Business and accounting
tips for future thinkers

Business and accounting tips for future thinkers

Categories

tax investigations
HM Revenue & Customs
,
Tax Tips

Be aware of tax avoidance schemes

November 20, 2024

Priya Raja-Motala

A recent publication from HM Revenue and Customs (HMRC) and extensive discussion in the tax and property press have again brought tax avoidance schemes into the spotlight. As a taxpayer, it’s important to be aware of the whole picture when it comes to of tax avoidance schemes.  You also need to know what to do […]

Inheritance Tax
Personal Tax
,
Tax Advice
,
Tax Planning
,
Tax Tips

Changes to Inheritance Tax announced in the Budget

November 13, 2024

Priya Raja-Motala

The dust has settled on the Budget, but it has raised many questions. If you’ve been following the news, you may have noticed some significant changes to the Inheritance Tax (IHT) regime. Not too long ago, we discussed the possibility of abolishing IHT altogether under the previous government. However, the current situation is quite different—it’s […]

Employment Rights Bill
Business Tips
,
Employee Benefits
,
National Insurance

An increase in costs and responsibilities for the employer

November 6, 2024

Priya Raja-Motala

October has been a significant month of news for employers.  First, the long-awaited Employment Rights Bill was published on 10th October, and then the announcements were made in the Budget last week.  You can’t have missed it, the rise in Employer’s National Insurance (NIC). From next year, an increase in costs and responsibilities for the employer […]

Further details of the Budget
Business Tips
,
capital gains tax
,
HM Revenue & Customs
,
Personal Tax
,
Tax Tips

Further details of the Budget

October 31, 2024

Priya Raja-Motala

Yesterday, we received the first Labour Budget in fourteen years, which was significant! It included substantial tax increases. There is a lot to consider, so we can begin by examining the details of the Budget. However, before we jump to the nitty gritty, here’s a summary of how the Budget affects you depending on who […]

ID verifications at companies house
Business Tips
,
Myers Clark News

Identification verifications at Companies House

October 23, 2024

Priya Raja-Motala

As experienced accountants, we are accustomed to frequent changes from HM Revenue & Customs, but changes from Companies House are less common. However, there are proposed amendments to the Companies Act 2006 that will introduce identification verifications at Companies House.  We are expecting more changes down the line as well so watch this space. A […]

tax planning
HM Revenue & Customs
,
Landlords
,
Tax Advice
,
Tax Planning
,
Tax Tips

Want to change how the income is split for a jointly owned property?

October 16, 2024

Priya Raja-Motala

Normally, when you own a property jointly, the profits subject to tax are split in proportion to your legal ownership. A jointly owned property is split 50/50. However, what if you want to change how the income is split for a jointly owned property? You can do this if you live with your spouse or a […]

Inheritance Tax Planning
Tax Planning
,
Tax Tips

Time to make a new Will?

October 9, 2024

Priya Raja-Motala

Many people delay creating or updating their Wills. We are unsure why, but we mortals do not like discussing our own mortality. We encounter this situation often.  But maybe now is the time to make a new will or review an old one. It’s really important that you review your Will regularly because certain personal circumstances […]

business culture
Accounting Tips
,
Business Tips
,
HM Revenue & Customs

Chancellor wants businesses to move to “e-invoicing”

October 1, 2024

Priya Raja-Motala

The government has unveiled a proposal to expand electronic invoicing across the UK and hinted at a forthcoming ‘Digital Transformation Roadmap’ for HM Revenue & Customs (HMRC). However, the details about both plans are currently limited.  The chancellor wants businesses to move to “e-invoicing” as part of the process. In her first speech as Chancellor […]

Budget 2024
Business Tips
,
Personal Tax
,
VAT

What’s expected in the Budget?

September 25, 2024

Priya Raja-Motala

This week is Labour Party conference week. Rachel Reeves made her debut speech on Monday as the Chancellor of the Exchequer. She said there was no return to austerity but instead a time for “iron discipline” and “relentless focus.” With this in mind, we explore what’s expected in the budget. When is the Budget? The […]

Renters Rights Bill
Landlords
,
News

The most significant change for landlords in years

September 18, 2024

Priya Raja-Motala

The revised Renters’ Rights Bill proposes the most significant change for landlords in years. The original proposal by the Conservative Government aimed to improve housing standards and implement reforms in the private sector was mentioned in this year’s King’s Speech. The bill has had its first reading in the House of Commons and is set […]

UK economy
Business Tips
,
Hiring
,
Importing

Has the UK Economy Recovered?

September 11, 2024

Priya Raja-Motala

Did you have a great summer? It wouldn’t be very British not to discuss the weather, but quite frankly, there was nothing noteworthy to discuss about the weather. It was what it was. But what about our economy? We have seen a new government come in, a cut in interest rates, some growth during the […]

split business for VAT
self employed
,
Tax Planning
,
Tax Tips
,
VAT

Can you avoid VAT Registration by conducting business through two entities?

September 4, 2024

Priya Raja-Motala

In the  Spring 2024 Budget, the previous government raised the VAT threshold from £85,000 to £90,000, having frozen it at £85,000 for six years. This means a business must register for VAT if its taxable sales have exceeded £90,000 in any rolling twelve-month period. Furthermore, you must register if the sales will exceed £90,000 in […]

VAT on private school fees
HM Revenue & Customs
,
VAT
,
VAT Compliance

VAT on private school fees

August 28, 2024

Priya Raja-Motala

As expected, the new Labour government has published draft legislation subjecting private school fees to VAT from 1 January 2025. VAT on private school fees is here. The draft measures have been published for technical consultation before they are included in the Finance Bill for 2024-25. The background The current VAT legislation includes a VAT […]

New Rules for Corporation Tax and Associated Companies
Accounting Tips
,
Corporation Tax
,
HM Revenue & Customs
,
Tax Tips

New Rules for Corporation Tax and Associated Companies

August 21, 2024

Jill Fraser

If you are an owner and/or director of a limited company, you may have noticed your accountant asking more questions regarding your other business interests. This is due to some changes in corporate tax legislation. In this blog we aim to set out the new rules and why they are important. What are “Associated Companies”? […]

business success
Business Tips
,
Cash Flow

Why financial information matters when it comes to running your business

August 14, 2024

Priya Raja-Motala

In today’s challenging economic environment, small businesses must be prepared to navigate potential financial and logistical challenges. As accountants, we bring a wealth of expertise and can play a crucial role in ensuring your business success by reminding you why financial information matters when it comes to running your business. Last year, 25,158 corporate insolvencies […]

CGT on property
capital gains tax
,
Landlords
,
Tax Advice
,
Tax Planning

Capital Gains on residential properties

August 7, 2024

Priya Raja-Motala

The Capital Gains Tax (CGT) tax free allowance has now fallen to £3,000 (2024/2025). The policy was announced in the former Chancellor Jeremy Hunt’s first Autumn Statement in 2022.  This reduction in the tax free allowance will result in more individuals being subject to the CGT regime. Additionally, most landlords selling their properties are also […]

payroll for irregular hours
Employee Benefits
,
Payroll
,
Tax Tips

Holiday pay for irregular hours

July 31, 2024

Priya Raja-Motala

In 2022, the Supreme Court ruled that the old 12.07% calculation for casual workers, which had been used for years, was no longer relevant. Due to these changes to holiday pay for irregular hours, many businesses have had to rethink their policies. The ruling stated that employees with irregular hours, including those on zero-hour contracts, […]

charities act 2022
Charities
,
Community
,
Myers Clark News

Charities Act 2022 – Implications for Permanent Endowment Funds

July 24, 2024

Sumeet Bajaria

The Charities Act 2022 (the Act) has made some key changes to charity law. The Act, which received Royal Assent on 22 February 2022, amends the pre-existing Charities Act 2011 in certain areas. The major changes have come into force in stages, with the implementation of various provisions on 31 October 2022, 14 June 2023 […]

tax payments
HM Revenue & Customs
,
Myers Clark Updates
,
Personal Tax
,
self employed

Don’t forget to use Time to Pay service with HMRC

July 17, 2024

Priya Raja-Motala

Benjamin Franklin once said, “In this world, nothing can be said to be certain, except death and taxes.” If you are in business, a landlord, or paying tax under self-assessment, you understand the importance of paying your tax on time. But what if you can’t afford to pay your taxes when they are due? Remember […]

R&D tax credit
Business Tips
,
HM Revenue & Customs
,
Tax Planning
,
Tax Tips

Changes to R&D tax relief schemes 2024

July 10, 2024

Ian Meaburn

In the March 2023 budget, changes to the two Research and Development (R&D) tax relief schemes were announced, which came into effect from 1 April 2023. At the same time, plans were also proposed to merge the two schemes into one which would come into effect twelve months later. After consultation, the two schemes have […]

Here’s how a successful family business primed and transitioned ownership for the next generation.
Accounting Tips
,
blog page
,
Business Tips
,
Cash Flow
,
Myers Clark News

Here’s how a successful family business primed and transitioned ownership for the next generation.

July 1, 2024

Priya Raja-Motala

Even in the midst of success, many business owners are harbouring internal fears about the future. Family-owned Emery Little Wealth Management (EL) had successfully navigated the start-up and growth phases of their business. They were well established with a solid team, good clients, and regular revenue. Outwardly, their foundation seemed unshakeable. Internally, the owners were […]

2024 general election
Accounting Tips
,
Business Tips
,
Tax Tips

General Election – more details on tax

June 25, 2024

Priya Raja-Motala

Have you had enough of the electioneering and all the televised debates? Or perhaps you’ve been finding some light relief from the politics by watching the Euro’s 2024. As we write this blog, we are reminded that only ten days are left before voting day. A new government could bring about significant changes in legislation […]

insolvent business
Business Tips
,
Myers Clark Updates

Can a director be held responsible for company debt?

June 19, 2024

Priya Raja-Motala

When you are running your own business, you can choose to operate as a self-employed individual or through a limited company. Many clients prefer the company option because it provides an extra layer of protection. However, when it comes to finances, can a director be held responsible for the company’s debt?   What’s the difference […]

R&D tax credit
Tax Advice
,
Tax Planning
,
Tax Tips

HMRC’s new approach to R&D

June 12, 2024

Ian Meaburn

The first R&D relief scheme was launched back in 2000 for SME’s. It took two further years before a larger company R&D scheme was launched. The scheme was underused for many years and HM Revenue and Customs (HMRC) were relaxed in processing the claims. HMRC enquiries only really happened in quite extreme cases.  However, HMRC’s […]

business expenses
Business Tips
,
Corporation Tax
,
self employed
,
Tax Tips

Tax deductible expenses for your business

June 5, 2024

Priya Raja-Motala

Setting up a business is both exciting and worrying. There’s so much to do and the topic of tax deductible expenses for business might not even be on the radar!  However, no doubt you want to optimise your tax position whilst making sure you stay on the right side of HM Revenue and Customs (HMRC). […]

tax policy general election
Business Tips

General Election and tax simplified

May 29, 2024

Priya Raja-Motala

The Prime Minister, Rishi Sunak, called a general election last week, scheduled for July 4, 2024. This will mark the first July election since 1945. There is only a six-week campaign period. As a result, there will be no pre-election fiscal statement. Instead, the government is relying on the drop in inflation to 2.3% and […]

management information
Accounting Tips
,
Bookkeeping
,
Cloud Accounting

Why your business needs management information

May 22, 2024

Priya Raja-Motala

With uncertainty looming over the UK economy, making sound decisions for your business is more crucial than ever. We think using cloud accounting is part of the solution and there are countless reasons why your business needs management information.   Cloud Accounting If you are using cloud accounting you are on the right path but […]

selling a property that was your home
Landlords
,
Personal Tax
,
Tax Advice
,
Tax Planning

Selling a property that was your home

May 14, 2024

Priya Raja-Motala

When selling your home, there are plenty of things to consider and take care of, but tax does not usually fall under that umbrella. The good news is that you typically don’t have to pay tax on the sale of your home or primary residence which is its official name. Capital Gains Tax (CGT) is […]

insolvency
Business Tips
,
Cash Flow

Warning signs of insolvency

May 8, 2024

Priya Raja-Motala

According to the Office of National Statistics. (ONS) in early April 2024,  one in five (22%) of trading businesses were affected by current uncertainty. Long-term growth also remains a huge concern. This is therefore a good time to remind you to look out for warning signs of insolvency. Common warning signs could signal financial and […]

Disclose any undeclared property income
Landlords
,
Tax Tips

Disclose any undeclared property income

May 1, 2024

Priya Raja-Motala

The HM Revenue and Customs (HMRC) Let Property Campaign (LPC) provides you with an opportunity to disclose any undeclared property income. By taking advantage of this campaign, you could get your tax affairs up to date and benefit from the best possible terms. It is always advisable to approach HMRC first because it puts you […]

high earner
Payroll
,
Personal Tax
,
Tax Tips

Tax implications of earning over £100K

April 24, 2024

Priya Raja-Motala

Earning a six-figure salary is an exceptional feat, providing a sense of financial security and abundance. However, it’s important to note that a higher income can lead to complicated tax affairs. There are various tax implications of earning over £100K so let’s have a look at them. One of the main tax implications of earning […]

business operations
Business Tips
,
Myers Clark News
,
News

Changes at the Companies House

April 17, 2024

Priya Raja-Motala

Last October, the Economic Crime and Corporate Transparency Act 2023 (ECCTA) was introduced to tackle fraud and economic crime in the UK. One of its key objectives is to improve the quality of data held at Companies House.  As a result, on 4th March 2024 changes at the Companies House came into being.   Overview […]

ated
Landlords
,
Tax Advice
,
Tax Tips

Are you letting out a residential property through a limited company?

April 5, 2024

Priya Raja-Motala

In recent years many landlords have preferred to set up a structure of a property limited company to ease the burden of tax.  Of course, this can be a good choice.  However, if you are letting out a residential property through a limited company you may have other tax obligations. As a property investor, you […]

Inheritance Tax
Personal Tax
,
Tax Advice
,
Tax Planning

Gifting for Inheritance Tax

April 3, 2024

Joanna Milne

In recent years, the allowances for Inheritance Tax (IHT) have remained stagnant. Consequently, an increasing number of individuals are now liable to pay this tax, which is commonly known as the “death tax”. To mitigate this tax, gifting for Inheritance Tax has become more prevalent. If you are not familiar with how IHT works, here’s […]

Tax Return
Accounting Tips
,
partnerships
,
self employed
,
Tax Tips

Expanding the cash accounting basis to all self-employed businesses

March 27, 2024

Martin Wackett

As part of his 2023 Autumn Statement , the Chancellor announced that the cash basis will replace the accruals basis as the default method for preparing accounts for all unincorporated businesses from 6 April 2024.  The announcement means expanding the cash accounting basis to all self-employed businesses. This will apply to sole traders as well […]

Furnished Holiday Let
Landlords
,
Personal Tax
,
Tax Advice
,
Tax Planning

Furnished Holiday Lets and the loss of tax breaks

March 20, 2024

Priya Raja-Motala

Among the announcements in the Spring 2024 Budget earlier this month was the decision to abolish the Furnished Holiday Let (FHL).  This means the loss of tax breaks for that type of rental business. Did you watch the Chancellor’s budget speech? During the speech, he mentioned Hon Members from St Austell and Newquay, North Devon, […]

tax planning
Corporation Tax
,
Personal Tax
,
Tax Tips

Plan for the Tax Year End

March 13, 2024

Priya Raja-Motala

This time of the year as we approach the end of the tax year we look at all the steps you need to take to make sure you are taking advantage of the tax savings measures available to you.  We will consider the different measures and help you plan for the tax year-end. Although overall, […]

spring budget
Business Tips
,
capital gains tax
,
Personal Tax

Spring 2024 Budget Announcements

March 6, 2024

Priya Raja-Motala

Earlier today, Chancellor Jeremy Hunt delivered the Spring Budget, which probably marks his final budget in the current sitting of parliament. The Chancellor began by stating that the economy is now starting to improve. The Office of Budget Responsibility (OBR) is forecasting inflation to reach 2% in the next few months, and growth in 2024 […]

Corporation Tax
Capital Allowances
,
Corporation Tax
,
Tax Tips
,
Uncategorized

Ways to reduce your corporation tax bill

February 28, 2024

Cindy Barnes

With the corporation tax rate rising from 19% to 25%, business owners have started to face higher corporation tax bills from 1 April 2023. So, what are the ways to reduce your corporation tax bill? If you are running a profitable business, you may be wondering if you’re taking advantage of all the tax efficiencies […]

team
Employee Benefits
,
HM Revenue & Customs
,
P11d
,
Payroll
,
Personal Tax

The end of reporting employee benefits on form P11d

February 21, 2024

Priya Raja-Motala

Admin work is not something that people enjoy doing. Moreover, filling out forms for paying taxes on the benefits provided to employees can be quite a hassle. After several years of consulting with accountancy and tax bodies, the government has announced that reporting employee benefits on form P11d will no longer be required.  The date […]

Is it still worth being a landlord?
Business Tips
,
Landlords
,
Tax Tips

Is it still worth being a landlord?

February 14, 2024

Priya Raja-Motala

The property market for landlords has been experiencing a lot of changes in recent months. After the interest rate hikes, many landlords have been questioning whether it is still profitable to continue being a landlord. They are curious to know if the business of being a landlord is still worthwhile.   Why is it difficult […]

company car
Employee Benefits
,
P11d
,
Tax Tips

When is a pool car, not a pool car?

