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.

November 12, 2018

Making Tax Digital – How ready are you?

Making Tax Digital – or MTD as it’s known – is the biggest shake-up in the UK tax system in a generation. It involves a range of HMRC initiatives which will see the digitisation of tax reporting for individuals and businesses.
November 11, 2018

Smaller firms benefit from Budget business detail

The details released after the 2018 Budget statement revealed a range of new restrictions for businesses. However, they have been structured to reduce the impact on smaller businesses. Off-payroll working and IR35 One measure announced was the expected extension of the off-payroll working rules, known as IR35, to the private sector.
October 31, 2018

Tax Residence

HMRC are focussing on corporate residence and UK permanent establishments in order to bring within the charge to tax activities of overseas companies carried out in the UK. UK law would make an overseas company UK resident if it’s central management and control was found to be in the UK.
October 29, 2018

Auditor appointment: the Chamber of Secrets has been opened

So here we are at last: a credible body outside the accounting profession is going to take a long, hard look at the system used to appoint auditors to see if it is fit for purpose.
October 19, 2018

Brief victory on VATMOSS for microbusinesses

A successful campaign by micro-business owners has seen the EU introduce a new minimum threshold for the VATMOSS rules. But with legislation due to take effect in January 2019 at risk from a no-deal Brexit, the success could be short-lived.
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.
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