Blog

Industry insights from our expert team


Choosing the right Accountant for your business

By David Hughes, Managing Director
on 30/07/2018

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Important Travel Policy Update

By David Hughes, Managing Director
on 30/07/2018

There has been some debate lately on the 24 month rule and travel expenses lately. Here is some clarification. The general rule is that where you are employed on a contract you may claim travel expenses until you are aware that the length of the contract, from the date it first started, will be for …

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Late Payments Directive

By David Hughes, Managing Director
on 30/07/2018

The Late Payments Directive (2011/7/EU on Combating Late Payment in Commercial Transactions) came into effect on Saturday, March 16th 2013, and potentially allows for larger sums to be claimed by contractors and small business who incur costs while chasing debtors for settlement. In particular, the existing three-tier system of fixed fees chargeable on overdue debts …

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SMEs get £70 million funding boost

By David Hughes, Managing Director
on 30/07/2018

Small and medium-sized businesses (SMEs) are set to receive a £70 million lending boost as part of government action to increase the availability of finance. Three new lenders – Market Invoice, URICA and Beechbrook Capital – will share more than £30 million of government funding to offer SMEs alternatives to traditional bank lending. They have …

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R&D Tax Credits

By David Hughes, Managing Director
on 30/07/2018

Effective April 2013 the Government will introduce an above the line (ATL) R&D Tax credit. This will have a headline tax benefit rate of 10% and enable loss-making companies to claim cash credits. For large companies (as classified under the rules of the R&D scheme), this change will move the R&D benefit from the tax …

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Autumn Statement

By David Hughes, Managing Director
on 30/07/2018

UK growth forecasts • Growth forecast in 2013 upgraded from 0.6pc to 1.4pc. Prediction in 2014 upgraded from 1.8pc to 2.4pc. Then 2.2pc, 2.6pc, 2.7pc and 2.7pc. • Unemployment forecast to fall from 7.6pc this year to 7pc in 2015, then 5.6pc in 2018. Government finances • Underlying deficit expected to be 6.8pc this year, …

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Fixed subsistence expenses

By David Hughes, Managing Director
on 30/07/2018

Overnight allowance – un-receipted HMRC’s official view on Subsistence for overnight stays is that expenses such as, laundry, magazines and telephone calls when working away from home, are allowable. What’s more, no receipt is required for these, and you can claim £5 per night (£10 per night if abroad). If you claim more than £5 …

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Use of Home as an office

By David Hughes, Managing Director
on 30/07/2018

Use of home office seeks to compensate the director for any additional costs of working and running a small business from home. This calculation is then based on the fact that you use the room on a ‘non exclusive basis’ otherwise you end up with Capital Gains tax issues which would cause a major head …

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Taking dividends from your company

By David Hughes, Managing Director
on 30/07/2018

Because HMRC’s enquiries are on the increase it’s a good time to revisit our “dos and don’ts”on taking dividends. Don’t forget the Company Law when considering dividends, ie dividends are paid to shareholders based on the available retained profits of the company do liase with us and refer to your management accounts so you know …

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Funding for Lending given new boost

By David Hughes, Managing Director
on 30/07/2018

Business leaders have given a cautious welcome to the governments’ plan to extend the Funding for Lending scheme. The scheme is designed to encourage banks to lend by making cheap loans available, on the condition that they will pass on the benefits to businesses and homebuyers. Bank of England figures suggest banks took nearly £14 …

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