February 7, 2024

Priya Raja-Motala

When an employee has access to a car provided by their employer, it usually results in a company car benefit-in-kind (BIK). However, if the car is classified as a “pool” car, then no taxable benefit arises. So, when is a “pool” car, not a “pool” car? Company Car Tax A company car is a common […]

Charitable Incorporated Organisations (CIOs) in the UK: An Accountant’s Perspective
Charities

Charitable Incorporated Organisations (CIOs) in the UK: An Accountant’s Perspective

January 31, 2024

Sumeet Bajaria

In the UK, there are four primary legal structures you can adopt if you are a charity: Trust – registered with The Charity Commission Unincorporated charity – registered with The Charity Commission Charitable company limited by guarantee – registered with Companies House and The Charity Commission Charitable Incorporated Organisation (CIO) – registered with The Charity […]

holiday pay
Business Tips
,
Hiring
,
Payroll

Changes to Holiday Pay for employees who work irregular hours

January 24, 2024

Priya Raja-Motala

The government has decided to undo the changes made to holiday pay calculations after the Harper Trust v. Mrs Brazel case in July 2022. In 2022 the Supreme Court ruled that the old 12.07% calculation, which had been in use for years, was no longer relevant. Due to these changes in holiday pay regulations for […]

salary sacrifice and electric car
Business Tips
,
Employee Benefits
,
Personal Tax
,
Tax Tips

Salary Sacrifice Scheme and the Electric Car

January 17, 2024

Priya Raja-Motala

Salary sacrifice has been around for a while now. But in recent times it has become a popular topic again.  For two reasons, first employers want to offer a competitive package to help with staff retention. Second, money is tight for everyone, and a salary sacrifice scheme offers tax savings.  Tax savings for both the […]

2024 goals
Business Tips

Starting the New Year off right

January 10, 2024

Priya Raja-Motala

Happy New Year and welcome to the first blog of 2024.  We hope you had a good rest and break during the festive season and enjoyed some quality time with friends and family.  Many of you will now be looking at starting the New Year off right. For this reason, January is a popular time […]

Giving back to your employees at Christmas
Employee Benefits
,
Payroll
,
Personal Tax
,
Tax Advice
,
Tax Tips

Giving back to your employees at Christmas

December 13, 2023

Priya Raja-Motala

It’s that time of the year when we celebrate the spirit of giving. As the festive season approaches, you may be considering ways to give back to your employees. This could be in the form of a Christmas bonus, a fun party, and maybe a few gifts.   But as you know by now gifting […]

Cloud Accounting
Business Tips
,
Personal Tax
,
Tax Tips

Autumn Statement 2023 and Making Tax Digital (MTD)

December 6, 2023

Priya Raja-Motala

Many small businesses may have lost track of MTD, which has been introduced five times already. What did the Autumn Statement 2023 say about MTD? The Autumn Statement 2023 included the outcome of the Making Tax Digital Small Business Review.  The review focused on whether and how small businesses should be brought into MTD.  So, […]

Autumn Statement
Business Tips
,
National Insurance
,
Personal Tax
,
self employed
,
Tax Planning
,
Tax Tips

Autumn Statement 2023 – The Overview

November 29, 2023

Priya Raja-Motala

The Chancellor, Jeremy Hunt, made a statement on our economy last week. The Autumn Statement 2023 unveiled the current government’s tax and spending plans. The statement also focused on the growth of the British Economy over the coming years.   The UK Economic Outlook   The Chancellor expressed a strong desire to prioritise the expansion […]

autumn statement
Business Tips
,
National Insurance
,
Tax Tips

Autumn Statement 2023

November 22, 2023

Priya Raja-Motala

Earlier today, Chancellor Jeremy Hunt delivered the Autumn Statement 2023. He began by stating that the economy had performed better than expected and that “real” income had increased. As a result, he announced 110 measures in the Autumn Statement that aim to drive growth.  We were thankful that he did not go into each and […]

vacant property
Landlords
,
Personal Tax
,
Tax Planning
,
Tax Tips

Tax deductible expenses for your property business

November 15, 2023

Priya Raja-Motala

In the field of the rental business, whether an expense is tax deductible will very much depend on what it is.  However, the ability to deduct expenses in a property business depends on the status of your rental business. So, what do we mean by the status of the business?  Well, when it comes to […]

Not-for-profit
Charities

Why is it important to explain the different types of funds held by not-for-profit entities in the Annual Report

November 8, 2023

Sumeet Bajaria

It is crucial for not-for-profit entities to clearly explain the composition and purpose of funds in their annual reports. This helps donors, funders, and stakeholders to better understand the entity’s financial position.   Types of funds   Not-for-profit organisations such as registered charities, charitable companies, trusts, and Charitable Incorporated Organisations (CIOs) can hold a variety […]

ir35
Corporation Tax
,
Personal Tax
,
Tax Advice

The issue of IR35

November 1, 2023

Priya Raja-Motala

A couple of years ago we were discussing if contracting was dead in the water. The introduction of IR35 reforms in April 2017 and April 2021 had raised questions.  The issue of IR35 so to speak. These reforms transferred the responsibility of determining IR35 status from contractors to clients, causing a significant compliance burden.  It […]

What’s happening to the UK Economy?
Business Tips

What’s happening to the UK Economy?

October 25, 2023

Priya Raja-Motala

It’s been some time since we saw a weakness in the UK job market.  But this week we received news from the Office for National Statistics (ONS) that unemployment rose slightly to 4.2% (from 4%) in the three months to August 2023. So, what’s happening to the UK economy? The ONS explained that the figures […]

cycle to work scheme
Employee Benefits
,
Payroll
,
Personal Tax
,
Tax Advice

Cycle to work scheme – how does it work?

October 18, 2023

Priya Raja-Motala

Have you ever wondered what the cycle to work scheme is?  Do you have friends or family who are taking their bike all or part of the way to work and saving tax in the process? The cycle-to-work scheme is used by over a million employees across the UK.  It saves them money and enables […]

hmrc scammers
HM Revenue & Customs
,
Tax Tips

HMRC scams and how to avoid them

October 11, 2023

Priya Raja-Motala

For several years now, HM Revenue & Customs (HMRC) has been aware that scammers have been using them as the subject of their schemes. After all, something as serious as tax gets everyone’s attention. With the tax return season in full swing, the swindlers are going to be trying harder as more people will be […]

dress code for barrister
Accounting Tips
,
Corporation Tax
,
Personal Tax

What is duality of purpose?

October 4, 2023

Priya Raja-Motala

As accountants, we have become accustomed to seeing situations where our clients combine their business and personal expenses.  Our role is often (especially when we are doing the bookkeeping) to sift through these expenses and explain the duality of purpose to our clients. So, what is duality of purpose?  Simply explained duality of purpose is […]

minimum wage
Business Tips
,
Payroll

Things to watch out for when calculating minimum wage

September 27, 2023

Priya Raja-Motala

Last month, HM Revenue and Customs (HMRC) released the first update from their National Minimum Wage (NMW) promotion team. Going forward, they plan to provide quarterly updates on certain things to watch out for when calculating the minimum wage. You should sign up for the employer bulletins.   Why is it important to get the […]

Our work in the community
Community
,
Myers Clark News
,
Myers Clark Team
,
Myers Clark Updates

Our work in the community

September 19, 2023

Priya Raja-Motala

Myers Clark has always believed that a strong Corporate Social Responsibility (CSR) is important for the company, its clients, and the community. For years, we have been helping financially where possible. Albeit in a very small way. We used to have dress-down days like the “mufty days” in school, and staff members would donate money […]

employer duties
Business Tips
,
Employee Benefits
,
Hiring

What are your duties as an employer?

September 13, 2023

Priya Raja-Motala

Currently, in the UK, there is a shortage of high-quality staff to support businesses. There are multiple reasons behind this, and some of them are beyond our control. However, you can control the type of employer you are. The initial step is to comprehend your responsibilities as an employer. So what are your duties as […]

cloud accounting
Accounting Tips
,
Bookkeeping
,
Cloud Accounting
,
Digital Technology

Bookkeeping tips to help small businesses

September 6, 2023

Priya Raja-Motala

Have you ever wondered how bookkeeping done well can help your small business?  Well bookkeeping and financial data are crucial to managing your business.  So here’s some great bookkeeping tips. As a small business when things are tight (and even when they are not), it’s important that you keep on top of what comes in […]

paye tax
Payroll
,
Personal Tax
,
Tax Advice
,
Tax Tips

Why should you understand your PAYE code?

August 30, 2023

Priya Raja-Motala

Does it matter if you don’t know exactly what is in your “Pay As You Earn” (PAYE) code? After all HM Revenue & Customs have all the information and they will issue the right code which your employer will apply.  So why should you understand your PAYE code? It is common for taxpayers to be […]

good landlords
Business Tips
,
Landlords
,
News

How to be a good landlord

August 16, 2023

Priya Raja-Motala

Many landlords are having a difficult time right now. For many of you, it’s an anxious time due to a few things happening, like rising interest rates and new legislation.  So why is it important to think about how to be a good landlord? Following the death of a young boy (Awaab Ishak) in 2020, […]

how to pay less CGT
Personal Tax
,
Tax Advice
,
Tax Planning
,
Tax Tips

What is capital gains tax and how to pay less?

August 9, 2023

Priya Raja-Motala

Capital gains tax (CGT) is a complicated area of tax and one that a lot of people don’t come across often unless you are a regular investor. So, what is capital gains tax and how to pay less? When individuals or trusts sell or gift an asset, they typically pay taxes on any profit or […]

hmrc inquiry
Corporation Tax
,
HM Revenue & Customs
,
Personal Tax
,
self employed
,
Tax Tips

HMRC plans to increase the number of tax investigations

August 2, 2023

Priya Raja-Motala

Last week, HMRC released its annual report, which is worth a read. It covers topics such as tax revenue, decrease in tax gaps, shortcomings in customer service and efforts to ensure accurate tax payment. The CEO’s review discusses investment in compliance officers and emphasis on tackling fraud. As a result, HMRC plans to increase the […]

Why managing your cash is so essential right now
Business Tips
,
Cash Flow

Why managing your cash is so essential right now

July 26, 2023

Priya Raja-Motala

According to the Office for National Statistics (ONS), the UK’s inflation rate has decreased to 7.9% for the year ending in June. This is positive news as the rate of price increases is slowing down. However, it’s important not to become complacent and to continue monitoring your finances closely. In the current economic climate, managing […]

investment property
Landlords
,
partnerships
,
Personal Tax
,
Tax Advice
,
Tax Tips

How can you incorporate your property business in a tax-efficient way?

June 22, 2023

Priya Raja-Motala

Landlords are currently facing a challenging landscape, causing many to reconsider their decision to remain in the industry. If you plan to continue as a landlord, you may now be considering incorporating your property business.  This could deliver some financial and tax advantages. So how can you incorporate your property business in a tax-efficient way? […]

Why is it important to file your accounts on time ?
Accounting Tips
,
Business Tips
,
Cash Flow
,
Cloud Accounting

Why is it important to file your accounts on time ?

June 22, 2023

Priya Raja-Motala

Most of us accountants are keen to make sure that you file your accounts on time.  If you are a seasoned business owner, you will already know that if you file your accounts late you will receive penalties. But why else is it important to file your accounts on time? You can review the full […]

Disappointed by their accounting firm. Why S. Hille Holdings wish they’d found Myers Clark sooner.
blog page
,
Cloud Accounting
,
Myers Clark Team

Disappointed by their accounting firm. Why S. Hille Holdings wish they’d found Myers Clark sooner.

June 21, 2023

Priya Raja-Motala

Running a business is rarely a solo effort. Being successful and profitable often means relying on other people for support – whether that be experts inside or outside of the company.   So, what happens when you realise a professional relationship isn’t serving you?   The family at S. Hille Holdings found themselves in exactly […]

iht planning
HM Revenue & Customs
,
Personal Tax
,
Tax Tips

Managing Inheritance Tax – What if you can’t afford to pay the tax

June 19, 2023

Priya Raja-Motala

In our previous blog managing Inheritance Tax (IHT) we looked at how IHT works and what steps you can take to minimise your liability. However, if you look at the latest government data, it shows the number of people paying IHT is rising year on year. Last year some 41,000 people were liable to IHT […]

e-invoice
Business Tips
,
Cloud Accounting
,
Digital Technology

How can Artificial Intelligence work for your business?

June 16, 2023

Priya Raja-Motala

You can’t have missed the conversation about artificial intelligence (AI) recently. This is because there is now a new wave of AI technology. This brings an opportunity to automate many routine or administrative tasks and improve the overall efficiency of your business. You know we have been talking cloud accounting for a while because that […]

Basis Period Reform
HM Revenue & Customs
,
partnerships
,
Personal Tax
,
self employed
,
Tax Planning

Basis Period Reform

June 14, 2023

Priya Raja-Motala

The Basis Period Reform was originally planned to coincide with Making Tax Digital (MTD), but despite MTD being postponed, HM Revenue & Customs (HMRC) will still implement the Basis Period Reform. This will have an impact on self-employed individuals and partnerships. If you run a partnership or are self-employed, the Basis Period Reforms will impact […]

Landlord Reform Bill
Landlords
,
News

Renters Reform Bill – what is it and what do landlords need to know.

June 6, 2023

Priya Raja-Motala

The Renters Reform Bill initially promised in 2019 was published last month (May 2023).  The government says this piece of legislation will deliver “safer, fairer, and higher quality homes, thanks to the once-in-a-generation overhaul of housing laws”.  However, it is not expected that it will become law until next year. So where does this leave […]

business growth
Business Tips
,
Tax Advice
,
Tax Tips

Do you have a growth strategy?

May 31, 2023

Priya Raja-Motala

You might have a great product or service to sell but without a business growth strategy to help, it may not grow at all! To grow you need to have a well-documented and clearly defined growth strategy. A growth strategy starts with identifying and accessing opportunities within your market. The strategy addresses how your company […]

taking money out of your company
Business Tips
,
Corporation Tax
,
Employee Benefits
,
Payroll
,
Personal Tax

The best ways to take money out of your company.

May 23, 2023

Priya Raja-Motala

What are the best ways to take money out of your company?  This is the most common question asked by many clients. You choose to operate your business as a limited company for various reasons.  One of the top reasons is normally so that you can have protection under “limited liability” and the other is […]

The upcoming EPC changes for Landlords --- We are still waiting for confirmation on this (09/24)
Landlords
,
Personal Tax

The upcoming EPC changes for Landlords — We are still waiting for confirmation on this (09/24)

May 17, 2023

Priya Raja-Motala

The Government has proposed a new EPC change for landlords requiring a Minimum Energy Efficiency Standard (MEES) to move from E to C.  This upcoming change to the EPC requirement could be expensive for landlords and needs careful planning.   What is EPC?   EPC stands for Energy Performance Certificate and measures the energy efficiency […]

Making recruiting easier
Hiring
,
News
,
Payroll

Making recruiting easier

May 10, 2023

Priya Raja-Motala

 The UK employment rate was estimated at 75.8% in December 2022 to February 2023. This is 0.2% higher than September to November 2022. The increase is due to more part-time employees and self-employed workers, and it means the labour market remains tight. So, what can you do to make recruitment easier for your business. In […]

Building Resilience in your business
Business Tips
,
News

Building Resilience in your business

May 3, 2023

Priya Raja-Motala

Inflation is proving to be a real problem now. This comes as new figures released this week suggests that food prices were up 15.7% last month compared to April 2022.  The Bank of England is predicted to raise the interest rate again later this month. This makes everyone nervous which means if you have been […]

iht planning
Personal Tax
,
Tax Advice
,
Tax Planning
,
Tax Tips

Managing Inheritance Tax

April 26, 2023

Priya Raja-Motala

Like many other taxes, inheritance tax (IHT) allowances have been frozen over the last few years. This means that more people are now paying IHT. Recent data from HMRC has revealed that IHT collected between April 2022 and February 2023 totalled £6.4bn, this is £900m higher than the same period last year. So, what can you […]

research & development
Corporation Tax
,
Tax Advice
,
Tax Tips
,
Uncategorized

Changes to R&D tax relief schemes

April 19, 2023

Priya Raja-Motala

In the Chancellor’s Spring 2023 Budget , Jeremy Hunt confirmed changes to the two Research and Development (R&D) schemes currently in operation. These changes came into effect from 1 April 2023 and are being brought in to help tackle a significant amount of fraud being perpetrated through the R&D schemes, particularly the scheme for SME’s. […]

workplace culture
Business Tips
,
Myers Clark Team

Why is the workplace culture important now

April 12, 2023

Priya Raja-Motala

Is the workplace culture important?   You will have heard of Generation Z and how their expectation of work is so different.  For Gen Z the workplace culture is important.  This generation will soon pass the Millennials as your new employee and your new customer. Gen Z tend to bring their personal values to their […]

Mitigating the long-term effect of inflation on your finances
Business Tips
,
Cash Flow
,
News

Mitigating the long-term effect of inflation on your finances

April 5, 2023

Priya Raja-Motala

  With continuing inflation in the UK, many of us and our businesses have been put “off track” in the short to medium term so how do you mitigate the long-term effect of inflation? The Bank of England recently increased interest rates by a quarter of a percentage point to 4.25%. This is despite the […]

end of tax year
Capital Allowances
,
capital gains tax
,
HM Revenue & Customs
,
P11d
,
Payroll
,
Tax Tips

Getting ready for end of tax year

March 29, 2023

Priya Raja-Motala

We are almost in April and that means one thing, end of the current tax year is approaching. So how can you be getting ready for the end of the tax year?  There are a few things to consider over the coming week as the last day of the current tax year is 5th April […]

bookkeeping
Bookkeeping
,
Myers Clark Updates

Neglecting quality accounting data can paralyse a business. Here’s how we got our client moving again.

