning a fractional interest in each of the assets of the partnership. It is...

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Furnished holiday let qualifying tests

13/11/2019

The furnished holiday let (FHL) rules allow holiday lettings of properties that meet certain conditions to be treated as a trade for certain tax purposes. In order to qualify as a furnished holiday letting, the following criteria need to be met: The property must be let on a commercial basis with a view to the realisation of profits....

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Waivers of remuneration

13/11/2019

A waiver of remuneration happens when a director or an employee gives up their right to salary or other cash remuneration and gets nothing in return. Where the employee gets a non-cash benefit in return, this is called a salary sacrifice. The treatment of a waiver of remuneration, when a director / employee gets nothing in return, is...

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Last chance to claim enhanced capital allowances

13/11/2019

There is a special scheme known as the enhanced capital allowances (ECA) scheme for energy-saving technologies. The ECA scheme enables a business to claim accelerated tax relief 100% first year allowances (FYA) on qualifying energy efficient and environmentally beneficial technologies. The accelerated tax relief is designed to encourage...

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Finance Bill 2019-20 shelved

06/11/2019

The Government’s draft finance bill has been shelved as we countdown to the general election on 12 December 2019. The consultation on the draft legislation has closed, but the prorogation controversy and Brexit issues meant there was no time for the Government to respond to any of the issues raised. The Bill contained the...

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What is a negligible value claim?

06/11/2019

A negligible value claim is a claim made by a taxpayer when an asset they own has become of negligible value, i.e. it is worthless or worth next to nothing. The taxpayer effectively treats the asset as having been disposed of and then immediately reacquired at the negligible value. The asset must still be owned by the person making the...

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Employing someone to work in your home

06/11/2019

When you employ someone to work in your home, it is your responsibility to meet the employee's rights and deduct the correct amount of tax from their salary. This can include employees such as a nanny, housekeeper, gardener or carer. The rules are different if the person is self-employed or paid through an agency. If you employ...

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Interest on children’s savings

06/11/2019

All children in the UK have their own personal annual tax allowance. However, anti-avoidance laws prevent this allowance being utilised by parents of children aged under 18 with some minimal exceptions. If older children are employed by a parent they can receive income paid as wages subject to the usual rules. There are special rules if...

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Transfer of business as a going concern

06/11/2019

The transfer of a business as a going concern (TOGC) rules cover the VAT implications when a business is sold. Normally the sale of the assets of a VAT registered or VAT registerable business will be subject to VAT at the appropriate rate. Where the sale of a business includes chargeable assets, and meets certain conditions, the sale...

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What is a joint venture?

06/11/2019

A joint venture is a commercial enterprise undertaken by two or more parties who otherwise retain their separate identities. The parties to the joint venture usually bring together different resources and areas of expertise to help fulfil a specific project or business activity. HMRC’s manuals make the point that on close...

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Contact us

Maple House
5 The Maples
Cleeve
Bristol
BS49 4FS
info@astrum.accountantsTel: 01275 277369 | 01934 235007 | 0117 2140369 

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