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April 2019

Academies: Latest changes to the Accounts Direction

The ESFA have released the Accounts Direction for the Accounting Period ended 31 August 2019.  Find out what the main changes are and how these affect your statutory accounts. 

6 ways cashflow forecasting can benefit your business

Maintaining a healthy cash flow is a challenge for most business owners.  Despite being a cliché phrase, “cash flow is king” continues to drive a harsh truth – a lack of funds is one of the main reasons businesses go under.    

Tax Diary May 2019

Important tax dates for your May diary

The new tax year is here: did you use up all your allowances?

With the new tax year now upon us, any allowances that you used up in full during 2018/19 have been reset and you can now begin using them again.    

Last reminder for employers to provide 18/19 P60's

If you are an employer, you have a statutory duty to provide your employees with a copy of their P60 (pay and tax details for 2018-19) on or before the end of May 2019.

Income Tax – regional differences

You will pay Scottish Income Tax if you live in Scotland, Income Tax if you live in England or Northern Ireland and the Welsh Income Tax if you live in Wales.

Can you change a will after death?

On the face of it, this sounds implausible. How can you change your will if you have died? In reality, as long as any beneficiaries left worse off after any change, agree, you can change a person’s will after their death.

Expenses you can set-off against rental income

The expenses you claim against your property income will need to follow the usual HMRC ruling that the costs must be incurred wholly and exclusively for the purpose of renting out the property.

Personal service company changes from April 2020

In the Autumn Budget the Chancellor announced that the “off payroll” workers rules that currently apply in the public sector would be rolled out to the private sector in 2020. The government have now issued a consultation paper that sets out proposed tax and national insurance changes that will impact on those supplying their services through personal service companies.

Government insolvency ‘cash grab’ ‘frustrating and misguided’ – R3

During the October 2018 Budget, the Chancellor announced that he would be restoring some tax debts to preferential status in corporate insolvencies which begin after 6 April 2020. There had been no consultation on this proposal, and no prior warning.

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