March 21, 2023

Priya Raja-Motala

Herts Mind Network were doing brilliant work providing the community with much needed mental health support. The trouble was they had a long task-list and were struggling to keep on top of their books. Their bookkeeping was sparse and patchy and this made it difficult to account for the grants they received, or assign them […]

Budget 2023 - The Details
Business Tips
,
Tax Advice
,
Tax Planning
,
Tax Tips

Budget 2023 – The Details

March 20, 2023

Priya Raja-Motala

After presenting a Budget-in-all-but name with the Autumn Statement, the Spring Budget was delivered against the backdrop of a day of widespread industrial action. The run-up to the event appeared deliberately downplayed, save for a late flurry of leaks highlighting a focus on childcare at one end of the scale and pensions at the other. […]

Budget 2023
Business Tips
,
Myers Clark Updates
,
Personal Tax
,
Tax Tips

Budget 2023

March 15, 2023

Priya Raja-Motala

Earlier today (15th March 2023) the Chancellor of the Exchequer Jeremy Hunt delivered his first budget. However, he was presenting his second set piece following the Autumn Statement last year amid big expectations. So, here’s the brief overview of the main parts following today’s announcements and how it can affect your business and your personally […]

Tax Return
Personal Tax
,
Tax Planning
,
Tax Tips

Do I need an Accountant to file a Tax Return?

March 8, 2023

Priya Raja-Motala

This is a common question when thinking about completing your Tax Return.  Can I do it myself or do I really need an Accountant to file a Tax Return.  Well, the simple answer is it depends. It depends whether you have the time, whether your time would be better spent elsewhere, and how complex your […]

benefits in kind
Employee Benefits
,
P11d
,
Payroll
,
Tax Tips

Should you payroll your employee benefits?

March 1, 2023

Priya Raja-Motala

For some years now employers have been able to payroll benefits for their employees. The obvious question for you as an employer is should you payroll your employee benefits? What are the advantages and the draw backs of taking such a step?   So, what are we talking about here? We are talking about employee […]

child benefit
Personal Tax
,
Tax Tips

Have you had to repay the Child Benefit?

February 22, 2023

Priya Raja-Motala

Have you been approached by HM Revenue & Customs (HMRC) asking for the repayment of Child Benefit? You may have received a letter from HMRC (The Child Benefit Office) saying that you’ve been overpaid, and they would like the money back.   There’s an appeal process in place if you feel that the facts in […]

making a mistake in your VAT Return
HM Revenue & Customs
,
VAT
,
VAT Compliance
,
VAT Return

Why do you need to know the difference between VAT Error and Adjustment?

February 10, 2023

Priya Raja-Motala

  The word “adjustment” means alteration in the English Language whilst “error” means a mistake. The difference between the two is important because when it comes to your VAT Returns how you deal with a VAT error is different to how you can deal with a VAT Adjustment.   What qualifies as a VAT Adjustment? […]

Do you want to transfer the ownership of your investments to your spouse to save tax?
HM Revenue & Customs
,
Tax Advice
,
Tax Planning
,
Tax Tips

Do you want to transfer the ownership of your investments to your spouse to save tax?

February 8, 2023

Priya Raja-Motala

Have you been thinking that if you could just transfer some of your investment income to your spouse then you will have a lower tax liability? If so, you are not the only one.  This is a common question when we prepare client’s tax returns. Having just completed the tax season and nearing the end […]

How to do business during inflationary times
Business Tips
,
Cash Flow
,
Funding

How to do business during inflationary times

February 1, 2023

Priya Raja-Motala

Inflation is affecting everyone and every business across the globe. How do you do business during these inflationary times and where should you pay attention. Soaring inflation is making things difficult for business as costs rise and, in some cases, go out of control.  Consumers are also experiencing the pressures of rising prices and hence […]

Should you buy a holiday let and use it yourself?
Landlords
,
Personal Tax
,
Tax Tips
,
VAT

Should you buy a holiday let and use it yourself?

January 25, 2023

Priya Raja-Motala

January is normally when so many of us start looking at our holiday plans for the year ahead. What better way to spend those cold dark evenings. A few of us even dream of having a holiday place that we can call our own.  And why not? A place of our own in a familiar […]

The Tax Benefits of an Electric Car
Capital Allowances
,
Employee Benefits
,
P11d
,
Personal Tax
,
Tax Planning

The Tax Benefits of an Electric Car

January 18, 2023

Priya Raja-Motala

The company car is becoming more popular again mainly because of electric cars. Once again it is potentially an exciting tax perk and an important part of any remuneration planning. In our updated blog we revisit the tax benefits of an electric car. Of course, nobody these days questions the environmental benefits of running an […]

Changes to Research & Development tax credit schemes
Corporation Tax
,
HM Revenue & Customs
,
Tax Advice
,
Tax Tips

Changes to Research & Development tax credit schemes

January 11, 2023

Priya Raja-Motala

Changes to R&D tax relief schemes In the Chancellor’s Spring 2023 Budget ,Jeremy Hunt confirmed changes to the two Research and Development (R&D) schemes currently in operation. The main changes relate to the changes to the rates of relief available. These changes came into effect from 1 April 2023 and are being brought in to […]

UK High Street
Brexit
,
Business Tips
,
News

Six Reasons Behind the Decline Of The UK High Street

December 14, 2022

Priya Raja-Motala

The British High Street is continuing to diminish, and as the crisis persists, the high street as we know it may soon become obsolete, with both independent and chain stores feeling the effects. Mary Portas the queen of retail and the person David Cameron trusted with the review of our high street twelve years ago […]

VAT penalties
HM Revenue & Customs
,
VAT
,
VAT Compliance
,
VAT Return

Changes to VAT penalties – what you need to know

December 7, 2022

Priya Raja-Motala

The changes in the VAT penalty system which we have known about for a while comes into effect next month (January 2023). We are expecting more details this month from HM Revenue & Customs but here’s what we know so far relating to the changes to VAT penalties. The main reason for the introduction of […]

business culture
Business Tips
,
Myers Clark Team

What can your business learn from a car manufacturing giant?

November 30, 2022

Priya Raja-Motala

The “Toyota Way” as it is often referred to in the world of management is a set of principles supported by two main pillars – continuous improvement and respect for people. So, what can your business learn from a car manufacturing giant?   This is a blog for those interested in business so it will […]

Are you ready to join Myers Clark?
Hiring

Are you the next Property Management Specialist?

November 25, 2022

myersclark

Role: Specialist Property Management Accounts Team Start Date: Immediate Position: Full time, 37.5 hours a week Do you want to work for a business that’s serious about you and your ambitions? Do you share our values of achieving high standards and enjoying your work? Do you take pride in growing, supporting and challenging yourself and [...]

bookkeeping
Accounting Tips
,
Corporation Tax
,
Personal Tax
,
Tax Planning

To Incorporate or not to Incorporate?

November 23, 2022

Priya Raja-Motala

Operating through a Limited Company is the most common way to work in the UK if you are working for yourself.  This is because it is relatively cheap and easy to set up.  It is also perceived to be the most tax advantageous way of operating.  But the tax advantages are increasingly being reduced. So, […]

The Autumn Statement 2022
Business Tips
,
capital gains tax
,
Payroll
,
Personal Tax
,
Tax Advice
,
Tax Planning
,
Tax Tips

The Autumn Statement 2022

November 18, 2022

Priya Raja-Motala

Yesterday we had the first Autumn statement from the newly appointed Chancellor. Jeremy Hunt was faced with a challenging economic backdrop to his first major set piece. He is grappling with a combination of over 11% inflation, a recession, and the need to re-establish the UK’s financial credibility following the turmoil of September’s mini budget […]

The £1,000 Allowances – What are they?
HM Revenue & Customs
,
Personal Tax
,
Tax Advice
,
Tax Tips

The £1,000 Allowances – What are they?

November 9, 2022

Priya Raja-Motala

The area of tax is full of reliefs and allowances.  Knowing what these are allows you to plan your tax affairs and reduce the tax you need to pay.  One such allowance is what we refer to as the £1,000 allowance.  Actually there are two areas where you are entitled to a £1,000 allowance so […]

tax return
HM Revenue & Customs
,
Personal Tax
,
Tax Tips

Benefits of submitting your Tax Return before the deadline

November 1, 2022

Priya Raja-Motala

If you have been completing a Self-Assessment Tax Return for a while you know it is an annual ritual that has to be performed.  It needs to be done without fail no matter what.  There are some who prefer to submit the return early with plenty of time, whilst others leave it to the last […]

rent a room
HM Revenue & Customs
,
Landlords
,
Personal Tax
,
Tax Advice
,
Tax Tips

What is Rent a Room Relief

October 26, 2022

Priya Raja-Motala

Rent a Room scheme was introduced twenty years ago and still remains a very useful relief when you share your home with tenants. The move was initially made to encourage you as taxpayers to share your spare space. Twenty years on we still have a housing crisis, so the relief remains relevant. So, what is […]

The Mini Budget 2022 - Revisited
Corporation Tax
,
HM Revenue & Customs
,
National Insurance
,
News
,
Payroll
,
Tax Planning
,
Tax Tips

The Mini Budget 2022 – Revisited

October 19, 2022

Priya Raja-Motala

Have you kept up with all the changes in the mini budget? From the time of the initial announcements on 23rd September we were in fact expecting more announcements but not the type that came over the last two weeks.  The mini budget 2022 has been revisited properly this week by the new Chancellor Jeremy […]

What is a post transaction valuation?
capital gains tax
,
HM Revenue & Customs
,
Tax Planning
,
Tax Tips

What is a post transaction valuation?

October 12, 2022

Priya Raja-Motala

What is a post transaction valuation? When you sell an asset, you will need to report this to HM Revenue & Customs (HMRC) and pay any Capital Gains Tax (CGT).  But you may not have sold the asset in question at market value so what do you do?   In that case, you need to […]

team
Employee Benefits
,
Payroll
,
Tax Advice
,
Tax Tips

Important changes to holiday pay

October 5, 2022

Priya Raja-Motala

  The Supreme Court has recently ruled on calculating holiday pay for part time workers.  These important changes to holiday pay means that part time workers are entitled to minimum pay irrespective of how many hours they actually work.   Bit of background In a recent case (Harper Trust v Mrs Brazel), the latter was […]

Deeper dive into the
Capital Allowances
,
Corporation Tax
,
Exporting
,
Importing
,
National Insurance
,
Personal Tax

Deeper dive into the “mini budget”

September 28, 2022

Priya Raja-Motala

In an unusual move, yesterday the International Monetary Fund (IMF) openly criticised the UK government’s mini budget . The IMF have concerns that the proposals delivered by Kwasi Kwarteng are likely to make the UK a more unfair society and add to the existing inflationary pressures. The markets have lost faith in the pound during […]

Mini Budget 2022
Business Tips
,
Capital Allowances
,
Corporation Tax
,
HM Revenue & Customs
,
National Insurance
,
Personal Tax
,
Tax Planning

Mini Budget 2022

September 26, 2022

Priya Raja-Motala

The new Chancellor Kwasi Kwarteng revealed his first budget on Friday 23rd September.  Whilst many of us were expecting some tax breaks nobody had predicted the biggest tax cutting budget since 1972. The tax cuts and other incentives in the budget are directed towards growing the UK economy. The government is targeting a 2.5% growth […]

Cloud Accounting
Accounting Tips
,
Bookkeeping
,
HM Revenue & Customs
,
News
,
Tax Advice

Making Tax Digital (MTD – Updated January 2023

September 21, 2022

Priya Raja-Motala

The introduction of Making Tax Digital (MTD) has been delayed until 2026. What is MTD Making Tax Digital is an initiative introduced by HMRC in an attempt to modernise our tax system in the digital age. MTD for ITSA (Income Tax & Self-Assessment) comes into effect from April 2026 (previously 2024) if your “qualifying income” […]

What’s the difference between cash accounting & traditional accounting?
Uncategorized

What’s the difference between cash accounting & traditional accounting?

August 30, 2022

Priya Raja-Motala

Have you recently started a business? Or are you a small business with turnover of less than £150K? If so one of the decisions, you’ll make is whether to use the cash basis for accounting or the traditional accounting method.   As a business you will need to keep records of your financial transactions from […]

Should you buy a property in your own name or within a company?
Landlords
,
Tax Advice
,
Tax Planning

Should you buy a property in your own name or within a company?

August 30, 2022

Priya Raja-Motala

If you already have a property portfolio or are considering building one, should you do this in your name or within a company? Also, if you have a portfolio, is it worth transferring it into a company rather than holding it in your own name? In recent years landlords up and down the country have […]

Should I buy a car or lease it?
Business Tips
,
P11d
,
Personal Tax
,
Tax Planning
,
Tax Tips

Should I buy a car or lease it?

August 24, 2022

Priya Raja-Motala

Are you thinking about buying a car?  If so, will it be an electric car? Will you buy it or lease it? Will it be a Company Car, or will you buy it personally? Buying a car is a big decision and one that should be taken with some thought. Whether you buy  or lease […]

High Interest Rates and Rising Inflation – What should you do next?
Business Tips
,
Cash Flow
,
News
,
Tax Advice
,
Tax Planning

High Interest Rates and Rising Inflation – What should you do next?

August 17, 2022

Priya Raja-Motala

The Bank of England increased interest rates from 1.25% to 1.75% and has predicted that the UK will fall into recession in the last quarter of 2022. So, with high interest rates and rising inflation what should you do next? The Bank believes that increasing interest rates at a faster rate will mean spending will be controlled. […]

Do you have a non-taxable Trust?
HM Revenue & Customs
,
Myers Clark Updates
,
Tax Tips

Do you have a non-taxable Trust?

August 10, 2022

Priya Raja-Motala

A Trust that is created by settlors often referred to as Expressed Trusts normally require registering with the Trust Registration Service (TRS). But do you have a non-taxable Trust that did not previously require to be registered? TRS which was introduced in 2017 was initially set up to register beneficial ownership of those Trusts which […]

Why you need a Government Gateway Account
Business Tips
,
Corporation Tax
,
HM Revenue & Customs
,
Personal Tax
,
VAT

Why you need a Government Gateway Account

August 3, 2022

Priya Raja-Motala

What is a government gateway? Why do you need a government gateway account anyway? The gateway is a central location via which you can access various services including your tax account. How many of you have tried to contact HM Revenue & Customs (HMRC) recently over the phone only to get frustrated with the holding […]

Business expense if you don’t charge a market rent?
Accounting Tips
,
Business Tips
,
Personal Tax
,
Tax Advice

Business expense if you don’t charge a market rent?

July 27, 2022

Priya Raja-Motala

Are you a landlord? Have you let out your property at an undervalue? If so, what business expense can you claim if you don’t charge a market rent? As a landlord and a tax payer you want to maximise tax savings and claim all the possible expenses against your rents.   Why would you not […]

How do you get payroll right for your small business?
P11d
,
Payroll
,
Tax Advice
,
Tax Tips

How do you get payroll right for your small business?

July 20, 2022

Priya Raja-Motala

Are you a business that operates your own payroll? Do you want to be involved with paying your staff or is it because you do not want to incur payroll fees? How do you get payroll right for your small business? Do you rely entirely on the software? Or the HMRC Basics Tools?  Do you […]

What these turbulent times in politics could mean for your business
Business Tips

What these turbulent times in politics could mean for your business

July 13, 2022

Priya Raja-Motala

It’s been a very long week at least on the domestic political scene.  It seems longer than just a week ago when we saw the resignation of Sajid Javid followed very quickly by the then Chancellor Rishi Sunak causing a chain reaction eventually leading to the Prime Minister’s (PM’s) resignation. So here we are a […]

travel expense
Business Tips
,
HM Revenue & Customs
,
Tax Tips

Travelling expense when you are working from home

July 6, 2022

Priya Raja-Motala

The pandemic has changed a few things but one of the key changes has been that more of us are now working from home. The question that is now being asked is what can you claim for business travel? Travelling expenses when you are working from home is something most employees seek to claim back […]

How do I get better with my time management
Business Tips

How do I get better with my time management

June 22, 2022

Priya Raja-Motala

Have you ever noticed how everybody is always busy? “I don’t have any time” seems to be an overused phrase in many normal conversations whether that be business or personal But if we are really honest, it is not the time that is an issue, it is a question of priorities. In fact, it is […]

How do you understand your PAYE code?
Employee Benefits
,
Payroll
,
Personal Tax
,
Tax Tips

How do you understand your PAYE code?

June 15, 2022

Priya Raja-Motala

Everyone who is on a payroll or receives a private pension will have a tax code from HM Revenue & Customs (HMRC).  This code also referred to as PAYE code tells your employer or pension provider what tax to deduct. But how do you understand your PAYE code? Do you fully understand what is and […]

repairs for rental property
Business Tips
,
Personal Tax
,
Tax Tips

What expenses can you claim against your rental income?

