Blog
HMRC’s new VAT tool
If you are thinking about registering voluntarily for VAT, or hovering around the £90,000 compulsory registration threshold, the new VAT Registration Estimator tool from HMRC could be for you. The tool can help you see what registering for VAT could mean for your...
Major change for holiday lets
Preferential tax rules for furnished holiday lettings (FHLs) end in April 2025, removing any tax incentive to offer short-term holiday lets, rather than letting residential property on a longer basis. Where properties have qualified for FHL treatment, income has...
HMRC targets sales of cats and dogs
If you’ve made money from breeding or selling cats, dogs and other animals, HMRC could be on your tail. HMRC thinks there are widespread instances of failure to pay tax on such income, and it’s writing to those it believes are involved. How does it know? HMRC actively...
Extra staff for Christmas.
Employers boosting their workforce — even temporarily - need to remember the pensions automatic enrolment rules. Under the rules, every employer in the UK has an obligation to put specific staff into a workplace pension scheme and contribute towards it. There is no...
Tax Owing?
HMRC offers Time to Pay (TTP) where a business or individual is struggling to make a tax payment because of genuine financial hardship or personal difficulties. TTP can be used for business taxes, such as VAT and employers’ PAYE, as well as self assessment...
HMRC construction industry concerns
Subcontractor verification is under HMRC’s spotlight. With records showing that some contractors are making incorrect Construction Industry Scheme (CIS) deductions, HMRC is currently taking a keen interest in the construction sector. HMRC’s latest compliance drive...
Changes to Agricultural Property Relief (APR) and Business Property Relief (BPR)
The government has announced changes to APR and BPR from April 2026. Currently, certain assets qualifying for APR can get inheritance tax relief at 100% of their agricultural value and certain assets qualifying for BPR can achieve inheritance tax relief at 100% of...
Autumn Budget 2024
What the Autumn Budget means for individuals and businesses. Rachel Reeves delivered her first Budget as Chancellor of the Exchequer on 30 October 2024. The Budget aims to deal with the £22 billion ‘black hole’ in public finances whilst restoring stability and...
Tax Changes on the Horizon: What You Need to Know
The Government has indicated that tax increases are likely to be part of this month’s budget, with a focus on those with the "broadest shoulders." We examine where these changes might impact you and how you can prepare. Capital Gains Tax: Capital Gains Tax (CGT) is...
Do you need to update your Companies Persons of Significant Control Conditions?
Persons of Significant Control (PSC) are individuals or entities that have significant influence or control over a company or organization. This concept is a key part of corporate transparency and governance, aimed at identifying those who have a significant stake or...
Creating different share classes for dividends
Creating different classes of shares, often referred to as "alphabet shares" (e.g., A shares, B shares, C shares, etc.), provides flexibility in distributing dividends. This approach allows companies to tailor dividends to individual shareholders as directed by the...
Academy Trust Update
In this webinar, the Ellacotts team discuss the latest academy updates you need to be aware of, including changes in the new Academy Accounts Direction and the new Academies Financial Handbook.
Ensuring your company keeps records of decisions made
All companies must keep records of important decisions made including companies where the company has only one director. Before electronic records, minutes of a meeting would have been recorded in a physical minute book. Companies have moved away from keeping a...
VAT on Private school fees
From 1st January 2025, VAT at the standard rate of 20% must be charged on private school fees. New draft legislation removes the existing exemption contained within Schedule 9 of the VAT Act 1994. It is confirmed VAT will be due on upfront fees paid on or after...
The Importance of Keeping Statutory Registers in the UK
In the United Kingdom, statutory registers play a crucial role in the legal and operational framework of businesses. These registers are mandated by law and serve as an official record of various essential details concerning a company. Their importance cannot be...
The 2022 Harvest – benchmarking
We have now completed our gross margin accounts for the 2022 harvest across our portfolio of arable clients. The database for 2022 is based on an area of over 90,000 acres.
Capital Gains Tax – In the news
There continue to be significant changes to the already complex Capital Gains Tax (CGT) rules. Capital Gains Tax explained CGT applies where you dispose of particular capital assets at a profit. The rates charged depend on your level of income and the type of...
Trade and Customs: Commodity Codes
A figure of Captain America (think Marvel comic books), the Tin Man, some Norse gods and Grey Worm from ‘Game of Thrones’ all came before the tax tribunal recently. It was a case about commodity codes, and the dispute turned on whether they were dolls representing...
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