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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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Want to pay-off your student loan in full?

14/05/2019

Student Loans are part of the government’s financial support package for students in higher education in the UK. They are available to help students meet their expenses while they are studying, and it is HMRC’s responsibility to collect repayments where the borrower is working in the UK. The Student Loans Company (SLC) is...

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Tax on a private pension you inherit

14/05/2019

Private pensions can be an efficient way to pass on wealth, but it is important to consider what, if any, tax will be payable on a private pension you inherit. The person who died will usually have nominated you by telling their pension provider that you should inherit any monies left in their pension pot. If the nominated person...

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CGT and chattels

14/05/2019

A charge to Capital Gains Tax (CGT) usually arises after an asset is sold. However, there are special rules concerning the sale of certain personal assets that are worth considering. That is because these assets or possessions with a predictable useful life of 50 years or less are normally exempt from CGT. A chattel is a legal term that...

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Entrepreneurs’ relief minimum period increased from April 2019

14/05/2019

Entrepreneurs' relief applies to the sale of a business, shares in a trading company or an individual’s interest in a trading partnership. Where this relief is available Capital Gains Tax (CGT) of 10% is payable in place of the standard rate. CGT on the disposal of chargeable assets is usually chargeable at 20%. There are a...

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The scope of CGT incorporation relief

14/05/2019

Where a taxpayer owns a business as a sole trader or in partnership, a Capital Gain will be deemed to arise if the business is converted into a company by reference to the market value of the business assets including goodwill. This could give rise to a chargeable gain based broadly on the difference between the market value of the assets...

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Employee Car Ownership Scheme (ECOS)

14/05/2019

An Employee Car Ownership Scheme (ECOS) is a set of arrangements whereby employees acquire cars from a specified, often single source and within a specified financing framework. The use of an ECOS can be seen as a halfway measure between providing a company car and leaving an employee to make all their car arrangements privately. An ECOS...

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HMRC phishing emails warning

14/05/2019

HMRC continues to warn of the ever-present problem of fraudulent phishing emails. The emails typically look to obtain taxpayers personal and or financial information such as passwords, credit card or bank account details. The phishing emails often include a link to a bogus website encouraging the recipient to enter their personal...

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Using the Help to Save scheme

14/05/2019

The Help to Save scheme for people on low incomes was launched in September 2018. The scheme allows those in work entitled to Working Tax Credit and in receipt of Working Tax Credits or Child Tax Credits, to save and receive a 50% government bonus. The scheme is also open to UK residents who are claiming Universal Credit and have a...

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Be Data Aware campaign

09/05/2019

The Information Commissioner's Office (ICO) has launched a new "Be Data Aware" campaign to help people understand how organisations might be using their personal data to target them online and why, and how people can control who is targeting them. This includes, understanding how organisations use people’s data to...

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Landlords, time to consider your options?

07/05/2019

Two changes to the way Private Residence Relief works are due to come into effect from April 2020. These changes could reduce the amount of CGT relief available on the sale of a private residence. The government has said that the measures are being introduced to better focus Private Residence Relief at owner-occupiers and the changes will...

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Submitting P11Ds is just the start of your obligations

07/05/2019

We would like to remind employers that the deadline for submitting the 2018-19 forms P11D, P11D(b) and P9D is 6 July 2019. P11D forms are used to provide information to HMRC on all Benefits in Kind (BiKs), including those under the Optional Remuneration Arrangements (OpRAs) unless the employer has registered to payroll benefits. This is...

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Last call, are you ready for revised digital filing of your VAT returns?

07/05/2019

Most VAT registered businesses with a turnover above the VAT threshold need to be ready to keep digital records for VAT purposes, and to file their VAT returns, as required by the new Making Tax Digital (MTD) rules. What does this mean? For VAT return periods starting on or after 1 April 2019, businesses with a turnover above the VAT...

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Chargeable benefits from cheap loans

07/05/2019

An employee can obtain a benefit when provided with an employment-related cheap or interest-free loan. The benefit is the difference between the interest the employee pays, if any, and the commercial rate the employee would have to pay on a loan obtained elsewhere. These types of loans are referred to as beneficial loans. A taxable cheap...

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How to treat post-cessation items if property business ceases

07/05/2019

There are special rules for the taxation of post-cessation receipts after a trade has ceased. The legislation clearly states that the person who receives or is entitled to the post-cessation receipt is the person who is subject to Income Tax or Corporation Tax on the income. This does not have to be the same person who carried on the...

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What is a Close Company?

07/05/2019

A Close Company is broadly defined as a company that is controlled by: five or fewer participators or any number of participators who are also directors or where more than half the assets would be distributed to five or fewer participators, or to participators who are directors, in the event of the winding up of the company. A...

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

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