June 8, 2022

Priya Raja-Motala

If you have any business, you want to make sure that you maximise your tax position. The same applies to when you are a landlord, so what expenses can you claim against your rental income? We refer to these as allowable expenses so in other words your business costs that can be deducted from profits. […]

How do you get a repayment from HMRC?
Personal Tax
,
Tax Advice
,
Tax Tips

How do you get a repayment from HMRC?

June 1, 2022

Priya Raja-Motala

How do you get a repayment from HMRC?   When you have overpaid tax, you obviously want it repaid. But how do you get a repayment from HMRC? How will you know if you are entitled to a refund of tax? And once you know is it necessary to complete a Self-Assessment Tax Return?   […]

Small Business Strategy
Business Tips
,
Cloud Accounting
,
Digital Technology

Small Business Strategy

May 25, 2022

Priya Raja-Motala

A recent survey by the Federation of Small Business (FSB) states that almost 50% of their businesses will face stagnation in growth due rising costs of operation.  As a business you need to review your risks and your small business strategy. Against the background of soaring inflation, the war in Ukraine, global supply chain problems, […]

Letting out your property as a holiday let?
Business Tips
,
HM Revenue & Customs
,
Personal Tax
,
Tax Advice
,
Tax Planning

Letting out your property as a holiday let?

May 18, 2022

Priya Raja-Motala

The pandemic is said to bring a few behavioural changes.  Working from home including “blended working” is one such example and letting out your property as a holiday let may be another one. During the later part of 2021 many councils in the tourist areas of the country were experiencing significant rises is housing waiting […]

Is it a repair or improvement ?
Capital Allowances
,
Personal Tax
,
Tax Advice
,
Tax Tips

Is it a repair or improvement ?

May 11, 2022

Priya Raja-Motala

The most common question we deal with when preparing accounts for landlords is “is it a repair or improvement”?   It can often be difficult to distinguish between repairs and improvements. However, it’s extremely important to report them correctly for tax purposes. Repairs are often referred to as revenue expenditure and improvements as capital expenditure. […]

Capital or Revenue Expenditure
Accounting Tips
,
Cloud Accounting
,
Tax Tips

Capital or Revenue Expenditure

May 4, 2022

Priya Raja-Motala

Knowing whether business expenditure is capital or revenue is essential to the preparation of correct accounts and tax returns, but it is sometimes difficult to decide what is the right treatment. HM Revenue and Customs (HMRC) has recently updated its guidance on the most common errors. First the basics: revenue expenditure is deductible in computing […]

The Ups and Downs of Tax
Accounting Tips
,
Capital Allowances
,
Tax Tips
,
VAT

The Ups and Downs of Tax

April 27, 2022

Priya Raja-Motala

We are now in the new tax year 2022-2023 which started on 6th April 2022.  Did you know the chosen year end of 5th April was first introduced in 1752? Back then the new tax year started on 25th March and ended after full 365 days which would be on 4th April. But in 1800 […]

Myers Clark Community Action Group
blog page
,
News

Myers Clark Community Action Group

April 20, 2022

Priya Raja-Motala

We have just had Easter which is traditionally a time for renewal and rebirth.  Spring is truly here, and the dark days of Winter are behind us. Yet we all know this year life is harder for many. According to the Joseph Rowntree Foundation more than one in five of the UK population now lives […]

How can I avoid insolvency
Business Tips
,
Cash Flow
,
Myers Clark Updates

How can I avoid insolvency

April 13, 2022

Priya Raja-Motala

The UK is one of the best places to do business in the world.  Yet the current economic conditions of high inflation and problems with resources has meant there is a chance you may be thinking of your business right now and asking the question “how can I avoid insolvency?” You are probably involved in […]

Divorce and Tax
Personal Tax
,
Tax Advice
,
Tax Planning
,
Tax Tips

Divorce and Tax

April 6, 2022

Priya Raja-Motala

Whilst tax is unlikely to be at the top of your list of important issues if you decide to separate, the potential benefits which could arise from prudent tax planning can ensure that both parties do not have unexpected and unwanted tax charges. This is particularly relevant for Capital Gains Tax (“CGT”), which, in reality, […]

How to stay positive in uncertain times in the workplace
Business Tips
,
Employee Benefits
,
Myers Clark Team

How to stay positive in uncertain times in the workplace

March 16, 2022

Priya Raja-Motala

This is the big question of the day. How to stay positive in these uncertain times especially when it comes to the workplace. Not only have we had a global pandemic for two years, but we also have political upheavals around the globe, an all-out war on European soil and new stories everyday about rising […]

ir35
HM Revenue & Customs
,
VAT
,
VAT Compliance
,
VAT Return

VAT Registered but not yet filing under MTD?

March 9, 2022

Priya Raja-Motala

It’s not long to go before 1st April 2022.  What is the relevance of this date you ask? This is the date MTD comes into play if you are a VAT Registered business but not yet filing under MTD.   What is MTD? Making Tax Digital (MTD) is HM Revenue & Customs plan to digitise […]

pensions, salary
Employee Benefits
,
Myers Clark Updates
,
National Insurance
,
Payroll
,
Tax Advice
,
Tax Planning

Is Salary Sacrifice a good idea?

March 2, 2022

Priya Raja-Motala

You may have heard the term “salary sacrifice” on occasions and wondered what it is. Have you ever wondered if you should participate in the scheme either as an employee or an employer?  Basically, is salary sacrifice a good idea?   What is Salary Sacrifice? Salary sacrifice schemes are not a new thing and have […]

Capital Gains Tax Deferral Relief – Enterprise Investment Scheme (“EIS”) Investments
capital gains tax
,
HM Revenue & Customs
,
Tax Advice
,
Tax Planning
,
Tax Tips

Capital Gains Tax Deferral Relief – Enterprise Investment Scheme (“EIS”) Investments

February 23, 2022

Priya Raja-Motala

Are you thinking of selling an asset? Or have you recently sold or gifted an asset that gave rise to a Capital Gains Tax (CGT) liability? If so, there is an often underutilised relief that could improve your cash position; Capital Gains Tax Deferral Relief.   If you pay income tax at the higher or […]

business operations
Brexit
,
Business Tips
,
Cash Flow
,
Employee Benefits
,
Funding

How is your business going in 2022?

February 11, 2022

Priya Raja-Motala

Businesses have a lot on their plate now! You have had a lot on your plate for the last two years. But our world is changing rapidly or so it feels. So how is your business going in 2022? This year has brought different challenges. There is the threat of the “great resignation” where workers […]

Why is time management skills important for your work?
blog page
,
Business Tips
,
Myers Clark Updates

Why is time management skills important for your work?

February 9, 2022

Priya Raja-Motala

Why does it matter you have a time management system for work? The UK is often labelled as a “low productivity” economy amongst the G7 economies.  Compared to France we rank much lower.  So, what do our peers do across the channel that we don’t. According to the Guardian newspaper the French have a wonderful […]

What is it like working as an ACA trainee at Myers Clark?
blog page
,
Employee Benefits
,
Myers Clark Team
,
Myers Clark Updates

What is it like working as an ACA trainee at Myers Clark?

February 7, 2022

Priya Raja-Motala

You’re here because you’re looking for the right place to undertake your ACA training and become a qualified Chartered Accountant.   We know how important it is to learn the ropes in an environment where you feel valued and on a structured path to achievement.   We wanted to give you a picture of what […]

End of year Tax Planning
Tax Advice
,
Tax Planning
,
Tax Tips

End of year Tax Planning

February 2, 2022

Priya Raja-Motala

Why will be it be necessary to do some tax planning moving forward. You may have seen in the press last week, there is not going be a “U” turn with the introduction of the new health social care levy. The UK government borrowed another £16.8 billion in December 2021 and the Covid 19 pandemic […]

building a garden office
Business Tips
,
Capital Allowances
,
capital gains tax
,
Employee Benefits
,
VAT

Tax breaks for your garden office

January 26, 2022

Priya Raja-Motala

Most restrictions in England will end tomorrow as Plan B comes to an end! Which side of the divide do you belong to?  Is it time to get back to “normal” and for everyone to go back to the office? Or is it too early and we should all carry on working from home until […]

How not to lose your staff to your competitors?
Business Tips
,
Employee Benefits
,
Myers Clark Updates
,
Payroll

How not to lose your staff to your competitors?

January 19, 2022

Priya Raja-Motala

It seems that every week in the news we are hearing about staff shortages in the UK and when we speak to you about this many of you are confirming the same. So, how do you retain your staff. According to the BBC the shortage has been aggravated by the fact that 400,000 people have […]

Trading with the EU - Changes you need to know from January 2022
Brexit
,
Exporting
,
Importing
,
VAT

Trading with the EU – Changes you need to know from January 2022

January 12, 2022

Priya Raja-Motala

Full customs controls started on 1 January 2022 – are you compliant? Changes to customs controls came into force from 1 January 2022. HMRC has now written to traders highlighting how that might affect the way goods are imported and exported between Great Britain and the EU. From 1st January 2022 a number of things […]

January, best use of time in the New Year
Brexit
,
Business Tips
,
HM Revenue & Customs
,
Personal Tax

What is the best use of your time in January?

January 7, 2022

Priya Raja-Motala

We wish you a happy new year and let’s hope 2022 is more stable and that by the end of the year we can return to some kind of “normality”. What is the best use of your time in January? We encourage all clients to consider taking time to prepare a 2022 Strategic plan. “A […]

working from home
blog page
,
Business Tips
,
HM Revenue & Customs
,
Myers Clark Updates

We are now at Plan B so what is your plan?

December 15, 2021

Priya Raja-Motala

We are now into week one of Plan B even if at the time of writing this blog our MP’s are still debating measures amid Tory backlash. It seems that vaccines are still our best line of defence and so until the majority of adults have received their booster jab it would be reasonable to […]

Do I really need to be doing social media?
blog page
,
Business Tips

Do I really need to be doing social media?

December 8, 2021

Priya Raja-Motala

Social media has changed our lives globally, resulting in an inevitable knock on effect to how we do business. No matter what business you’re in, your audience is doing their research and making purchasing decisions online all the time.   As trusted advisers to our clients, we talk about all things related to business improvement. […]

cloud software, digital accounting
Personal Tax
,
Tax Planning
,
Tax Tips

Why you should file your Tax Return before the deadline

December 1, 2021

Priya Raja-Motala

Every year, as certain as Christmas, we have the self-assessment tax filing deadline. This deadline is always on 31st January.  And every year just like getting organised with your presents and Christmas cards in time for the big day, we also need to get organised with gathering the information, preparing the tax return, and submitting […]

Christmas gifting and parties - What are the tax implications?
Employee Benefits
,
HM Revenue & Customs
,
P11d
,
Tax Tips

Christmas gifting and parties – What are the tax implications?

November 26, 2021

Priya Raja-Motala

Entertainment Expenses – what is tax deductible? It is common at this time of the year to see a lot more gifting and partying.  It is after all the festive season. The costs of parties and gifts can be a tax allowable expense and any VAT can be claimed back if it relates to employees. […]

employee benefits, benefit in kind, employees
Employee Benefits
,
P11d
,
Payroll
,
Tax Advice

What are the best benefits to offer employees

November 23, 2021

Priya Raja-Motala

For a few months now, we have known there is an acute shortage of talented people in the general workforce in the United Kingdom. Some industries such as hospitality are having more of an acute shortage due to other factors such as Brexit, but staff shortage is spreading across all industries and in all parts […]

cloud software, digital accounting
Accounting Tips
,
Business Tips
,
Cloud Accounting
,
Digital Technology

Desktop Vs Cloud Accounting – what’s the best accounting software for my business?

November 17, 2021

Priya Raja-Motala

Even the most experienced decision makers rely on accurate data to help them make sound decisions. As a forward-thinking business owner, you deserve a forward thinking accounting software to provide you with the financial data you need to drive decisions.    As you grow your business even the more simple tasks, like keeping records of […]

Our Highlights from 2021 Autumn Budget
capital gains tax
,
Myers Clark Updates
,
News

Our Highlights from 2021 Autumn Budget

November 9, 2021

Priya Raja-Motala

A lot of financial pundits including us were expecting last week’s budget to be a heavy hitter when it came to raising taxes. However, in the end this was not the case. The Office of Budget Responsibility’s recent announcements of a rebounding economy has given Rishi Sunak the confidence to delay tax rises.  But there […]

buying electric car
Business Tips
,
Digital Technology
,
P11d
,
Personal Tax

Buying Electric Car

November 2, 2021

Priya Raja-Motala

I’m thinking about buying an electric car. What financial incentives are available to me? The company car is getting its moment again as an exciting tax perk. In a climate conscious age, where Tesla has become a household name, business owners are being encouraged to take to the road in an electric company car.  Choosing […]

How can your business be more sustainable?
Business Tips
,
Cloud Accounting
,
Digital Technology

How can your business be more sustainable?

October 26, 2021

Priya Raja-Motala

In case you haven’t heard the UK is hosting COP26, the 26th United Nations climate change conference next week in Glasgow. Somehow although we are hearing about this huge event almost daily, for most of us it will still feel as if it is something that is happening out there with the politicians. But should […]

Travel Expenses - what you need to know
Accounting Tips
,
Employee Benefits
,
P11d
,
Payroll

Travel Expenses – what you need to know

October 18, 2021

Priya Raja-Motala

Today we heard the news that passengers returning to the UK will no longer have to take the more expensive PCR test, will that mean more travel for businesses in the coming months or has Covid changed this forever? It is too early to say but we are seeing a gradual return to business travel […]

Making Tax Digital (MTD) Delayed.... Updated January 2023
Cloud Accounting
,
Digital Technology
,
HM Revenue & Customs

Making Tax Digital (MTD) Delayed…. Updated January 2023

October 4, 2021

Priya Raja-Motala

Making Tax Digital (MTD) Delayed As we said last week uncertainty and change are in the air! So, this week we have more changes to announce.  MTD for self-employed, partnerships and landlords has now been delayed. The change that was originally set to become law in April 2023 has now been pushed back due to […]

hmrc inquiry
Cloud Accounting
,
Tax Tips
,
VAT Compliance

The new penalty regime from HM Revenue & Customs

October 1, 2021

Priya Raja-Motala

The new penalty regime from HM Revenue & Customs (HMRC) The UK tax system is moving towards a more digital system with the introduction of Making Tax Digital (MTD) and as part of it HMRC are introducing new penalty measures.  If you are not familiar with MTD then please visit our previous blogs What is […]

landlords
Landlords
,
Personal Tax
,
Tax Advice
,
Tax Tips

Selling an investment property and capital gains tax

September 28, 2021

Priya Raja-Motala

Do you ever get the impression that to simplify processes, the government complicates it even more?  One example is the “simplification” of the Capital Gains Tax (CGT) regime regarding reporting. Selling an investment property and capital gains tax should be something on your mind if you are a landlord. Whilst trying to simplify the process […]

What happens after end of furlough – are you prepared?
Business Tips
,
Cash Flow
,
Payroll

What happens after end of furlough – are you prepared?

September 27, 2021

Priya Raja-Motala

Uncertainty is yet again in the air! Many businesses are likely to face different challenges over the coming months. This could be due to the rising costs of energy, difficulty in supply chains, rising inflation and wages and of course the end of the furlough scheme next week. We have known about the end of […]

social care
HM Revenue & Customs
,
National Insurance
,
News
,
Payroll
,
Personal Tax

Introduction of the new Health & Social Care Levy and how it works

September 22, 2021

Priya Raja-Motala

Last week saw the introduction of the new health and social care Levy.  Whilst this came as a surprise to many it was not all that unexpected.  The UK with its aging population has over many years debated on how to deal with the rising cost of social care. It took the pandemic (and the […]

6 things to look for in your next accountant
Business Tips

6 things to look for in your next accountant

September 10, 2021

myersclark

Hiring an accountant is an important step in your business journey. Finding the right one means you won’t just be guaranteed a stress free time when it comes to your compliance but you’ll also be unlocking a whole new world of potential for you and your business. But not all accountants are created equal. Here […]

cloud software, digital accounting
Business Tips

How to get remote working right for your business

September 3, 2021

myersclark

The coronavirus pandemic forced all of us to adapt to a new way of living, but many of us also had to adapt to a new way of working. Though the percentage of remote workers has been steadily growing for over a decade, the past 18 months saw a massive increase, with over 19.5 million […]

HM Revenue & Customs powers are extended
HM Revenue & Customs
,
News

HM Revenue & Customs powers are extended

August 26, 2021

myersclark

Under new rules introduced by the Finance Act 2021, HM Revenue & Customs (HMRC) have acquired some extra powers when it comes to collection of tax and information gathering. Will HMRC contact my bank directly? A new “financial institution notice” was created to speed up the process of getting information to tackle tax evasion.  HMRC […]

The story behind the Myers Clark rebrand
Myers Clark Updates

The story behind the Myers Clark rebrand

August 9, 2021

myersclark

At Myers Clark, we’re serious about your ambitions (but we’re not serious people).  This statement is front and centre on our new home page, and one of the fundamental reasons for our rebrand. Over the past nine months, we’ve been working to create a visual identity that matches who we are as a business and […]

The easiest way to ensure you are on top of your cash incomings and outgoings is to look at your cash flow forecast a few times a week.
Business Tips
,
Cash Flow

How to resolve your cash flow problems

June 11, 2021

myersclark

The easiest way to ensure you are on top of your cash incomings and outgoings is to look at your cash flow forecast a few times a week.

