Topical Tips

We believe we are more than just your average accountancy firm. Our goal at Barnes Roffe is to engage our clients through a proactive relationship, which provides you with the resources and tools you need to enable you to take charge of your finances with confidence.Tax news, audit news and any new accounting news ... with the help of our topical tips, you can enjoy the benefit of being regularly informed of up to date accounting news updates which are most likely to be relevant to you and your business.So why not offer your business more. Take a look at our latest topical tips and see how they can help you.PLEASE NOTE: The Archive is a historical resource and by the very nature of these tips the details of tax law might have changed since they were published, so contact your Barnes Roffe partner before acting on any matter contained in these tips.

April 13, 2015

TT219: Settlement discounts

Until the start of this month, most businesses offering a Prompt Payment Discount (PPD) as part of their standard terms only accounted for VAT on the discounted price, even if the full price was subsequently paid.
March 26, 2015

TT218: Tax planning opportunities

Having recently suffered the pain of paying your personal tax bill, what action can be taken now to legitimately minimise your liability for the year to 5 April 2015? If January wasn’t gloomy enough, with short days and icy mornings, it also brought the payment of personal tax liabilities.
EU VAT registration
March 23, 2015

TT217: Topical Tips for Employers

Last week was the final Budget before the General Election. There were a number of changes and announcements aimed across a spectrum of people. This note will focus on ‘employers’ and mention a few measures that will take affect from 2015-16 tax year although some of the changes were already announced.
February 24, 2015

TT216: Pre-tax year end planning

It’s time once again to turn your thoughts to the end of the current tax year that is fast approaching on 5th April.
February 09, 2015

TT215: Don’t forget to claim your Employment Allowance

There is less than two months to go before the end of the tax year which means there are a number of forthcoming end of year PAYE processes to be completed including submission of the final Full Payment Submission (FPS).
Employment Allowance
January 26, 2015

TT214: Alternative finance – deviating from traditional bank lending?

Over the last few years, there has been a significant increase in the number of companies using alternative sources of finance in order to fund their businesses.
January 06, 2015

TT213: Employee Benefit Trust Settlement Opportunity ending soon

Following the issue of reminder letters by HM Revenue & Customs (“HMRC”) to all companies on their “hit list” over the past two weeks, it is worth recapping on what the Employee Benefit Trust Settlement Opportunity (“EBTSO”) is.
Employee Benefit Trust Settlement Opportunity
December 09, 2014

TT212: Autumn Statement 2014

Last week the Chancellor stood up to deliver the Autumn Statement but it felt more like a Budget. There were a number of announcements for pensioners, businesses and home buyers. I will focus on measures (tax and some non-tax) for owner managed businesses.
Autumn Statement
November 20, 2014

TT211: Transferable personal allowances for married couples and civil partners

New rules from 6 April 2015 THE MEASURE This measure will allow a spouse or civil partner who is not liable to income tax above the basic rate to transfer up to £1,050 of their personal allowance to their spouse/civil partner, provided that the recipient of the transfer is not liable to income tax above. . .
Transferable personal allowances for married couples and civil partners
November 13, 2014

TT210: Holiday Pay Ruling

Following on from our previous notice on the subject (TT204 – Where is my holiday pay? August 22, 2014) a landmark ruling was made by the Employment Appeal Tribunal with regard to the calculation of holiday pay for employees on 4th November.
Holiday Pay Ruling
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