BR Blog

We're all about communication at Barnes Roffe, especially when it comes to our clients and contacts: existing or potential. For this reason we have set up our 'Blog Spot'. To help you to get to know our team, recognise our motivations and more importantly feel confident in the strategies we promote.We post here regularly, to help give you the insight and understanding you need to take every market change in your stride.

October 17, 2018

Class 2 NICs here to stay

The Chancellor has changed his mind – again – on National Insurance Contributions (NICs) for the self-employed. The Treasury has revealed that Class 2 NICs will remain for at least the rest of this Parliament.
October 16, 2018

HMRC caught out on IR35 and holiday pay

HMRC has suffered an embarrassing setback after one of its contractors launched a claim for unpaid holiday pay, relating to work covered under the off-payroll working rules, also known as the IR35 rules. At the end of 2016, HMRC employed a marketing consultant, who was required to go onto an agency payroll.
October 15, 2018

Trick or treat? The Chancellor calls the 2018 Budget for late October

The 2018 Budget has been set for Monday 29 October, setting a deadline for speculation and proposals. Mr Hammond, however, has indicated that he won’t end the long spell of austerity measures, despite improving public finances.
October 02, 2018

Accounting for VAT on Foreign Currency Sales

 The rules regarding sales in foreign currencies which are subject to UK VAT can be difficult to navigate. Here we look at the guidance HMRC offers on this topic, so that you can avoid some of the common pitfalls which can trip up businesses which invoice in foreign currencies.
September 11, 2018

Rental Income Reporting

There have been a number of changes to the reporting of rental income over the last few years and this blog covers some of the less advertised ones in more detail.
September 10, 2018

HMRC malicious websites

Be Aware – HMRC have reported that during the past year they have removed over 20,000 websites set up by potential online fraudsters, a rise of about 30% over the previous year. This amount is only likely to increase as the number of smartphones and tablets being used also increases.
September 08, 2018

HMRC Fraud

The perils of fraud continue, especially online and telephone attacks pretending to be HM Revenue & Customs (“HMRC”).  The following is a true story from a client of mine from last week:    “Today I received a disturbing recorded message phone call saying that a law suit was to be brought against me by HMRC.
September 07, 2018

VAT registered? Are you unwittingly partially exempt? Be careful

If you are a VAT registered business, you are most likely making taxable supplies and charging VAT at the standard reduced or zero rate and reclaiming the VAT incurred on your expenditure. If you are making only exempt supplies, such that you cannot charge VAT, incurred VAT cannot be reclaimed either. This appears simple.
September 06, 2018

EMI updates and compliance process

The European Commission(“EU”) announced on 15 May 2018 that it has renewed the State Aid approval for the UK Enterprise Management Incentive (“EMI”) scheme. The previous approval expired on 6 April 2018. The good news is welcome by small and medium enterprises as EMI remains one of the most popular employee share schemes.
September 05, 2018

With this ring I thee claim a Marriage Allowance

The Government has recently reported that out of the four million married civil partnered couples, about a million have not yet claimed their marriage allowance which can be worth up to £238 per year.
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