The PSA mechanism allows you to make one annual payment to HMRC which will cover the tax and all national insurance due on the expense or benefit.
Business Tips
,
P11d
,
Personal Tax
,
Tax Advice

What is a PAYE Settlement Agreement (PSA)?

June 1, 2021

myersclark

The PSA mechanism allows you to make one annual payment to HMRC which will cover the tax and all national insurance due on the expense or benefit.

From 1st January 2021 the way we complete the VAT Return in the UK changed. The most important change was how we account for VAT when it comes to Great Britain (GB) trading with the European Union (EU).
Brexit
,
Exporting
,
HM Revenue & Customs
,
Importing
,
VAT

Accounting for VAT after Brexit

May 18, 2021

myersclark

From 1st January 2021 the way we complete the VAT Return in the UK changed. The most important change was how we account for VAT when it comes to Great Britain (GB) trading with the European Union (EU).

The answer normally is what on earth is a form P11d? This is a form which is used to report to HM Revenue & Customs (HMRC)
P11d
,
Personal Tax

Are you completing a form P11D for this expense?

May 10, 2021

myersclark

The answer normally is what on earth is a form P11d? This is a form which is used to report to HM Revenue & Customs (HMRC)

The requirement to keep digital links if you are already caught under Making Tax Digital (MTD) rules came into force from 1st April 2021 as part of the second phase. HMRC defines a digital link as transfer of data between software programmes or applications.
Bookkeeping
,
Cloud Accounting
,
Digital Technology
,
Quick Books
,
VAT

What is a Digital Link

May 6, 2021

myersclark

The requirement to keep digital links if you are already caught under Making Tax Digital (MTD) rules came into force from 1st April 2021 as part of the second phase. HMRC defines a digital link as transfer of data between software programmes or applications.

You many find familiarity in this or know of someone at home or at work who is having a difficult time at the moment.
Business Tips
,
Employee Benefits
,
Payroll

How can you harness wellbeing for you and your team?

April 20, 2021

myersclark

You many find familiarity in this or know of someone at home or at work who is having a difficult time at the moment.

The government has committed to investing £22 billion in R&D by 2025 and this was again confirmed in the 2021 budget. The UK is recognised as a world leader when it comes to research and innovations
Business Tips
,
Capital Allowances
,
Tax Advice
,
Tax Tips

Research & Development (R&D) – Tax Breaks

April 16, 2021

myersclark

The government has committed to investing £22 billion in R&D by 2025 and this was again confirmed in the 2021 budget. The UK is recognised as a world leader when it comes to research and innovations

If you have been working as a contractor in recent years, you will know there are big changes to the Off Payroll Working rules coming into effect next month.
Business Tips
,
CIS
,
Tax Planning

Is contracting dead in the water ? The new IR35 rules

March 26, 2021

myersclark

If you have been working as a contractor in recent years, you will know there are big changes to the Off Payroll Working rules coming into effect next month.

The pandemic has hit the smallest businesses the hardest and one third of businesses recently surveyed by the British Business Bank expect reduced businesses activities as we restart.
Business Tips
,
Cash Flow
,
Funding
,
Myers Clark Updates

What should you be doing now – is more debt the answer?

March 15, 2021

myersclark

The pandemic has hit the smallest businesses the hardest and one third of businesses recently surveyed by the British Business Bank expect reduced businesses activities as we restart.

HMRC will require businesses (including landlords) to keep digital records of all their business income and expenses and report on a quarterly basis using functional compatible software.
Accounting Tips
,
Cloud Accounting
,
Digital Technology

What is Digital Record Keeping

March 4, 2021

myersclark

HMRC will require businesses (including landlords) to keep digital records of all their business income and expenses and report on a quarterly basis using functional compatible software.

Digital transformation simply put is the process of using digital technology to modify current business process to bring better performance
Business Tips
,
Cloud Accounting
,
Digital Technology
,
Uncategorized

Now is a good time to start your digital transformation.

February 22, 2021

myersclark

Digital transformation simply put is the process of using digital technology to modify current business process to bring better performance

HMRC have announced a VAT domestic reverse charge will need to be applied on supplies to building and construction companies of services that are within the scope of the Construction Industry Scheme (CIS).
CIS
,
VAT

INTRODUCTION OF A VAT DOMESTIC REVERSE CHARGE

February 8, 2021

myersclark

HMRC have announced a VAT domestic reverse charge will need to be applied on supplies to building and construction companies of services that are within the scope of the Construction Industry Scheme (CIS).

If you own a business, or you are self-employed and you pay income tax, national insurance, VAT or corporation tax, then it is quite likely you will be affected.
Cloud Accounting
,
Digital Technology
,
Quick Books
,
VAT

What is Making Tax Digital and how does it affect me

February 8, 2021

myersclark

If you own a business, or you are self-employed and you pay income tax, national insurance, VAT or corporation tax, then it is quite likely you will be affected.

We accept that this year is a bit different. Many of you have been under immense pressure at work for the last ten months and completing your tax returns has not been your top priority.
Personal Tax
,
Tax Advice

Should you delay filing your Tax Return due to Covid?

January 18, 2021

myersclark

We accept that this year is a bit different. Many of you have been under immense pressure at work for the last ten months and completing your tax returns has not been your top priority.

Here we remind you that you can say thank-you to your team without adding the burden of tax either to yourselves or your staff.
Employee Benefits
,
National Insurance
,
P11d
,
Payroll

Say Thank you for your team in a tax efficient way

December 14, 2020

myersclark

Here we remind you that you can say thank-you to your team without adding the burden of tax either to yourselves or your staff.

To run a business during this time is difficult but there are some simple steps that you can take which may offer some protection.
Business Tips
,
Cash Flow
,
Myers Clark Updates

7 steps to take now to help your business

December 7, 2020

myersclark

To run a business during this time is difficult but there are some simple steps that you can take which may offer some protection.

This however was not a Budget and therefore as expected no announcements on the future tax strategy. There is an acceptance overall from the pundits that tax will have to increase.
HM Revenue & Customs
,
Myers Clark Updates
,
News

Following on from the Spending Review – What Next ?

December 3, 2020

myersclark

This however was not a Budget and therefore as expected no announcements on the future tax strategy. There is an acceptance overall from the pundits that tax will have to increase.

What are you doing to keep in touch with your clients and customers? Depending on the type of business you are in, it will differ from email communication, telephone conversations, use of social media and may be something even a bit more formal
Business Tips
,
Myers Clark Updates
,
News

Why your relationships matter

August 14, 2020

myersclark

What are you doing to keep in touch with your clients and customers? Depending on the type of business you are in, it will differ from email communication, telephone conversations, use of social media and may be something even a bit more formal

Staying on top of the moving cash in your bank account is not easy and without a robust cash management system you will not be able to foresee any problems a
Business Tips
,
Cash Flow
,
Quick Books

Importance of A Cash Flow Forecast

August 10, 2020

myersclark

Staying on top of the moving cash in your bank account is not easy and without a robust cash management system you will not be able to foresee any problems a

But let us say you know how your business is performing – do you know what you are measuring your performance against?
Business Tips
,
Myers Clark Updates
,
News

Revisiting your Goals

August 5, 2020

myersclark

But let us say you know how your business is performing – do you know what you are measuring your performance against?

So, what does this next normal look like? This is a great opportunity to look at the way you currently do business, ask yourself...
Business Tips
,
Myers Clark Updates
,
News

A New Way of Working

July 27, 2020

myersclark

So, what does this next normal look like? This is a great opportunity to look at the way you currently do business, ask yourself…

It is times like these that businesses can sometimes react by standing still, weather the storm and hope it will be okay. But is this always the correct response?
Business Tips
,
Cash Flow
,
Myers Clark Updates
,
News

4R’s of Covid-19 – What are they?

July 20, 2020

myersclark

It is times like these that businesses can sometimes react by standing still, weather the storm and hope it will be okay. But is this always the correct response?

The Chancellor said the aim was to “give everyone the opportunity of good and secure work, so no one is left without hope.”
HM Revenue & Customs
,
Myers Clark Updates
,
Tax Advice
,
Uncategorized

Chancellor’s Summer Economic Statement

July 10, 2020

myersclark

The Chancellor said the aim was to “give everyone the opportunity of good and secure work, so no one is left without hope.”

This July is like no other and many businesses will have changes and challenges to deal with over the coming months. We do not think it will be all bad because every major shock in the past has brought opportunities
Cash Flow

It’s July but not as we know it

July 6, 2020

myersclark

This July is like no other and many businesses will have changes and challenges to deal with over the coming months.
We do not think it will be all bad because every major shock in the past has brought opportunities

Being in business is tough right now.... but you are not alone
Business Tips
,
News

Being in business is tough right now

June 22, 2020

myersclark

Being in business is tough right now…. but you are not alone

Business Tips
,
Myers Clark Updates

Keeping your business running as the shops open

June 12, 2020

myersclark

Steps to Re-invent and Thrive

Business owners will need to change the way they operate

HM Revenue & Customs
,
Personal Tax
,
Tax Advice

IR35 Changes

March 10, 2020

myersclark

Another TV presenter loses an IR35 case…

Payroll
,
Personal Tax
,
Tax Advice

Off-Payroll Working (IR35) Review Conclusion

February 28, 2020

myersclark

HM Treasury has published its “report and conclusions” from their review…

Tax Advice
,
Tax Planning

Bereavement Allowance

February 3, 2020

myersclark

The death of a spouse or partner is a very difficult experience…

Cloud Accounting
,
Digital Technology

Why You Should Harness Technology For Your Accounting Function Now

January 24, 2020

myersclark

New Apps are coming to the market every week, but careful consideration needs to be given to what best suits you.

Myers Clark Annual Budget Breakfast

January 21, 2020

myersclark

Myers Clark Budget Breakfast | Friday 13th March 2020

P11d
,
Payroll
,
Personal Tax

‘Tis The Season To Be Giving

December 5, 2019

myersclark

The festive season is now in full swing and over the next few weeks businesses will be having parties and other festivities as a way of thanking their staff

Cash Flow
,
News

Getting Paid Faster – Who Would Not Like That?

November 27, 2019

myersclark

Ask any small business owner what is the one issue that concerns them most and you are most likely to get the answer “cash-flow”.

R&D Tax Relief Claims Rise by Over 20%

November 27, 2019

myersclark

New statistics from HMRC have revealed that there was a 22% year-on-year rise in the number of claims for Research and Development (R&D) tax credits submitted. Out of 48,635 R&D credit claims so far for the 2017-18 tax year, 42,075 are under the SME R&D Scheme.

R&D Payment Delays

November 13, 2019

myersclark

Over the Summer of 2019, HMRC acknowledged that they were falling short of their 28-day turnaround times set for processing R&D claims.

Brexit: Trick or Treat?

October 21, 2019

myersclark

With the 31st October Brexit deadline looming, and as apt of Halloween season, many are wondering whether it will bring with it a trick or a treat.

Annual Investment Allowance – Don’t Get Trapped

October 18, 2019

myersclark

On Monday 29th October 2018, The Chancellor announced in his Autumn Budget that the Annual Investment Allowance (AIA) would temporarily increase from £200,000 to £1m for a two-year period, between 1st January 2019 to 31th December 2020.

The Power of Saying “No”

October 3, 2019

myersclark

How often do some of us feel guilty about saying “no”. It is important to say “no” at work without making enemies.

HMRC’s Plan to Accelerate Capital Gains Tax

September 30, 2019

myersclark

From April 2020, the way that you are required to report and pay capital gains tax (CGT) made from the sale of residential property is changing. This will affect how and when you’re required to report CGT.

Employment Allowance Changes from April 2020.

September 23, 2019

myersclark

Since April 2014, certain businesses are eligible to claim an Employment Allowance (EA). This allows businesses to reduce their Class 1 National Insurance bill by up to £3,000. However, from 6 April 2020, the government is altering this, meaning not all businesses who currently benefit will be able to claim the allowance in the 2020/21 tax year.

Cyber Fraud Cases on the Increase

September 9, 2019

myersclark

These days stories of fraud and Cybercrimes are common items on the news for both businesses and individuals. SME’s need to be more alert of the types of crimes and ensure that they have robust internal controls set up to combat any attacks.

How Has Making Tax Digital Changed Record Keeping?

September 5, 2019

myersclark

The latest figures would suggest that 120,000 businesses have missed the 7th August deadline (the first quarterly deadline for MTD) to sign up to Making Tax Digital.

No Deal Brexit Ready: Post-Brexit Auto-Enrolment for UK Firms

August 30, 2019

myersclark

Ahead of the looming potential of a no-deal Brexit, the Government has announced it will begin automatically issuing economic operator registration and identification (EORI) numbers to UK VAT registered businesses.

CIS Chaos for the Construction Industry

August 5, 2019

myersclark

With just over two months to go before the major changes to VAT take effect within the construction industry, it is said two thirds of SMEs within the sector are unaware of the new reverse charge plans and have asked of the Government to delay the implementation date.

10 Facts about UK SME’s

June 27, 2019

myersclark

With it being National Micro, Small and Medium Enterprise Day, here are 10 facts that you might not know about SME’s in the UK.

GDPR 2018 – Have you paid the annual data protection charge?

June 20, 2019

myersclark

All businesses (including sole traders and partnerships) that process personal data are required to pay an annual data protection charge to the Information Commissioner’s Office (ICO) unless a relevant exemption applies

Myers Clark support Watford Football Club in the FA Cup Final

May 17, 2019

myersclark

Our May 2019 charitable dress down day was in aid of Watford FC making it to the FA Cup Final, with all donations going to Watford FC Community Sports and Education Trust.

HMRC warns young people to 'stay vigilant' as number of tax scams rises

April 29, 2019

myersclark

HMRC has warned young people in the UK to ‘stay vigilant’ in order to avoid falling victim to tax refund scams.

A Short Guide to Inheritance Tax (IHT)

April 16, 2019

myersclark

At Myers Clark we help people plan for their future. This includes tax planning and whether it is for business or personal taxation, planning for your future is essential and is at the heart of what we do. Inheritance Tax is one of the main areas where planning ahead can make a big difference. Here are some frequently asked questions about Inheritance Tax.

Getting a UK EORI Number to Trade within the EU

March 20, 2019

myersclark

UK businesses trading with the UK will need a UK issued Economic Operator Registration and Identification (EORI) number to continue trading if the UK leaves the EU with no deal.

Step by Step Guide to Using Making Tax Digital enabled Software to Submit Your VAT Returns

March 14, 2019

myersclark

A Useful Step by Step Guide to using Making Tax Digital enabled Software to file VAT Returns.

Nine Dates to be Aware of in April 2019

March 11, 2019

myersclark

In April 2019, new employment laws will force organisations to alter the way they work. These changes include increases in the National Living Wage (NLW) and National Minimum Wage (NMW), bigger pension contributions, and a major overhaul to payslips. Below we have listed the various legal changes businesses need to be aware of, with advice on how to prepare for these changes.

HMRC's Exemption Process for Making Tax Digital

March 8, 2019

myersclark

Updated guidance has been issued by HMRC outlining the certain situations which businesses and individuals can receive exemption from Making Tax Digital. However, those wanting to apply have been warned that time is running out.

VAT Changes for the Construction Industry

February 18, 2019

myersclark

On 1 October 2019, significant VAT changes are due to come into effect for the construction industry.

Saying ‘I do’ to Valentines Tax Benefits

February 11, 2019

myersclark

With Valentine’s Day just around the corner, couples around the UK may be wondering whether this is the moment to ‘pop the question’.

Myers Clark Are Proud Members of Hertfordshire Chamber of Commerce

February 7, 2019

myersclark

We are pleased to announce we are now proud members of Hertfordshire Chamber of Commerce.

Spring Statement 2019 Date Confirmed

January 31, 2019

myersclark

The Chancellor of the Exchequer, Philip Hammond, has announced he will deliver his Spring Statement on Wednesday 13th March 2019, just 16 days before the UK is set to leave the EU.

HMRC’s Top 5 Weird & Wonderful Self-Assessment Excuses

January 25, 2019

myersclark

The 31st January 2019 self-assessment deadline is just around the corner, and individuals are rushing to get their paperwork altogether to submit to HMRC.

IR35 reforms extended to The Private Sector

January 7, 2019

myersclark

The off-payroll working rules, commonly known as IR35, is a piece of legislation designed to ensure that individuals who, HMRC’s words “work like employees pay broadly the same employment taxes as other employees, regardless of the structure they work through”.

EU Exit Update from HMRC

December 13, 2018

myersclark

HMRC has published its latest letter on GOV.UK to help businesses that trade with the EU get ready to deal with customs in the unlikely event that the UK leaves the EU without a deal on 29th March 2019.

Opening Times For The Festive Period

December 10, 2018

myersclark

Our offices will be closed throughout the festive period.

Reworking of 2016/2017 Tax Returns

November 26, 2018

myersclark

HMRC have confirmed that from 19th November 2018 they will be reviewing up to 30,000 Self- Assessment returns for 2016-17 filed online where they consider that there is a risk that their tax calculator has incorrectly computed the individual’s tax liability.

