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Stock valued at net realisable value

One of the acceptable methods to value stock is at the lower of cost and net realisable value (NRV). NRV ...
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IHT exemption for gifts out of income

It is possible for wealthier taxpayers to take advantage of the IHT exemption for gifts and payments that are paid ...
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Trusts and CGT

A trust is an obligation that binds a trustee, an individual or a company to deal with the assets such ...
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Vehicle MOT dates

The government has announced that mandatory MOT tests for car, motorcycle and van owners in England, Scotland and Wales are ...
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Reporting Capital Gains on residential property

The Capital Gains Tax (CGT) reporting and payment date for UK residents that sell a residential property changed from 6 ...
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Financial help for debt advisers

The government has announced that an extra £37.8 million will be made available to support debt advice providers during 2020-21 ...
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Government support for pubs, cafes and restaurants

The government has confirmed a further easing of lockdown as pubs, cafes, restaurants, hotels, hairdressers and cinemas have been given ...
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Updated HM Treasury instructions re: CJRS

On 26 June 2020, the Chancellor, Rishi Sunak made a further (third) Treasury Direction under sections 71 and 76 of ...
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Identifying clients in need of help

Most of us fire-fight on a daily basis. We face distractions from multiple directions and basically have no time to ...
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Depreciation

Literally, the word depreciation means a reduction in the value of an asset over time. It recognises the fact that ...
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What are debits and credits?

You may have come across the terms debit and credit and perhaps wondered exactly what do they mean? Certainly, if ...
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Shielding measures to be relaxed in England from 1 August 2020

From 1 August 2020 onwards, it is intended that the shielding programme will be “paused” in England so clinically extremely ...
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Tax Diary July/August 2020

1 July 2020 – Due date for Corporation Tax due for the year ended 30 September 2019. 6 July 2020 ...
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When the cash basis scheme may not be suitable

The cash basis scheme helps many sole traders and other unincorporated businesses who benefit from a simpler way of managing ...
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Basis periods if accounting date is changed

The assessment of self-employed or partnerships profits is usually relatively straight-forward if the accounting date, to which annual accounts are ...
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Time to revisit VAT Flat Rate Scheme?

The VAT Flat Rate scheme is intended to simplify the way a business accounts for VAT and reduce the administration ...
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New guidance for shop owners

The HM Government guidance titled Working safely during COVID-19 in shops and branches has been updated. The updates relate to ...
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Option to defer VAT payments ends 30 June 2020

The option to defer your VAT payments ends on 30 June 2020. The Coronavirus VAT payment holiday gave businesses the ...
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SEISS extended to new parents

The government has announced that the scope of the Self-employment Income Support Scheme (SEISS) will be extended to help new ...
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Why footfall is important

All businesses have customers, According to HMRC, even they have customers… Sales are the amount of goods and services that ...
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Drawings, profits and tax

If you are self-employed – this article does not apply to the directors and shareholders of limited companies – there ...
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Agent update June 2020

HMRC has released the latest bi-monthly issue of the 'Agent Update' publication which includes summaries of recent changes and updates ...
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Self-employed – setting off losses

There are a number of tax reliefs available for self-employed taxpayers that make a loss carrying on their trade, profession ...
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Corporation Tax – carrying back losses

Corporation Tax relief may be available where a company or organisation makes a trading loss. The loss may be used ...
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