Topical Tips - page

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.

November 19, 2018

TT282: IR35 changes extended into the private sector

Of the many announcements in the Chancellor’s recent Budget, one which is bound to concern private sectors businesses is the extension of the IR35 “off payroll” rules (where the IR35 status of the worker is determined by the engaging entity and not the worker) into the private sector from April 2020.
November 14, 2018

TT281: Interesting Decisions

The recent Tribunal case of G Daniels was interesting on two fronts. Firstly, it highlighted the complexities surrounding the rules associated with claiming travel and other expenses for the self-employed, and secondly, because it gave a rather worrying indication of the tribunal’s interpretation of the behavioural related penalty regime.
Company Law Changes
November 12, 2018

TT280: Payroll: Update on Automatic Enrolment & Possible Future Changes

Auto-enrolment obliges employers to enrol all workers who satisfy age and earnings criteria into a qualifying workplace pension and pay at least a statutory minimum level of contribution. Currently individuals earning over £10,000 who are at least 22 years old and under state pension age are eligible for auto-enrolment.
October 23, 2018

TT279: Does “Fairness” on taxable income only work in HMRC’s favour?

Recently, we have been reviewing the judgements handed down from Tribunals regarding two similar cases involving partial surrenders of life insurance policies. The first, Joost Lobler v HMRC [2015] UKUT 0152 (TCC) presented a situation where an elderly taxpayer had invested his life savings before he subsequently partially surrendered them in 2 tranches.
September 26, 2018

TT278: Could your Company be Guilty of a Tax Evasion Related Offence?

Background  In its 2015 election manifesto the Conservative Party pledged to:- “Make it a crime if companies fail to put in place measures to stop economic crime, such as tax evasion.
Company Law Changes
September 20, 2018

TT277: Late payment of corporation tax – new draft penalties

The draft Finance Bill 2019 includes provision for HMRC to apply penalties for the late payment of corporation tax. Hitherto, although the 2009 Finance Act contained provision for penalties to be applied in cases of late payment of corporation tax, those provisions were never implemented.
September 05, 2018

TT276: Vans that are treated as cars?

At the end of 2017 a first tier tribunal considered combi type vans for the purposes of the benefit in kind taxation rules. It’s conclusion was that one was a “van” and other was a “car”.
August 20, 2018

TT275: Brexit – Deal or No Deal

Whilst uncertainty remains as to what Brexit will mean for UK businesses post March 2019, businesses that buy or sell to the EU should plan for the risks and opportunities that may arise.
Employee Benefit Trust Settlement Opportunity
July 25, 2018

TT274: New Rules for the building trade planned in 2019

With new rules due to come into force on 1 October 2019 builders, sub-contractors and other trades associated with the construction industry will have to start using a new method of accounting for VAT. The new rules are designed to combat fraud in the construction sector labour supply chain.
July 18, 2018

TT273: You have a successful company – Is flotation a viable exit route for you?

In past Topical Tips, we have discussed the possibilities of preparing your business for sale or the potential for structuring a Management Buy-Out. Following a recent successful flotation by one of our client onto the Alternative Investment market (“AIM”) we can report on the process and explain how your company might also consider this route.
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