News from your Accountants in Harrogate & Leeds

Keep yourself up-to-date on the latest accountancy news and information with our useful articles.

Football agent loses tax appeal

October 6th 2016

In a recent tax case, Jerome Anderson v HMRC, the First-Tier Tribunal denied a football agent relief for trading losses. The judges’ arguments centred on the issue of whether he was carrying on a trade, and if he was, was it on a commercial basis with a view to making profits?

Claiming back pre-trading costs

October 6th 2016

Generally speaking, any business expenditure that you make up to seven years before you actually start trading, is treated for tax purposes as if it was incurred on the first day of trading.

What is a transposition error?

September 20th 2016

Often, clients will make transposition errors when inputting their data into spreadsheets or their favourite accounting software. A transposition error is where you accidentally swap two characters, lkie tihs!

High Income Child Benefit Charge

September 2nd 2016

A reminder, that if either parent’s income exceeds £50,000 this will affect eligibility for Child Benefits and a tax charge may be payable.

Claiming back VAT on a vehicle purchase

September 2nd 2016

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:

Government to replace EU funding

September 2nd 2016

Thousands of British organisations will receive guarantees over EU funding in a new move by Chancellor Philip Hammond last month. Key projects supporting economic development across the UK will be given the green light, ending uncertainty over their future following the UK’s decision to leave the European Union.

New successes for HMRC in the courts

September 2nd 2016

HMRC seem to be making progress in their attempts to discourage, and recover unpaid tax, from participators in tax avoidance schemes. 

Clever ways to tackle property tax

August 31st 2016

Nobody enjoys paying tax. If you own a property business or you’re looking to invest in the property market, the recent tax changes impacting the property industry could be another painful blow for you.