In contrast to the improving fortunes of the England football team, there’s been a lot of news about corporate failure in the last few months. At the beginning of the year Carillion entered administration, calling into question the role of the auditors in the period leading up to the insolvency. The events appear to have [...]
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So far Ian Holmes has created 30 blog entries.
On 4 April, HMRC confirmed that State Aid approval for EMI (Enterprise Management Incentive) share options expired on 6 April and that although the government had applied for renewal this had not yet been granted. HMRC provided guidance which stated that it was their view that the tax benefits of qualifying EMI share options would [...]
Grant bodies such as Innovate UK (a trading name of the Technology Strategy Board) often require the awardee to obtain external scrutiny of the grant claims made for a project. Assurance reports from an external accountant are usually required twice over the life of a project, although this can vary depending on the value of [...]
A "call for evidence" One of the few newsworthy items in the Chancellors spring statement was a "call for evidence" about the impact on growth of the VAT threshold. There is, apparently, a bunching of businesses with a turnover just below the VAT registration limit of £85,000, suggesting that businesses close to the limit either [...]
In a time of doubt and faltering confidence in the UK and global economies, Brexit and the possibility of trade barriers and ongoing uncertainty in international relations, it is reassuring to observe our local landscape as politically stable, economically thriving and featuring internationally for all the right reasons. In the UK Smart Cities Index 2017, [...]
The personal company of BBC Look North presenter Christa Ackroyd was landed with a tax bill of over £400,000 recently when HMRC successfully took it to the Tax Tribunal – what does this mean for contractors and those who hire them? Many of you will be familiar with the term IR35 – the name, based [...]
The National Cyber Security Centre (a part of GCHQ) issued this month its first guidance for smaller charities (https://www.ncsc.gov.uk/charity). The guidance includes several tips across five areas. Many of the recommendations aren't new, but the relatively short guidance is a useful refresher given the increasing risks in this area. Most of the tips aren't exclusive [...]
This is the first quarterly column providing useful hits and tips to help you get the most out of Xero. We will also keep you up to date with the latest news and updates with the software. Xero is a cloud-based accounting platform that allows you to have real time access to your business financial [...]
As of 6 April 2017, employers with an annual wage bill of more than £3million must pay the apprenticeship levy towards apprenticeship funding. The levy is charged at 0.5% of the annual wage bill and is reportable to HMRC each month with each employer having an allowance of £15,000 to offset against their levy payment. [...]
Many companies' accounting periods are aligned with calendar year. A few simple planning tips implemented before 31 December 2017 can ensure that these companies can accelerate corporation tax relief and reduce their corporation tax liability due for the current year. Accelerate capital expenditure Each company and its associated companies share an annual investment allowance (AIA) [...]