Blog // 13/12/2017

Brexit: Have your say

Whether you are a “Brexiteer, “Remainer” or you just want to bury your head under the pillow, you can’t ignore the fact that Brexit is going to be one of the most important things to happen to the UK since the end of the Second World War. It is will undoubtedly impact everyone in the […]

Blog // 06/12/2017

Prepare yourself and your employees for higher pension costs

Since automatic enrolment commenced in October 2012, the minimum contribution was set at 2%*, of which the employer must pay at least 1%. This is usually set at basic pay or ‘qualifying earnings’. This minimum is increasing as follows over the next two years: Date effective Employer minimum contribution Staff contribution Total minimum contributions Currently […]

Blog // 05/12/2017

Landlords – don’t get caught out by new cash accounting rules!

Individual landlords will need to take care when preparing their 2017-18 income tax returns, because the cash basis will automatically apply if certain conditions are met and must be opted out of, if the landlord wishes to continue calculating taxable profit on the previous accruals basis. What is the difference between the cash and accruals […]

Blog // 05/12/2017

Offshore and UK property – tax changes are coming!

The 2017 Autumn Budget included some changes to the way property in the UK will be subject to UK taxation when this is held offshore in some way. This extends other recent changes which largely affected residential property. Current tax position Simplistically the current situation for property held by a non-resident investor is: Residential property […]

Blog // 05/12/2017

Stamp duty land tax on granny flats and annexe’s

As the rules were initially drawn, someone buying a property which counts as two dwellings would be liable to an extra 3% SDLT on the whole price above the ‘normal’ SDLT that would be due. This was the case even if it was going to be the buyer’s only property or if it was replacing […]

Blog // 04/12/2017

IFRS: Impact of changes to lease accounting for retail companies.

For companies reporting under the International Financial Reporting Standards (IFRS) there could be a significant impact on their financial standards following the introduction of the IFRS16: Leases which is mandatory from 1 January 2019. The retail industry is likely to be one of the most affected industries by the new standard, given the significant use […]