Keep up to date with the latest news and information from UHY Torgersens in Sunderland, Newcastle and Jarrow
October Q&A: Private residence relief, IHT on gifts and the taxation of a non-UK resident’s company
October 19, 2018
Q: I would like to give a close friend a wedding gift of £15,000. What are the inheritance tax implications of making a gift of this type? A: The cash gift is likely to qualify as a potentially exempt transfer (PET), meaning that
An inspector calls – part two: HMRC is upping its game under increasing political pressure to reduce the ‘tax gap’
October 15, 2018
MTD, in providing more information, could lead to an increase in in-depth investigations. So small businesses will have to be more vigilant and attentive to the accuracy of their accounting records as they clearly are going to be more susceptible to being investigated. It is worth noting that the most common reasons why HMRC may start an enquiry are as follows:
An inspector calls – part one: HMRC is upping its game under increasing political pressure to reduce the ‘tax gap’
October 8, 2018
Attitudes are changing. There was a time when those who managed to reduce their tax bill were silently applauded by some members of the community. The years of austerity though, have generated a spirit of outrage; the public at large now links tax evasion and avoidance with a worsening in public services, particularly those provided by the NHS.
HMRC research shows positive attitudes towards MTD
September 28, 2018
HMRC have published Making Tax Digital Research - Attitudes, Behaviour and Engagement, which reports on research undertaken to help HMRC understand how individual customers and agents respond to the core principles of MTD.
The benefits of cloud accounting – data backup and security
September 17, 2018
In the last of our series of blogs about the features and benefits of cloud accounting, we consider a key aspect for all businesses – the security of the online system and how data is backed.
September Q&A: Paying tax on a state pension, NIC deductions on seasonal employment and IHT relief on a parent’s property
September 6, 2018
In this month’s Q&A we look at paying tax on state retirement pension, NIC deductions on seasonal employment and IHT relief on a parent’s property.
Boost your business with effective management accounts
August 28, 2018
Management accounts are an indispensable business tool and new technology has made it easier than ever to tailor them to the needs of your organisation.
Q&A: Bank feeds for cloud accounting
August 21, 2018
A bank feed is an automatic transmission of your bank statement data into your cloud accounting software. A bank feed facilitates the secure transfer of transaction data from your bank to your cloud accounting software.
The benefits of cloud accounting – improved cash flow management and medium-term cost savings
August 16, 2018
In the next in our series of blogs about the features and benefits of cloud accounting, we look at how an online accounting system could improve a business’s cash flow management
Q&A: Mitigating restrictions on mortgage interest relief, benefit-in-kind for electric cars and tax implications of a written-off loan
August 7, 2018
This month we look at mitigating the impact of the restrictions on mortgage interest relief for a landlord, benefit-in-kind relating to an electric car and the tax implications of a written-off loan.