Six Reasons Behind the Decline Of The UK High Street

November 14, 2018

myersclark

The British High Street is continuing to diminish, and as the crisis persists, the high street as we know it may soon become obsolete, with both independent and chain stores feeling the effects. Restaurant chains Jamie’s Italian and Prezzo announced closures earlier this year, whilst the longest running retail chain WH Smith announced closures of some of its 610 High Street shops.

Autumn Budget 2018 – The Key Points

November 1, 2018

myersclark

In a longer than usual Budget speech, and in a slightly more jocular than usual mood, the Chancellor laid out the government’s vision for post-Brexit Britain.

NEWS: Government Announces Reduction in Plug-In-Car Grant

October 24, 2018

myersclark

The Government announced earlier this month that the plug-in car grant for Electric and Hybrid Cars would be cut by £1,000 and would no longer apply to hybrid cars with a range of less than 70 zero emission miles. The Department for Transport (DfT) has now confirmed that from the 9th November 2018, grants for new […]

Electric Company Car?

October 15, 2018

myersclark

Electric cars represent a cleaner, greener way to use everyday transport. But they also offer compelling financial incentives for business and personal purchasers. These benefits include:

What To Expect From The Autumn Budget 2018

October 5, 2018

myersclark

Philip Hammond announced that he will deliver his 2018 Autumn Budget on Monday 29th October 2018, and currently it is shaping up to be unlike anything we have seen before. This

VAT for businesses and the Brexit deal

September 12, 2018

myersclark

Businesses that buy goods from the EU or export goods to the EU would be advised to read the recent guidance from HMRC that is published under the title, “VAT for businesses if there is no Brexit deal”.

PAYE Proposal for Gig Economy Workers

August 21, 2018

myersclark

Workers in the gig economy could soon have income tax deducted from their earnings if the government accepts the recommendations of their independent tax advisers. The proposal will require those employed in gig economy platforms such as Uber and Deliveroo to have tax deducted from their earnings and have this transferred to HMRC, with the online platform operating a system equivalent to that of PAYE.

Employers Effort to Avoid Pensions

August 6, 2018

myersclark

In the first three months of 2018, The Pensions Regulator issued 35,662 enforcement notices against employers in breach of auto-enrolment rules. This is due to employers trying to encourage staff to opt out of the auto-enrolment pensions system in an attempt to cut costs.

Are Unpaid Internships Becoming Obsolete?

July 25, 2018

myersclark

Relevant work experience has become an essential part of gaining a graduate job after achieving a degree. Internships allow students to explore a profession that is of interest to them, and allows them to gain valuable and practical experience to add to their CVs. Further to this, it increases the graduate’s chances of getting a job as the employer will already be familiar with them.

Directors Squeezed by Tax Alterations

July 6, 2018

myersclark

April 5th marked the end of the 2017/2018 tax year, and Directors may now be feeling the squeeze of not being able to use their £5,000 tax-free dividend allowance.

Self-employed? Or not self-employed?

June 7, 2018

myersclark

There is an increase in individuals falling prey to the taxman as a result of the increasing number of individuals turning to freelancing. An example comes from the BBC where over 100 employees working as freelancers could now be facing tax bills as a result of them not working as direct employees.

Attention: EMI Option activity between 6 April 2018 and 15 May 2018 could lose its tax advantages – what you need to do

May 30, 2018

myersclark

Between 6 April 2018 and 15 May 2018 (“the lapse period”), the EMI Option Scheme lost its EU State Aid approval. Although re-approval has now been granted, the position on options granted and exercised in between these dates has yet to be confirmed.

Are you a long term, non-domiciled resident in the UK?

May 21, 2018

myersclark

If so, the basis on which you are taxed in the UK has significantly changed, but there is a window of opportunity to arrange your affairs more efficiently….

Setting Goals for Retirement

May 2, 2018

myersclark

Saving for retirement should be a priority for everyone. More than half of the UK population are either not saving at all for their retirement, or they are not saving enough to give them the standard of living they would like when they retire. However, for those of you who have put the process to one side, saving is lot easier than you may first think.

Are holiday homes becoming the new buy-to-let?

April 23, 2018

myersclark

You could be forgiven for wanting to sell your property due to the seemingly aggressive stance that the government has taken towards buy-to-let investment. However, if possible, letting your property out to holiday makers could be an alternative. This option allows you to benefit from the associated tax breaks, whilst you still can!

What is GDPR and how will it impact your business?

April 3, 2018

myersclark

With the General Data Protection Regulation regime coming into force in the UK from 25 May 2018, key changes will be introduced to the way personal data is handled. The question, therefore, is whether your business is prepared for the forthcoming change.

Open Banking – An Open Door For Fraudsters?

March 27, 2018

myersclark

So Open Banking has arrived, and with it, the introduction of a variety of apps, all with an aim to aid you in using the newly formed rules to improve budgeting habits. The new rules make it imperative for banks to share your data with third parties. This includes spending patterns and transactional history. The result, a change in the way you manage your finances.

Credit Card Fees Banned

March 19, 2018

myersclark

There is good news for consumers, as a recent change has meant that companies are no longer permitted to charge individuals a fee for opting to make a purchase through a credit or debit card.

The Chancellor’s first Spring Statement

March 19, 2018

myersclark

Mr Hammond made clear some while ago that he wanted his Spring Statement to be a short financial briefing rather than a mini-Budget, complete with rabbit-out-of-hat announcements.

Where there is love, there is Tax!

February 13, 2018

myersclark

Approximately 10% of marriage proposals happen on Valentine’s Day each year. If you are considering popping the question, then make sure you are aware of some of the tax breaks available for married couples to enjoy.

Phishing attacks through Emails

January 29, 2018

myersclark

The profile of the increasingly sophisticated activities of cyber-criminals has been raised across the world due to the chaos brought by the recent WannaCry ransomware attacks. These viruses are spread through attacking vulnerable public systems, which when created, infect further systems.

Succession Planning for SME’s

January 18, 2018

myersclark

Succession planning is no longer just utilised within the larger corporate organisations – in fact, it is now more important within SME’s. This is due to resource being smaller and knowledge being held by fewer people.

Supporting the life of SMEs

January 11, 2018

myersclark

Even though a decade has passed from the 2008 financial crisis, SMEs in the UK feel as though the decreasing access to appropriate finance is hindering their ability to reach their full potential

The Ever Changing Skill Set of Accountants

January 4, 2018

myersclark

The accounting industry is reinventing itself. Once considered a staid profession, it is now an industry embracing efficiency, technology and automation.

The Five Most Absurd Taxes in History

December 19, 2017

myersclark

Standard, well known taxes transfer money to the government in a straightforward way. However, absurd taxes make way for the occurrence of absurd behaviour.

Winning with Tech

December 7, 2017

myersclark

Technology is driving change with businesses introducing new software, processes and roles to keep pace with the competition.

Be Aware of the HMRC Telephone Scams

November 28, 2017

myersclark

The Revenue have become aware of an increase in scam telephone calls regarding outstanding tax from people claiming to be from HMRC.

Chancellor's Budget – 22nd November 2017

November 27, 2017

myersclark

First budgets of a new parliament are traditionally the dramatic ones in which the Chancellor dispenses the unpalatable medicine of tax increases.

Autumn Budget Summary 2017

November 23, 2017

myersclark

If the chancellor was asked to produce a Budget that would not rock the political boat, then it looks as if that is what he has delivered.

HMRC’s new dynamic coding system

November 21, 2017

myersclark

In July 2017, HMRC utilised their new dynamic coding system, with an aim to retrieve underpaid tax quicker and to change the ways in which employers deduct tax from employee pay, all as part of its Making Tax Digital (MTD) project. It allows the Revenue to make in-year adjustments (IYAs) to an individual’s tax code.

Important Information – Changes to Paying HMRC

November 13, 2017

myersclark

HMRC are making some changes to the ways customers can make payments.

Changes to Corporation Tax Loss Relief

November 13, 2017

myersclark

The second Finance Act of 2017 introduced some significant changes to the way company losses arising after 1 April 2017 can be used. Whilst the Act has introduced a 50% loss restriction for larger companies, the new regime is much more flexible for smaller companies and groups, as most losses carried forward to be off set against future profits will now be available to either off set against total profits or to be group relieved.

The Pensions Regulator – Duties, changes & what you need to know

November 6, 2017

myersclark

Under the Pensions Act 2008, every UK employer has a statutory duty to put forth certain members of staff into a pension scheme and contribute towards it.

Myers Clark – Budget Comment

October 31, 2017

myersclark

Philip Hammond faces a tricky Budget Day on 22 November 2017.

Top Three Barriers to Business Success

October 30, 2017

myersclark

There are more than ½ million new start-ups each year, with last year alone having a record number of 657,790. However, shockingly, it is estimated that 1 in 5 of those will fail in the first year, and more than half will fail in the first 5 years.

Embracing Change – Construction

October 23, 2017

myersclark

Adapting to change and monitoring flexibility is vital to implement best practice and stay ahead of the curve.

Open Banking – The effects for Accountancy

October 5, 2017

myersclark

Open Banking is the new directive entering the UK banking industry in January 2018. It requires banks to transfer confidential customer data to third parties with an aim to innovate the overall banking sector.

Strategies for employee evolvement

September 28, 2017

myersclark

When a business is successful and experiences rapid growth as a result, there is the potential for some employees to struggle to maintain their ‘fit’ within the company and its new size and direction.

Digital Education – Retail

September 21, 2017

myersclark

UK spending online has increased by 1.4% in the last year. Online transactions account for a third of all card payments and equated to roughly £15.4bn in a single month alone.

Going Digital – Property

September 11, 2017

myersclark

Changes will bring greater synchronisation of data, streamlined processes and efficient management.

Succession Plans, who do you turn to?

September 1, 2017

myersclark

With many successful businesses growing, succession planning can be overlooked. According to a survey by the insurer Nationwide, 60% of business owners said they did not think a succession plan was necessary.

Business Mileage: The 10 Mile Distinction

August 29, 2017

myersclark

The rates for business mileage have not changed since 6 April 2011. Although, believe it or not, the average fuel prices for petrol and diesel have actually come down over that same period!

One Million Customers see Account Details Change

August 10, 2017

myersclark

New ring-fencing rules see banks change 1 million customers account details. HSBC is one of the first banks to take action.

Cashless Society by 2020?

August 9, 2017

myersclark

Last year the majority of payments made in the UK were made by card. Cash payments have dropped by 4% in 3 years, as the rise of phone, internet and electronic payments continues.

New Consultation for Financing Innovative Firms

August 2, 2017

myersclark

The Treasury has opened a consultation proposing a national investment fund to help cutting-edge British start-ups.

One in four SMEs Employing an Apprentice

July 27, 2017

myersclark

One in four SMEs are already employing an apprentice, according to a survey by the Federation of Small Businesses.

Grant Funding and Tax Relief for Energy-Saving Projects 

July 25, 2017

myersclark

The UK has committed to reducing carbon emissions by at least 60% by 2050. To achieve this, businesses are encouraged to opt for energy saving projects. Whilst the financial benefits of such projects are clear, the initial capital expenditure can be inhibitive. Grant funding and tax relief schemes are assisting to help overcome this financial barrier.

The Common Reporting Standard and You

July 24, 2017

myersclark

Interests overseas? You need to read this.

Protecting Your Business from Cyber-Attacks

July 18, 2017

myersclark

In recent months, there have been a series of cyber-attacks impacting businesses globally. The latest threat from a variant of an earlier virus called Petya has taken down systems from companies around the world, costing an estimated $400 billion a year.

Hiring A Finance Director

July 10, 2017

myersclark

Businesses are started with a passion, not to spend time completing the financial administration and compliance work. Financial administration is time-consuming for new businesses, which need to focus their energy and resources into building a client base and making a profit.

Landlords Around the World

June 28, 2017

myersclark

Recent changes to the way landlords are taxed have prompted the Residential Landlords Association to describe the taxation of landlords in the UK as ‘one of the most hostile tax regimes in the western world’. But how well does that claim stand up to scrutiny?

Smart Investment in the Cloud

June 26, 2017

myersclark

Staying on top of your finances is key to being a successful business. Many small businesses however lack a specific person with specialist accounting knowledge, which is why cloud accounting software is a smart investment.

The 60% Tax Rate Club

June 16, 2017

myersclark

Earning a six-figure salary is often something people celebrate, however, not everyone realises that this means you join exclusive “60% tax rate” club.

Making Tax Digital timetable at risk following election reshuffle

June 13, 2017

myersclark

The timetable for Making Tax Digital has been thrown into doubt over the election reshuffle.

The Pensions Regulator Spot Checks

June 12, 2017

myersclark

Businesses are warned that inspection teams will be making visits across the country over the coming months in order to confirm employers are meeting their auto-enrolment duties. The checks will began with London-based employers in March and have moved on to Greater Manchester. There will be more inspection in other towns and cities over the next month.

Research & Development Claims – Enhanced Tax Relief

June 5, 2017

myersclark

Research and Development (R&D) tax incentives continue to help the UK to maintain its position as a globally competitive place to do business.

IR35: Working in the Public Sector

June 5, 2017

myersclark

Changes to the tax rules for personal service companies in the public sector have led to anger and some confusion.

Tax Restriction Starts to bite Landlords

May 30, 2017

myersclark

If you are a buy to let landlord, you will almost certainly be aware that the restriction on tax relief for finance costs started to bite from 6 April this year.

Calculating property income: the cash basis threshold

May 23, 2017

myersclark

Many more small businesses can now use the simplified cash basis of calculating profits following a big increase to the entry limit.

Trying to decide which cloud accounting software to choose?

May 19, 2017

myersclark

We’ve got some tips on what to prioritise when deciding which cloud accounting software is best for your business.

Lifetime ISAs Unpacked

May 18, 2017

myersclark

The new Lifetime ISA (LISA), available since 6 April 2017, is a useful addition to the range of government-assisted savings products. The opening of a LISA is restricted to individuals aged 18 to 39, but once you have one, you can save up to £4,000 each year up to the age of 50 – and receive a 25% government bonus on your contributions.

Unwelcome Surprises from the Chancellor's Budget

May 17, 2017

myersclark

A couple of months on from the Chancellor’s Budget and we are reviewing two surprises which could be bad news for many taxpayers.

Charities: Related Party Transactions

May 16, 2017

myersclark

What is a Related Party? Parties are considered to be related if one of the parties has the ability to control or significantly influence the other when making financial or operative decisions. What individuals are considered a Related Party? ‘Primary’ Charity Trustees Officers, agents or employees who have responsibility for directing, controlling significant activities or […]

Tax-Free Childcare

April 27, 2017

myersclark

The government scheme to help working parents with the cost of childcare will launch on 28 April 2017. For every £8 a parent pays in, the government will pay in an extra £2.

5 Things to Know about the new Residential Nil Rate Band

April 27, 2017

myersclark

This new band is gradually being introduced to provide additional relief for those passing their family home to their children upon the individual’s death.

Plans to Increase Probate Fees Scrapped

April 21, 2017

myersclark

Following the announcement of the election in June, the government has dropped its proposals to increase probate fees. This increases the possibility of the proposals being dropped altogether.

Telling Tales to the Charity Commission

April 21, 2017

myersclark

The Charity Commission has published new guidance which details the two new matters of material significance which auditors must report to the charity regulators under sections 156 and 159 of the Charities Act 2011.

Making Tax Digital – What does it mean?

April 11, 2017

myersclark

Making Tax Digital (MTD) is a government initiative aimed to make it easier for you to manage and pay your taxes.

Changes in Gift Aid Small Donations Scheme (GSADS) from 6 April 2017

April 7, 2017

myersclark

The GASDS was introduced from 6 April 2013 to allow charities to claim ‘top up’ payments on cash donations (cheques, credit & debit card donations do not qualify) where it would not be feasible or practical to obtain a gift aid declaration.

Improving Your Cashflow

April 6, 2017

myersclark

If your business does not have a steady stream of money flowing into it, you will be unlikely to be a going concern in 12 months.

Probate Fees to hit £20k for Larger Estates

April 5, 2017

myersclark

The government recently announced that probate fees will increase with the aim of helping to fund the modernisation of courts and tribunals service.

Paul Shaw's Retirement Party

April 3, 2017

myersclark

We would like to thank everyone who attended Paul Shaw’s retirement event on Thursday 30th March.

Making Tax Digital: Landlords and Property Owners

March 29, 2017

myersclark

Making Tax Digital will affect most businesses including micro and small businesses. Also affected will be three million individuals who are self-employed, within this category there are approximately 900,000 buy-to-let landlords; 1.6m companies; over 400,000 partnerships and around 600,000 businesses with income from different sources including self-employment and property.

U-Turn On Self Employed Class 4 NIC Increases

March 15, 2017

myersclark

The Chancellor has announced on 15 March that he would not be going ahead with his Budget proposal to increase the National Insurance Contribution rates for self-employed people.

The Chancellor's Budget and Digital Tax

March 15, 2017

myersclark

Help, I’m an SME, what do I need to do to prepare for Making Tax Digital?

Chancellor's Budget – 8th March 2017

March 10, 2017

myersclark

The Chancellor’s Budget on 8 March was the first of two due in 2017. The final spring Budget came little more than three months after an Autumn Statement that suggested government finances had taken a post-referendum turn for the worse.

