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Keeping you up to date with the latest news and happenings in the worlds of accounting, tax and insolvency
Utilising the 2019/20 dividend allowance
Utilising the 2019/20 dividend allowance The dividend allowance is quite unusual in that it is available to everyone and everyone has the same allowance. For 2019/20 the allowance is set at £2,000. In common with many allowances, it is a case of use it or lose it. ...
Get clued up for claiming tax relief for trading losses
Relief for trading losses In the event that a loss arises in a trade or profession, consideration should be given as how best to obtain relief for that loss. A...
Entertaining expenses are complicated, make sure you know the facts!
Can we deduct entertaining expenses? The tax rules on the deductibility of entertaining expenses are harsh and often misunderstood. The fact that the expenditure is incurred for business purposes does not...
Is it time to go electric? Zero charge for zero emissions car!
Zero charge for zero emission cars From 6 April 2020, the way in which carbon dioxide emissions for cars are measured is changing – moving from the New European Driving Cycle (NEDC) (used for cars registered prior to 6 April 2020) to the Worldwide Light Testing Procedure...
Have you heard of ‘bed and breakfasting’ a director’s loan?
Directors’ loans – Beware of ‘bed and breakfasting’ It can make sense financially for directors of personal and family companies to borrow money, in the form of a director's loan, from the company, rather than from a commercial lender. Depending on when in the fina...
Wondering what chattels are and how they relate to Capital gains tax? Wonder no more!
Capital gains tax and chattels (an item of tangible movable property) For capital gains tax purposes, not all chattels are equal. In some cases, it is possible to realise a profit on the disposal of a chattel and enjoy that profit tax free, whereas in other cases, capital ...
Dying without making a will – who gets what
Dying without making a will – who gets what The best way to ensure that your estate is passed on in accordance with your wishes is to make a will. However, even with the best of intentions, it may happen that someone dies without making a will, particularly whe...
Does your business trade with the EU? You’ll need an EORI number after Brexit.
What is an EORI number and who needs one? An Economic Operator Registration and Identification (EORI) number will be needed for UK businesses to be able to continue to trade with the EU after the UK leaves the EU. If there is a no-deal Brexit In...
Julie McDowell It is with extremely heavy hearts that we have to inform you of the passing of our wonderful friend and colleague Julie McDowell. Julie was our insolvency manager and had been a valued member of our team at Arthur Boyd & Company for over 7 years. J...
Don’t assume HMRC is right – check your tax calculation
Check your tax calculation Each year HMRC undertake a PAYE reconciliation for employed individuals who are not required to submit a tax return to check that the correct amount of tax has been paid. Where it has not, HMRC will send out either a P800 tax calculation or a PA3...
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