Have you heard about EIS or SEIS?

According to research carried out by the Daily Telegraph, one third of business owners do not understand EIS or SEIS and 25% of those surveyed had never heard of them. The Enterprise Investment Scheme (EIS) and the Seed Enterprise Investment Scheme (SEIS) provide attractive levels of tax relief to investors.  This form of investment can provide a valuable source of …

A very personal blog

A very personal blog this week!  Last week I became a Grandfather for the first time when Ethan James Collier came into the world.  We had a trip down to Stafford to visit him and the proud parents also taking Ethan’s Great Grandmothers with us.  I have to say that I have never been one for babies but I must be …

Personal Service Companies

HMRC are stepping up their interest in attacking Personal Service Companies and trying to apply IR35.  This means that extraction of income from a PSC as dividends is prevented and the alternative of extraction by PAYE produces a much higher tax and NIC cost.  Of course the big risk is that HMRC go back in time and try to enforce PAYE …

Time to Review your Will?

Families paid more than £3bn Inheritance Tax in the year to April.  This is the highest amount since 2007/08.  In the main this is attributed to the recovery in the property market.  With the tax-free threshold frozen until 2019 and the property market continuing its recovery this trend is expected to continue. The nil rate band is currently frozen at …

The role of an accountant has changed dramatically over recent years

The role of an accountant has changed dramatically over recent years.  Our compliance services can be best categorised as the provision of something that people have to have but don’t really see any value in (preparing tax returns, accounts etc) and historically this formed the biggest part of our work. However, over recent years, we have developed our services and …

Are you behind with your Tax Returns?

Are you behind with your Tax Returns? Now is the time to act.  HMRC have recently announced an amnesty.   Taxpayers have until 15th October to bring their tax affairs up to date and of course to pay any tax due.  After this date penalties of up to 100% of outstanding tax may be charged.  The amnesty is specifically aimed at …

Offshore Bank Details to be released

Release of bank account details in Isle of Man, Jersey and Guernsey. Individuals who have been using offshore accounts in the Isle of Man, Guernsey or Jersey to evade tax are being offered the opportunity to make a voluntary disclosure to HMRC prior to facing an investigation.   HMRC have stated that such individuals have until 30 September to come forward and …

Why not spend time on your business?

An American Express survey has found that administration is one of the most time-consuming activities for SMEs in the UK.  55% of SME’s named admin as one of the three activities they spend the most time doing.   This suggests that SMEs are spending too much time with compliance issues rather than driving their businesses forward. Why not speak to us …

Children’s Adventure Farm Trust

It really doesn’t seem like over 2 months since I completed the Boston Marathon, raising £3000 for the Children’s Adventure Farm in the process and yet here I am 3 weeks away from setting off on a mammoth 10 months of training for the 3 World Marathon Majors that I haven’t completed yet! First up is New York on 3rd …

Selling a business

A client meeting this week reminded me that most business men/women generally only ever sell a business once in a lifetime. There are of course serial entrepreneurs who build up one business, sell it and then do it again and again but they are the exception. For those who sell a business only once in a lifetime they really do …