We are delighted to announce that, with effect from 1 November 2022, Winchester based accountancy firm, Michael Warner & Company, has merged with Moore (South) Chartered Accountants and Business Advisers.

The Rent a Room Scheme lets you earn up to a threshold of £7,500 per year tax-free from letting out furnished accommodation in your home. This is halved if you share the income with your partner or someone else.

The Rent a Room Scheme lets you earn up to a threshold of £7,500 per year tax-free from letting out furnished accommodation in your home. This is halved if you share the income with your partner or someone else.

If you pay for the fuel used in your company car you are entitled to recover the cost of the fuel – for business journeys - based on agreed Advisory Fuel Rates (AFRs), from your employer.

If you pay for the fuel used in your company car you are entitled to recover the cost of the fuel – for business journeys - based on agreed Advisory Fuel Rates (AFRs), from your employer.

Employers can pay employees a fixed rate per mile to cover the costs of using their own vehicles on company business.

Employers can pay employees a fixed rate per mile to cover the costs of using their own vehicles on company business.

The allowance enables married couples or those in civil partnerships to transfer part of their personal allowances if one partner receives income under their Personal Allowance threshold of (usually) £12,570 and the other is a basic rate taxpayer.

The allowance enables married couples or those in civil partnerships to transfer part of their personal allowances if one partner receives income under their Personal Allowance threshold of (usually) £12,570 and the other is a basic rate taxpayer.

Key dates for your tax diary in February and March 2022.

As you will see from our latest tax diary, there are two significant tax payment deadlines in January.

Boris Johnson has announced a rise in National Insurance contributions and dividend tax to raise £36bn over the next three years for health and social care reform.

The COVID-19 Statutory Sick Pay (SSP) Rebate Scheme was introduced to allow eligible employers with fewer than 250 employees to apply to HMRC for reimbursement of statutory sick pay (SSP) for employees' sickness absences resulting from COVID-19.

The allowance enables married couples or those in civil partnerships to share their personal tax allowances if one partner earns an income under their Personal Allowance threshold of £12,570 and the other is a basic rate taxpayer.

If you run a business that sells second-hand vehicles and you have not been charged VAT when purchasing the vehicles, using the Margin Scheme could potentially save you some money.

There are many expenses and benefits in kind which will need to be reported, however there are some exemptions for expenses associated with working from home. 

HMRC recently released the Advisory Fuel Rates (AFR). The AFR will only affect company car users and will last until 1 June 2021 when the next quarter's rates will be applied.

Tax planning might not sound like the most exciting way to spend your time, however it could have a significant effect on your finances. As the 2020/21 tax year draws to a close there are multiple considerations for what you can do to utilise your cash before the limitations reset as well as planning ahead for the future.

You can make a simplified declaration before you export your goods. This is called ‘presenting’ your goods to customs. The first part of your declaration does not need as much information as a full declaration. When it’s approved, you can export your goods or move them from your premises. 

Is the myth of having your private fuel costs for your company car covered by your employer being a good thing, true?

Eligible pubs have the opporunity to apply for "wet-led pubs" support grant as well as the "Local Restrictions Support Grant (LRSG (Closed) Addendum)".

Many smaller businesses will not have the resources to train and employ their own customs clearance staff in which case you may have to consider using a customs agent or broker. 

Lenders that had previously offered bounce back loans (BBL) are now able to offer borrowers a top up if they originally took out less than the maximum amount. 

Brits will be able to get cashback from shops without needing to buy anything under new proposals to protect the UK’s cash system announced 15 October 2020.

In his third statement delivered on 22 October, the Chancellor has significantly revised previously announced measures to help protect jobs across the UK whilst the country faces a fresh spike of the virus and a winter of uncertainty.

Your UK residence status affects whether you need to pay tax in the UK on your foreign income. 

Moore (South) LLP – a leading top 15 accountancy and business advisory firm based in Southampton has marked the start of 2020 by relocating from Southampton’s High Street to Ocean Village.

Moore (South) LLP – a leading top 15 accountancy and business advisory firm based in Southampton has marked the start of 2020 by relocating from Southampton’s High Street to Ocean Village.

From 1 October 2019, contractors who employ subcontractors, will need to assume responsibility for declaring and paying the VAT that was previously settled by their VAT registered subcontractors.

Generally speaking, the purchase of any vehicle where there is any element of private use means any reclaim of VAT may be restricted. HMRC’s website offers the following guidance:

From 1st October 2019 a VAT reverse charge will apply in the UK to supplies of construction services, this will mean that around 300,000 construction businesses will be required to change their accounting systems. 
 

From 1st October 2019 a VAT reverse charge will apply in the UK to supplies of construction services, this will mean that around 300,000 construction businesses will be required to change their accounting systems. 

From 1st October 2019 a VAT reverse charge will apply in the UK to supplies of construction services, this will mean that around 300,000 construction businesses will be required to change their accounting systems. 

The overwhelming majority of small businesses that applied for finance in the first six months of 2018 were successful, statistics show.

The overwhelming majority of small businesses that applied for finance in the first six months of 2018 were successful, statistics show.