Budget Summary 2017

March 8, 2017

myersclark

The Chancellor of the Exchequer, Philip Hammond, delivered his first Budget against a backdrop of a more-buoyant-than-expected UK economy post-Brexit and improved tax receipts. We have summarised the Budget below, and will be providing a more detailed summary following our Budget Breakfast event on Friday 10th March.

The New Residential Nil Rate Band: Trust Trap or Tickety Boo?

February 28, 2017

myersclark

In the Money section of Saturday’s Telegraph, an article shouted “Inheritance tax trap: more than 100,000 families won’t get the new tax break”! A little bit of scaremongering perhaps, but enough to wonder if you are one of those 100,000 families?

HMRC's Payroll Benefits in Kind Service

February 27, 2017

myersclark

To use HMRC’s payrolling benefits in kind service for 2017/18, you need to register online before 5 April 2017.

Herts IOD Breakfast Event

February 24, 2017

myersclark

We would like to thank everyone who attended our Herts IOD breakfast seminar this morning. Once again, the turnout and company was excellent, and the bacon rolls weren’t too bad either.

Chancellor Responds to Criticism over Business Rate Hikes

February 22, 2017

myersclark

Chancellor Philip Hammond has come under fire following the announcement that business rates will be increased.

Making Tax Digital: A Helpful Guide.

February 14, 2017

myersclark

What is it? The Digital Tax Account (DTA) was introduced in the March 2015 Budget; HMRC is committed to abolish the humble tax return and transform the tax system as we know it to be the most digitally advanced in the world – it’s an audacious plan… Plans state the tax return will be abolished […]

Limits on Pension Contributions

February 13, 2017

myersclark

Higher earners are now subject to tight limits on how much they can pay into tax-relieved pension schemes and it is essential to take care to avoid a substantial tax charge.

Voluntary Contributions to Your Pension

February 13, 2017

myersclark

The full amount of state pension is currently £155.65 a week for those retiring after 5 April 2016, and it is generally an improvement over the old basic state pension.

Making Tax Digital: Government Compromises and The Changes to Expect

February 2, 2017

myersclark

The government has published its response documents to the Making Tax Digital consultation.

Use or Lose Your Tax Allowances

January 25, 2017

myersclark

With the 31 January deadline looming, you are probably very aware that a late return or tax payment could mean a penalty. If you miss the opportunity to claim exemptions and reliefs by the end of the tax year, it could cost you more than the £100 penalty. There are only a few months left until the end of the tax year, and we encourage you to investigate and make use of the following tax efficiencies before 5 April 2017 comes around.

Business Five-A-Day

January 23, 2017

myersclark

Your business needs its five a day just as much as you. Except for your business, it’s the five key performance indicators (KPIs).

New National Minimum Wage and National Living Wage Rates

January 19, 2017

myersclark

On 1 April 2017, the new National Minimum Wage and National Living Wage rates will be updated.

The Gig Economy: Reining in a Giant

January 18, 2017

myersclark

It’s been hard to miss the news coverage given to the tribunal decision on the employment rights of Uber drivers.

Overdue Corporation Tax up 15% to £1.82bn

January 4, 2017

myersclark

A report from Funding Options found that the amount of overdue corporation tax for UK businesses increased 15% in the last year.

Changes to Non-Domicile Status

January 3, 2017

myersclark

If you’re completing your tax return for the January deadline you might need to know that the government had revealed more details of how the proposed changes to non-domicile status will work.

Autumn Statement – 23rd Nov 2016

November 28, 2016

myersclark

Early predictions about what the Chancellor would enact were vague, and often upstaged by the ongoing quarrels over how and when to leave the European Union.

An Update on Savings and ISAs

November 17, 2016

myersclark

With interest rates on offer to savers continuing at record lows, the government has been busy introducing various tax incentives to encourage saving. However, these don’t always quite work out as intended.

The Benefits of Charitable Giving

November 14, 2016

myersclark

Saving tax may not be the main concern when giving to charity, but you might as well benefit if you can.

Making Tax Digital

November 7, 2016

myersclark

With the MTD consultation closing today, we have summarised the expected changes. Most businesses, self-employed people and landlords will soon have to manage their tax affairs digitally and update HM Revenue & Customs (HMRC) at least quarterly.

Changes to Salary Sacrifice

November 1, 2016

myersclark

The use of a salary sacrifice arrangement can be a win-win for both employer and employee. But the government is proposing new restrictions.

Thinking of Passing Assets to Your Family?

October 26, 2016

myersclark

The UK currently has over 11 million people aged 65 and over, and nearly 80% own their own home. Many of these individuals are likely thinking about passing on their wealth to their families in the most tax-efficient manner.

Six Months Until Tax Relief Restricted For Buy-To-Let Landlords

October 24, 2016

myersclark

Landlords are reminded that there is only six months left until the government begins restricting the amount of finance cost relief available.

Pairing finance and technology is nothing new, so why all the attention recently?

October 14, 2016

myersclark

Certainly, no-one needs reminding that technology and individual accessibility is developing at an unprecedented pace, nor that finance is the backbone of all business activities. So why has cloud accounting, a not-so-new pairing of finance and technology, been getting all the attention recently?

What Employers need to know about the National Minimum Wage and National Living Wage

October 11, 2016

myersclark

On 1st October 2016, the National Minimum Wage and Apprentice Rate increased.

The New State Pension System

October 5, 2016

myersclark

April marked the beginning of the new single-tier state pension.

The Future of Learning: New Skills to Future-Proof Your Business

September 28, 2016

myersclark

The best jobs of today did not exist ten years ago. With the world changing faster than ever before and new skills driving the types of jobs we hold; without constant learning, we risk obsolescence.

Loan Rates Rise For Close Companies

September 23, 2016

myersclark

The rate of ‘temporary’ tax charged on loans to participators in close companies has been increased from 25% to 32.5%, with the increased rate applying to loans made on or after 6 April 2016.

What will Brexit mean for your business and your tax bill?

September 12, 2016

myersclark

The vote to leave the European Union has triggered a period of uncertainty for the UK economy. The UK’s future relationship with the EU will not be clear for some time.

Worldwide Disclosure Facility Is Last Chance for Offshore Taxpayers

September 8, 2016

myersclark

The disclosure facility for individuals who have not yet reported tax irregularities from offshore income and gains will run until September 2018.

Carney Faces MP’s Questions Over Brexit

September 7, 2016

myersclark

Mark Carney today was questioned by MPs over his warnings about outcome from Brexit. Treasury Select Committee Chair questions the Governor of the Bank of England over his ‘over-egging’ of the economic dangers of a Brexit and his subsequent encouragement to overreact following the results of the EU vote.

Changes to Entrepreneurs' Relief for Directors of Solvent Companies

September 2, 2016

myersclark

Entrepreneurs’ relief is important for all business owners, because the capital gains tax (CGT) charge on qualifying assets is only 10%. However, with the rate of CGT on most assets now down to just 20% for higher and additional rate taxpayers, missing out on entrepreneurs’ relief has not been quite so serious since 6 April this year.

The New £5,000 Dividend Allowance

August 31, 2016

myersclark

Some people will now be able to have up to £17,000 of savings income tax-free as a result of the new £5,000 dividend allowance.

One in Five Corporate Insolvencies Caused by Late Payment

August 24, 2016

myersclark

New research by the R3 trade body of Insolvency and Restructuring has revealed that at least one in five UK corporate insolvencies in the past year have been caused by late payment or the insolvency of another company.

Making Tax Difficult

August 22, 2016

myersclark

A comment from Robert Marsden: HMRC have a warped and total unconnected view of reality with their latest consultation documents, and they seem to think every small business will be able to cope…

Accountants Face Tougher Penalties over Tax Avoidance

August 17, 2016

myersclark

HMRC has received a consultation today announcing that accountants will face tougher penalties over advising clients of tax avoidance schemes.

500,000 Help-To-Buy ISAs Opened

August 11, 2016

myersclark

More than half a million people have opened a Help-To-Buy ISA since the scheme was launched in December 2015.

New System to Challenge Business Rates Outlined

August 10, 2016

myersclark

A system to allow businesses to check and appeal business rates bills has been announced.

Inheritance Tax Reach Highest Levels since 1986

August 4, 2016

myersclark

Figures from HMRC show that inheritance tax (IHT) receipts have reached their highest level since the current system was introduced in March 1986.

Tax-Free Childcare Scheme

August 2, 2016

myersclark

The Tax-Free Childcare scheme is due to launch in early 2017 and will be available to more than 2 million households. The scheme will help more parents to go to work and manage childcare costs. For every 80p contributed by the parents, the government will top this up with 20p, up to £2,000 each year, per child.

Will the Brexit affect your tax bill?

July 27, 2016

myersclark

Ahead of the EU referendum, we were warned by the Chancellor that should we choose to leave the EU, he would have no choice by to increase taxes. Now we have the result, was this just campaign talk, or should you brace yourself for some substantial tax changes?

Adjusting Your Tax Code

July 25, 2016

myersclark

HMRC can spring changes to your tax code in an attempt to collect more tax sooner. However, you’re not always obliged to accept the figures even if HMRC’s calculations are correct. So when can you override your tax code?

HMRC Scam Targeting Elderly

July 12, 2016

myersclark

Telephone message left by hoax caller threatens an HMRC lawsuit.

The EU Referendum Concludes in Brexit

June 24, 2016

myersclark

Britain’s votes have been cast, the referendum result has been declared, and the Prime Minister is stepping down.

New Lower Exemption for Employee Shareholders

June 22, 2016

myersclark

The take up of employee-shareholder status has been somewhat lower than the government hoped for. And the recently introduced restriction to the amount of capital gains tax (CGT) exemption is certainly not going to help.

Swings and Roundabouts on Employment Allowance

June 17, 2016

myersclark

The employment allowance was set at £2,000 for the first two years of its existence. For 2016/17, the allowance has been increased to £3,000. So you can reduce the amount of your employer class 1 national insurance contributions (NICs) payable to HM Revenue & Customs (HMRC) by this amount throughout the year.

Dividends vs Salary for Director-Shareholders

June 14, 2016

myersclark

The new dividend tax rules have reduced the benefit of paying dividends instead of salary for many shareholder-directors, but dividends still have advantages.

Estate Planning Seminar: Trusts and Wills

June 9, 2016

myersclark

This morning we had an excellent turnout for the second Estate Planning seminar of the programme. Rebecca Potton was joined by Adam Shute of Hancock Quins.

What's under the Panama hat?

June 6, 2016

myersclark

The revelations in early April about offshore companies and investment funds based in Panama have turned the spotlight on tax avoidance and evasion, as well as secret financial dealings in general.

Fate of BHS to be announced

June 2, 2016

myersclark

BHS’ fate is to be decided later today with an announcement from their administrators. Since the announcement of their administration in April, there have been continuing efforts to save it and prevent its 11,000 staff from losing their jobs.

A New Approach to Retirement Saving

June 1, 2016

myersclark

The new Lifetime ISA (LISA), which was announced in the March Budget and will be available from April 2017, will be a very attractive proposition. The LISA could even be a forerunner of future pensions.

HMRC Fails to Collect Millions of Corporation Tax

May 31, 2016

myersclark

Tens of millions of pounds in VAT and corporation tax has not been collected by the government. HMRC changed its bank details in February without informing all businesses, which has resulted in a number of firms receiving late payment penalty notices and uncertainty about how to pay.

Government Propose Business Rescue Moratorium

May 25, 2016

myersclark

“R3 welcomes the government’s proposal to introduce a moratorium for struggling businesses to give them breathing space from creditor pressure. A moratorium could give company directors more time to turn a business around and negotiate with their creditors.”

It's looking good for Capital Gains Tax

May 24, 2016

myersclark

The capital gains tax (CGT) measures announced in the March Budget are generally good news for investors.

Trivial Benefits

May 20, 2016

myersclark

HMRC has published draft guidance on the new statutory exemption for trivial employer-provided benefits in kind. The new regime will see an employer to employee benefit in kind exempt from tax according to newly specified conditions

Bank of Mum and Dad to lend £5bn to get children on property ladder

May 3, 2016

myersclark

Data from Legal and General (L&G) has revealed that parents will lend £5bn to their children in 2016 to get them onto the property ladder.

Breathing space to help struggling companies

April 28, 2016

myersclark

R3, the insolvency trade body, has released new advice stating that companies in financial difficulty should be given up to six weeks of breathing space from creditor pressure to plan their recovery or rescue.

Mossack Fonseca: Tax Planning "Witch-Hunt"

April 18, 2016

myersclark

The newspapers continue to be flooded with stories about the Mossack Fonseca papers revelation. One senior politician has described the furore as a “witch-hunt” which might turn individuals away from tax planning.

EU Referendum: IMF warns of "severe regional & global damage"

April 12, 2016

myersclark

The International Monetary Fund (IMF) has warned today that the most recent forecast suggests a UK exit from the EU could cause “severe regional and global damage”.

The Panama Papers: What we know now

April 8, 2016

myersclark

The leak of 11.5 million documents from Mossack Fonseca has grabbed headlines and revealed truths about long-held suspicions of money-laundering, tax evasion and illicit offshore companies. The majority of reports focus on the high-profile individuals’ involvement in money laundering and tax evasion, but what do we actually know and how does Mossack Fonseca really work?

The Panama Papers

April 4, 2016

myersclark

Yesterday Mossack Fonseca was thrown into the spotlight after 40 years of being one of the most secretive companies in the world. German newspaper, Suddeutsche Zeitung (SZ), revealed a huge leak of internal documents which implicates a number of government heads and leaders using shell companies to harbour billions of dollars.

New online bankruptcy applications are faster and less expensive

April 1, 2016

myersclark

New online bankruptcy applications are faster, less expensive and no longer require individuals to apply to court.

Budget 2016: The Key Points

March 17, 2016

myersclark

The Chancellor’s third Budget in the space of 12 months was expected to be less exciting than its two predecessors. His room for manoeuvre was seen as constrained by disappointing economic numbers and June’s EU referendum.

HMRC Hinders Business Recovery Says Insolvency Practitioners

March 14, 2016

myersclark

A recent survey conducted by R3, the trade body for Insolvency Professionals, has found that over half of insolvency practitioners (IPs) think HMRC makes it harder to rescue businesses rather than wind them up.

The Brexit and the SME Market

March 8, 2016

myersclark

The EU in-out referendum continues to pepper the news, with the intensity of discussion and debate increasing week on week. The negotiations, led by David Cameron, look to have set the tone for the run-up to the referendum as intense and determined. The agreed reforms will have brought Britain closer to resolving some of the […]

What to expect from the 2016 Budget

March 4, 2016

myersclark

Economic Growth Forecasts The Office of Budget Responsibility will, later this week, announce the forecasts for economic growth. The July predictions anticipated growth of 2.4% this year, however, the Chancellor’s comments about ‘storm clouds’ suggest the economy is not as strong as previously thought. This is then expected to have an impact on the surplus […]

The Insolvency Service Announces 7% Reduction to Cost of Bankruptcy

March 3, 2016

myersclark

he Insolvency Service has announced there will be a 7% reduction in the cost of entering a bankruptcy.The government fees for an individual applying to be made bankrupt are to be reduced to £655 from £705.

End of Permanent Non-Domicile Status

February 29, 2016

myersclark

Government proposals will bring permanent non-domicile status to an end from 6 April 2017. A person will be deemed to be domiciled in the UK for all tax purposes once they have been resident in the UK for at least 15 out of the previous 20 tax years.

Scottish Residence Tax Rules

February 24, 2016

myersclark

People living in Scotland will soon pay part of their income tax to the Scottish government, a move that could result in them paying a different rate of tax from other UK residents.

The Impact of FRS 102 for SMEs: Corporation Tax, Distributable Funds and Credit Rating

February 17, 2016

myersclark

The Generally Accepted Accounting Practice in the UK (UK GAAP) is changing to an abbreviated version of the International Accounting Standards (IAS). These adjustments will mean the funds available to distribute as dividends to the shareholders (the distributable reserves) will change and may restrict the amount of dividend a company can pay. As always, adjustments which reduce corporation tax are likely to reduce profits and weaken the balance sheet.

Number of Adults Struggling to Payday Falls

February 15, 2016

myersclark

The Insolvency Body, R3, reports that numbers of British adults struggling from payday to payday is lower than it has been in the last six years. The survey of over 2,000 British adults suggests that 36% still struggle to payday, which is a considerable drop from the record high in May 2012. A joint record low of 39% of British adults say they are at least fairly worried about their current level of debts. Debt worries were last this low in January 2012.

The Insolvency Year in Review

February 5, 2016

myersclark

The Insolvency Service has reported that insolvency numbers have fallen from their peak in 2010. It is expected that this is a result of the continuing low inflation and growing economy, in addition to the return of real wage growth.

How The Brexit Will Affect Football

January 29, 2016

myersclark

The Brexit’s impact looks to be wider than simply business, the economy and immigration. Baroness Karen Brady has voiced her concerns that there would be devastating consequences for Britain’s football clubs if Britain votes to leave the EU.

London’s Tech Manifesto: what London’s technology firms want from the new London mayor?

January 27, 2016

myersclark

London’s credentials as a leading tech centre are firmly established. It is home to a number of global and highly-valued tech firms, who are calling on the new mayor to make improvements and help push the UK to its full tech potential. With the EU referendum and a new mayor, there is room for considerable change in the London business environment.

