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.

July 23, 2021

TT351: New Company Loss Carry Back Rules

HMRC have updated their guidance on claiming relief for company trading losses to take account of the extended carry back announced in the Spring Budget and now legislated in the Finance Act 2021. The guidance sets out the circumstances where loss relief can be claimed in advance of submitting a return.
July 07, 2021

TT350: The Importance of a Sales Memorandum When Selling Your Business

What is a Sales Memorandum? A sales memorandum (“SM”), also known as an information memorandum, is created when a business is preparing to market itself for sale.
June 24, 2021

TT349: R&D Tax Credits – Update

The Finance Bill 2021 introduced changes to the criteria for the research and development (R&D) tax credits scheme. The new rules have been designed to prevent fraudulent tax credit claims that ultimately prevent small and medium enterprises and start-ups accessing funding designed to encourage them to innovate.
May 18, 2021

TT348: HMRC’s Trust Registration Service (TRS)

There has been an obligation for Trusts to register with HMRC for many years if they have been liable for any of the following taxes: Capital Gains Tax Income Tax Inheritance Tax Stamp Duty Land Tax Stamp Duty Reserve Tax Land and Buildings Transaction Tax (in Scotland) Land Transaction Tax (in Wales) However, new rules. . .
May 04, 2021

TT347: CIS: changes to tackle abuse from April 2021

Back in March 2020 as part of the Spring budget, the Chancellor of the Exchequer, Rishi Sunak, announced a consultation to tackle abuse of the Construction Industry Scheme (“CIS”).
April 19, 2021

TT346: Recovery Loan Scheme (‘RLS’) launched – 6 April 2021

The scheme was originally announced in the March 2021 Budget, and in which the Chancellor of the exchequer, Rishi Sunak, pledged to announce the UK Government’s latest support for businesses affected by COVID-19.
April 01, 2021

TT345: “Tax Day” announcements 2021 – what it could mean for your future taxes

On Tuesday 23 March 2021, the government published a series of tax documents and consultations, with a view to strengthen policy making and modernising the tax system. Whilst the consultations are not set in law, they give an indication of the changes that might take place in future.
March 17, 2021

TT344: VAT Payment Deferral

When the COVID-19 pandemic first struck the UK in the early part of 2020, HM Treasury provided a number of forms of assistance to taxpayers and businesses and one of those was the VAT Payment Deferral scheme.
February 24, 2021

TT343: CJRS claims – publication of claimant companies details

Might your name be disclosed online for using the Coronavirus Job Retention Scheme? It might come as a surprise to learn that the Government are publishing the names of companies which have claimed money for furloughed staff under the Coronavirus Job Retention Scheme (“CJRS”).
February 09, 2021

TT342: Construction Sector – New VAT Rules 1st March 2021

Notwithstanding COVID-19, the proposed new VAT rules affecting the construction sector are due to take effect from 1st March 2021. HMRC still plans to apply the new rules, which are called “the domestic reverse charge for supplies of building and construction services” (reverse charge scheme).
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