Generally speaking, the purchase of any vehicle where there is any element of private use means any reclaim of VAT may be restricted. HMRC’s website offers the following guidance:
 

Generally speaking, the purchase of any vehicle where there is any element of private use means any reclaim of VAT may be restricted. HMRC’s website offers the following guidance:
 

When a director has been found guilty of mismanagement verging on fraud, one of the remedies that the courts can impose is disqualification as a director. But what does this actually mean?
 

When a director has been found guilty of mismanagement verging on fraud, one of the remedies that the courts can impose is disqualification as a director. But what does this actually mean?
 

HMRC recently published a list of helpful reminders regarding the submission of monthly returns to HMRC. This article lists some of the points highlighted.
 

HMRC recently published a list of helpful reminders regarding the submission of monthly returns to HMRC. This article lists some of the points highlighted.
 

The BBC reported last week that nearly £150m was stolen between January and July this year after bank customers were duped into transferring money into fraudsters’ bank accounts.

The BBC reported last week that nearly £150m was stolen between January and July this year after bank customers were duped into transferring money into fraudsters’ bank accounts.

The decision to sell your business is a significant step, so it’s important you’re prepared and understand the process.

Now that Wales and Scotland have devolved powers for taxation purposes, residents that live and work in the border areas with England have more planning options.

Now that Wales and Scotland have devolved powers for taxation purposes, residents that live and work in the border areas with England have more planning options.

We are proud to be relaunching the Owner Managed Business award category for the South Coast Business Awards.
​

We are proud to be relaunching the Owner Managed Business award category for the South Coast Business Awards.
​

A reminder that employees can make a claim for the business use of their own cars, motorcycles or cycles by logging their business mileage and applying an approved mileage rate. 

A reminder that employees can make a claim for the business use of their own cars, motorcycles or cycles by logging their business mileage and applying an approved mileage rate. 

New rules for car tax (Vehicle Excise Duty) come into force this year and unfortunately, it can mean a substantial hike in tax for some drivers if your car was first registered on or after 1 April 2017, especially if your car is a diesel vehicle. 

New rules for car tax (Vehicle Excise Duty) come into force this year and unfortunately, it can mean a substantial hike in tax for some drivers if your car was first registered on or after 1 April 2017, especially if your car is a diesel vehicle. 

As we are approaching the end of yet another tax year, it is worth repeating our suggestion that highlights the cash benefit to company car drivers and their employers, of reimbursing the cost of fuel provided for private motoring. The rates have been updated for 2017-18.

As we are approaching the end of yet another tax year, it is worth repeating our suggestion that highlights the cash benefit to company car drivers and their employers, of reimbursing the cost of fuel provided for private motoring. The rates have been updated for 2017-18.

Southampton based chartered accountants Moore organised a charity quiz night at The New Forest Hotel, Ashurst and raised over £4,000 for the local Honeypot Children’s Charity.
 

Southampton based chartered accountants Moore organised a charity quiz night at The New Forest Hotel, Ashurst and raised over £4,000 for the local Honeypot Children’s Charity.
 

It has been announced by the Department for Transport that classic cars over 40 years old will become exempt from MOT testing, however owners can voluntarily elect for an MOT if they feel that it is necessary.
 

It has been announced by the Department for Transport that classic cars over 40 years old will become exempt from MOT testing, however owners can voluntarily elect for an MOT if they feel that it is necessary.
 

In today's rapidly evolving business environment, innovation is key to the growth (and indeed, survival) of most firms. Many of us are constantly on the look-out for an innovative new idea.

In today's rapidly evolving business environment, innovation is key to the growth (and indeed, survival) of most firms. Many of us are constantly on the look-out for an innovative new idea.

We are proud to be launching the Owner Managed Business category for the South Coast Business Awards.
 

We are proud to be launching the Owner Managed Business category for the South Coast Business Awards.
 

​It is worth repeating an article we first published March 2016 that highlighted the cash benefit to company car drivers and their employers, of reimbursing the cost of fuel provided for private motoring. The rates have been updated for 2016-17.

​It is worth repeating an article we first published March 2016 that highlighted the cash benefit to company car drivers and their employers, of reimbursing the cost of fuel provided for private motoring. The rates have been updated for 2016-17.

Generally speaking, the purchase of any vehicle where there is any element of private use means any reclaim of VAT may be restricted. HMRC’s website offers the following guidance:
 

Generally speaking, the purchase of any vehicle where there is any element of private use means any reclaim of VAT may be restricted. HMRC’s website offers the following guidance:
 

In 2014, the DVLA scrapped the displaying of a paper tax disc, as for the first time in 90 years drivers would resort to a new procedure and meet the new rules, by renewing their car tax by phone, DVLA website or at the post office. 

In 2014, the DVLA scrapped the displaying of a paper tax disc, as for the first time in 90 years drivers would resort to a new procedure and meet the new rules, by renewing their car tax by phone, DVLA website or at the post office. 

Since the tax on private fuel provided with company cars is so high, many employers now have an arrangement whereby they no longer pay for private fuel. In this case, the employee must reimburse the employer for private fuel included in petrol bills paid by the employer. Otherwise, the employee may face a tax charge.

Since the tax on private fuel provided with company cars is so high, many employers now have an arrangement whereby they no longer pay for private fuel. In this case, the employee must reimburse the employer for private fuel included in petrol bills paid by the employer. Otherwise, the employee may face a tax charge.