New Head of FCA Announced

January 26, 2016

myersclark

The new head of the Financial Conduct Authority has been announced as Andrew Bailey, Deputy Governor of the Bank of England. He will take his new role as regulator-in chief after his current position, head of the Prudential Regulation Authority, once a replacement has been found.

The Pros and Cons of Incorporation for Buy-to-Let Landlords

January 18, 2016

myersclark

Tax changes announced during 2015 will increase costs for many buy-to-let landlords and may make some lettings unprofitable. But there may be ways of mitigating some of these costs.

SMEs express concern over Auto-Enrolment process

January 12, 2016

myersclark

The Federation of Small Businesses has released the results of a survey which show that nearly half of employers are unclear about the auto-enrolment process. Since 2012, 5.4 million workers have been enrolled on a workplace pension scheme. Pensions are offered to anyone over the age of 22, earning more than £10,000 a year.

Accountants Concerned about HMRC's Personal Tax Accounts

January 11, 2016

myersclark

The Personal Tax Accounts (PTAs) are now live, and accountants are no longer able to use their client’s credentials to log-in to the Self-Assessment portal. HMRC have explained that the personal account will not be accessible for agents. Whilst HMRC has security issues to consider, accountants have expressed concerns about how they will complete work for clients if they do not have access to their clients’ accounts.

FTSE100 Executives already earned more than average worker’s salary

January 7, 2016

myersclark

The High Pay Centre has claimed by Tuesday 5th January, top executives had already earned more than the average worker would in a year.
The research suggests that the average FTSE 100 chief executive is paid £4.96m, which is approximately 180 times more than the average salary.

Impact of National Living Wage for Employers

January 5, 2016

myersclark

Figures from the Resolution Foundation today show that the National Living Wage will be felt most by employers in Sheffield, Nottingham and Birmingham.
The Resolution Foundation, a think-tank, has reviewed the changes required by the new higher minimum pay laws and found that employers in lower-paying regions are likely to feel the strain.

The Art of Presentations

December 22, 2015

myersclark

Everyone seems to have endured a terrible PowerPoint presentation at some point. The rollercoaster of emotions from boredom induced by metaphors in stock-images to frustration that the presentation took an hour or more of your time that you won’t get back. It seems surprising that in the internet age with millions of images at our disposal, and the opportunity to use a number of alternate presentation software, slide presentations are duller than ever.

Myers Clark's Insolvency and Business Recovery Team's New Website

December 21, 2015

myersclark

Myers Clark’s Insolvency and Business Recovery team are pleased to announce the launch of their new website. The new site, launched this morning, comes just in time for the New Year. The newly-designed site offers a clean and modern design with improved functionality and easy navigation which we hope will improve your experience.  Look out […]

National Audit Office Release Tackling Tax Fraud White Paper

December 21, 2015

myersclark

The National Audit Office has today released a white paper on HMRC and its actions to tackle fraud. The study, Tackling Tax Fraud, supports HMRC’s efforts to close the £34bn tax gap and offers areas for improvement.

Businesses Encouraged to Prepare for the Introduction of the National Living Wage

December 16, 2015

myersclark

With the introduction of the National Living Wage on the 1 April, businesses are being encouraged to take steps to ensure they are ready to support the changes. The National Living Wage (NLW) will become law in April 2016.

HMRC Launches Online Tax Accounts

December 14, 2015

myersclark

HMRC has today launched its services for online tax accounts, as part of its new digital strategy to modernise the UK’s tax services. The new online accounts will see more than a million taxpayers be directed to their new online personal tax accounts as part of the updated self-assessment process. They will enable customers to update their details in real time, making it easier to contact HMRC and provide a clearer display of a tax paid.

HMRC Announces New Digital Strategy

December 7, 2015

myersclark

HMRC has announced its new digital strategy which aims to improve the efficiency of paying taxes whilst making use of new digital capabilities.

Capital v Revenue Expenditure

November 24, 2015

myersclark

Knowing whether business expenditure is revenue or capital is essential to the preparation of correct accounts and tax returns, but it is sometimes difficult to decide what is the right treatment. HM Revenue and Customs (HMRC) has recently updated its guidance on the most common errors.

Autumn Statement Predictions

November 20, 2015

myersclark

We are now less than 10 days away from this year’s Autumn Statement and predictions about what to expect are beginning to surface. George Osborne’s speech is set to be an interesting one, following the drop in confidence after the post-election high and the recent opposition the Chancellor has faced. Please be aware that this […]

HM Revenue & Customs to Undergo Major Changes

November 12, 2015

myersclark

HM Revenue & Customs is to undergo a major change, combining 170 offices into 13 major hubs. These changes are part of a major restructuring plan to save hundreds of millions pounds but will leave many towns and cities without a tax office.

Deutsche Bank to undergo radical restructuring to restore reputation and profitability

October 23, 2015

myersclark

Deutsche Bank has announced a radical restructuring to restore its reputation and profitability. The investment bank is being split and a number of senior bankers are to leave.

The ICAEW attacks the Chancellor’s Plans to Change Buy-to-Let Tax

October 19, 2015

myersclark

The leading professional accounting body in Britain, the Institute of Chartered Accountants in England and Wales, (ICAEW) has criticised the changes that George Osborne has proposed for buy-to-let tax. The Institute condemns the legislation as an “unthought-through” and expects it will be troublesome for many; forcing some landlords out of business and changing the property unnecessarily.

Restrictions to the Tax Relief Landlords Can Claim

October 7, 2015

myersclark

The Chancellor announced in his Summer Budget, there would be restrictions on the amount of tax relief that landlords could claim. Alongside this, he announced that there would be changes to the tax treatment of maintenance costs for furnished properties.

New National Minimum Wage rates announced

September 23, 2015

myersclark

From Thursday 1 October 2015, the adult rate of the National Minimum Wage will rise 20p, from £6.50 to £6.70 per hour, as recommended by the Low Pay Commission.

What will the dividend tax mean for businesses?

September 2, 2015

myersclark

In his summer budget on 8 July, the chancellor announced a 7.5% dividend tax with effect from 6 April 2016. This dividend is added to the tax already paid on dividends so if you were previously a basic rate taxpayer, you paid no additional tax on any dividends received. From next April you will pay 7.5% on dividend income over £5,000. The first question you will be asking yourself is ‘should I continue to be drawing dividend or should I be switching to PAYE salary’?

Chinese share prices continue to be volatile after seeing a 16% fall in a week

August 26, 2015

myersclark

The Chinese Central Bank cut its lending rate by 0.25% yesterday to try and calm stock markets, but this further cut has caused stock value drops in other parts of Asia and overall investor confidence to fall.

The People's Bank of China Cuts Interest Rate for 5th Time

August 25, 2015

myersclark

China has cut its interest rate by 0.25% following a second day of plunging stock values after the global sell-off triggered by its slow growth.

A Parent's Guide to University Budgeting

August 17, 2015

myersclark

Degree or no degree and you can probably work out that spending your last £20 on a night out when you need to buy food and two new text books this week probably isn’t your best decision. It is reported that 75% of new students claim budgeting is their biggest headache. We’ve put together a […]

Greek Bailout Agreed

August 11, 2015

myersclark

Greece has agreed a bailout deal in principle with its creditors, the European Commission reports. This comes after the Greek Finance Minister, Euclid Tsakalotos, said there were a few issues with their lenders which needed to be agreed before the deal could be finalised. If this deal works Greece will not have to leave the […]

Interest Rates Rise Not Predictable

August 11, 2015

myersclark

In an interview with the BBC, the Bank of England’s deputy governor, Ben Broadbent said that pre-announcing the dates for an interest rise would be ‘foolish’.

Super Thursday of Economic Data

August 6, 2015

myersclark

From today, Thursday 6th August, the monthly interest rate decision and the minutes from the Bank of England’s Monetary Policy Committee (MPC) will be released without the fortnightly gap as previously observed.

A to Z of What to Expect from the Chancellor’s Summer Budget 2015

July 7, 2015

myersclark

What we can expect from this ‘Emergency Budget’ given that it will be the first all Conservative budget of George Osborne’s career?

HMRC Ends £100 Penalties for Late Self-Assessment

June 3, 2015

myersclark

HM Revenue and Customs (HMRC) are reviewing the penalties for those who fail to submit their income tax returns on time.

The European Central Bank's Trump Card

June 2, 2015

myersclark

The president of the ECB has the option to put Greece in such a position where it would have to print its own currency and leave the Eurozone. However, it is reported this is not a measure he wants to take at the moment.

Reserve Bank of India Cuts Interest Rate for Third Time

June 2, 2015

myersclark

The Reserve Bank of India has cut its interest rate for the third time in a year in order to boost its growth as Asia’s third largest economy.

Big Four UK Banks Face Extra £19bn in Charges

April 27, 2015

myersclark

Analysts are estimating a further £19bn of conduct and litigation changes to hit the big four high-street banks before the end of 2016.

New Google Algorithms Favour Mobile-Optimised Sites

April 27, 2015

myersclark

It has now become even more important to have a mobile-optimised website. From today, Google’s new algorithms will change the way it ranks websites, this time favouring sites which are mobile-optimised. It is the increase in smart-phone usage which is the driving force behind this change.

Fears Greece will Default as Borrowing Cost Rises

April 20, 2015

myersclark

There are growing fears for Greece as it resorts to extreme measures to stay afloat, as the bail-out drama continues.

Swiss Abandon Currency Cap

January 21, 2015

myersclark

The Swiss franc has appreciated 20% against the pound.following the release of the long-standing cap. The removal of the cap on a maximum value has meant the Swiss franc has become almost too strong against the Euro.

Return of Black Friday Uncertain

January 6, 2015

myersclark

John Lewis has been one of the first to reveal its sales figures from Black Friday. The 150 year-old company recorded its best year on record; however Black Friday might not be here to stay.

Falling inflation will not change plans for interest rate rise

December 22, 2014

myersclark

David Miles of the Bank of England has said falling inflation will mean consumers will have more money, but the plans for rising interest rates are not to change.

Putin's Conference addresses Rouble Crisis

December 19, 2014

myersclark

Despite the volatility of oil prices in the last week, the market shares moved very little during the three-hour conference, suggesting those buying shares were not encouraged or worried.

Shops brace themselves for Panic Monday.

December 19, 2014

myersclark

Black Friday has played a vital role in pushing retail sales growth to levels seen 26 years ago. The biggest price-cuts seen in more than 10 years, embraced more widely by more UK retailers than ever, encouraged consumers to bring forward some of their spending on Christmas presents this year.

Russian Economy at Risk of a Meltdown

December 18, 2014

myersclark

The Russian economy appears to have made minor improvement since Tuesday’s all-time low, however fears remain as trading continues to be unpredictable.

Patent Box Tax Update: The Patent Box tax break will be scrapped.

December 12, 2014

myersclark

The Patent Box scheme, which offers 10% tax rate for companies who can prove they innovate, is soon to be closed.

Scotland’s New Taxes following Devolution

November 5, 2014

myersclark

Whilst the Scottish may have voted to remain in the UK, the changes planned before power was devolved are coming into force, and will affect many taxpayers and employers throughout the UK.

Overtime Should Count in Holiday Pay

November 4, 2014

myersclark

A ground-breaking tribunal has today ruled that staff members who work overtime could claim for additional holiday pay.

Annual Investment Allowance

October 27, 2014

myersclark

The tax treatment of expenditure used to refurbish buildings falls into three broad categories: repairs, for which a full tax deduction can be claimed in the accounting period in which the cost was incurred; alterations to the fabric of the building, which is then added to the cost of the premises and taken into account if the property is sold; and fixtures for which capital allowances can be claimed.

Tax Returns Deadline is Imminent

October 27, 2014

myersclark

The first tax return deadline is imminent. The first deadline for submitting your self-assessment is 31st October for those who are submitting their return on paper. If you are already running out of time, you are advised to register for online filing. Then you will have until 31st January 2015 to submit your form.

Fake HMRC email scam telling taxpayers they have been taken out of Self-Assessment

September 25, 2014

myersclark

The HMRC is warning of a new scam email which is aimed at taxpayers. The new variant claims to be from HMRC and explains that the recipient is no longer eligible to receive a tax return and the recipient will need to sign up with their current details to regain access to the system.

Pwc administrators have confirmed the sale of Phones4U

September 25, 2014

myersclark

Administrators at PwC have confirmed the sale of 58 Phones4U stores to the EE mobile network, a week after the chain was placed into administration, after EE joined Vodafone in cutting ties with the company.

Plans for a ‘Mansion Tax’ which will include three-bedroom homes in London and South East

September 25, 2014

myersclark

It is claimed that the proposed ‘Mansion Tax’ will affect ‘almost exclusively’ homeowners in the south east of the country.

ICAEW chief bemoans 'lack of detail' in Ed Balls action plan

September 25, 2014

myersclark

The CEO of the ICAEW has stated there was a lack of detail in Ed Balls’ speech on how Labour would balance the books if they gained power in the next election.

Can a meltdown over Scottish tax be avoided?

September 17, 2014

myersclark

September 18th will see Scottish electors cast their votes in the independence referendum. A ‘No’ outcome will bring about a devolution of tax powers in Holyrood, and a ‘Yes’ outcome would bring the need for a new tax system to be created for an independent Scotland.

Pound falls after Scottish Independence leads in latest poll

September 9, 2014

myersclark

Amongst the uncertainty about the UK’s future with Scotland, the pound has fallen to its lowest level in 10 months.

Bank of England Reopens the Possibility of Raising Interest Rate in 2014.

August 21, 2014

myersclark

Analysts have stated that to not consider a rise in interest rates this year would be naive. This comes as the Monetary Policy Committee (MPC) splits 7-2 on maintaining the current 0.5% interest rate. The minutes from the MPC meeting were announced a week after the Bank of England’s quarterly report, which released the forecast of the annual wage growth to be half of what was earlier predicted.

Death duties hit highest level for six years

August 14, 2014

myersclark

A total £3.4bn inheritance tax was paid last year – the most since 2007 – as more households were caught by the inheritance tax net, with women paying 35 per cent more than men.

Consultation from the Treasury: Restricting non-residents’ entitlement to the UK personal allowance

August 14, 2014

myersclark

The Treasury has released a consultation document as to whether non-UK residents should be restricted from entitlement to the UK personal allowance and how this might be implemented.

Employees gain new flexible working rights

July 8, 2014

myersclark

As of 30th June 2014, all employees now have the right to request flexible working – a right previously restricted to parents and carers.

Emergency Flood Aid for Affected UK Businesses and Homeowners

February 25, 2014

myersclark

The flood may be receding but home owners, farmers and business owners may still find it hard to keep their head above water – the damage inflicted will be felt for a long time to come.

Stop Scrooge (HMRC) From Spoiling Christmas

December 2, 2013

myersclark

Tis the season to be jolly…and for HM Revenue & Customs (HMRC) to tax your good cheer.

Royal Mail Delivers Shares

October 10, 2013

myersclark

Tuesday 8 October saw the deadline for the public to apply for shares in Royal Mail, but the high demand means that members of the public are unlikely to get all the shares they applied for.

Kodak – A Phoenix Rising From The Ashes?

September 5, 2013

myersclark

Kodak has emerged from bankruptcy as a leaner, more focused company after selling many of the businesses that made it famous.

The Olympic Legacy

July 27, 2013

myersclark

This weekend London plays host to the “Anniversary Games” where the likes of Jessica Ennis-Hill, Mo Farah and Usain Bolt

A Royal Gift for your Prince or Princess

July 26, 2013

myersclark

The birth of Prince George of Cambridge has sent the world into a baby frenzy and given the public a much needed excuse for a party.

New boss at the Bank of England

July 2, 2013

myersclark

Today sees Mark Carney officially take over as the head of the UK’s central bank.

Protection Proposed Against Payday Lenders

July 2, 2013

myersclark

A private members bill has been proposed by an MP to crack down on lenders who are allegedly breaking their promise to protect vulnerable consumers and treat customers fairly.

Tax Evasion Crackdown

June 25, 2013

myersclark

With the recent sentencing of famous Italian fashion designers Domenico Dolce and Stefano Gabbana, tax evasion has become a hot topic.

HMRC Target Undisclosed Capital Gains Tax Liabilities on Property Sales

May 4, 2013

myersclark

Do you have an undisclosed liability to capital gains tax? If so you need to act now.

Company car changes: Capital Allowances

February 27, 2013

myersclark

A business considering buying a car in the near future should be aware of the forthcoming changes in the capital allowances that can be claimed on the cost of the vehicle.

Young Entrepreneurs Funding

February 18, 2013

myersclark

Thousands more young entrepreneurs are now eligible for government loans to help turn their business ideas into reality.

D-I-Y VAT for a D-I-Y Housing Project

February 8, 2013

myersclark

The VAT D-I-Y scheme allows an individual, or an organisation, to construct or convert a building for their own use, and claim back the VAT on materials purchased for the project

Charitable Giving From HMRC

January 25, 2013

myersclark

From April 2013 HMRC has announced that repayment claims by Charities and Community Amateur Sports Clubs (CASCs) can be made electronically.

The ‘Child Benefit Clawback’

October 23, 2012

myersclark

The ‘Child Benefit Clawback’ – or to give it its proper title the ‘High Income Child Benefit Charge’ – coming in from

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