makeitbalance

What do land, buildings, furnished holiday lets, goodwill, fixed plant and machinery, fish, milk and ewe and suckler cow premium quotas, farmers income support payment entitlements, Lloyds underwriters rights and assets, ships, aircraft, hovercrafts, satellites, spacecraft and space stations have in common? If businesses use any these assets in their trade and subsequently dispose of […]

If you (the donor) make a gift to a loved one (the donee), other than your spouse or civil partner, you could be hit for a capital gains tax (CGT) charge broadly based upon the difference between the market value of the asset at the time of the gift less what you acquired it for. […]

We are looking for a full/part time bookkeeper to join our team in Holmfirth. This is an opportunity to join a modern, vibrant professional accountancy firm, working in a great team environment. Applicants should have experience of all aspects of bookkeeping using recognised accountancy software. The role will involve monthly bookkeeping/quarterly VAT work for a […]

To build up state pension entitlement you need to accrue national insurance (NI) qualifying years. This can be achieved each year either through NI contributions paid based on your earned income or by making voluntary NI payments or through deemed NI credits, such as claiming child benefit (CB). In broad terms a man born before […]

Losing a much loved partner is a devastating blow both emotionally and financially. Up until recently only a spouse or civil partner could possibly claim either the widowed parents allowance (WPA), if their partner died on or before 5th April 2017, or the bereavement support payment (BSP), if their other half has passed away since […]

For persons with a property portfolio one of the tax headaches, keeping them awake at night, is how to mitigate their inheritance tax (IHT) liability when passing on the properties to their children or grandchildren on death. In the vast majority of cases the property values, net of any liabilities, such as debt, will form […]

It could be argued that farmers, artists, musicians, market gardeners and authors would be strange bedfellows but that is the not the case in the tax world. They share a common relief known as averaging. If you are a sole trader or a partnership where in excess of 50% of your income is derived from […]

For accounting periods straddling 31st March 2023 and those thereafter, companies will see the return of the corporate prodigal son, last seen back in 2015, which could result in old favourites such as varied corporation tax (CT) rates, thresholds and the infamous complexed associated company rules returning to inflict heightened CT pain. For the past […]

For many employers there are key employees who they don’t want to lose. They are integral to the growth and success of the business. It is important to keep these employees tight to the trading company. One option is to go down the Government approved Enterprise Management Incentive Scheme (EMI) route, which enables the employer […]

For persons with a property portfolio one of the tax headaches, keeping them awake at night, is how to mitigate their inheritance tax (IHT) liability when passing on the properties to their children or grandchildren on death. In the vast majority of cases the property values, net of any liabilities, such as debt, will form […]

Does your company own an interest in a residential property? Was that property worth £500,000 or more as at 1st April 2022 or, if later, the value at the time the company acquired it? Did your company convert a property into a dwelling or build a new one, after 1st April 2022, which at the […]

It can be a costly error ignoring the VAT implications surrounding land/property transactions, whether you are the vendor/purchaser, the landlord/tenant or the transferor/transferee. Normally there is no VAT charged on the sale or rental of a residential property or a communal residential home or if the building is being used for charitable purposes. The landlord […]

The main points that were announced in the mini budget last week were; The Health and Social Care Levy (HSCL) of 1.25% due to be introduced from April 2023 will not now go ahead – and that the 1.25 percentage point uplift in National Insurance contributions (NICs) rates that was introduced in April 2022, will […]

One of the big talking points at the moment is the tax saving available on electric cars so it seems to be a good time to look at those savings. The current rules enable tax relief to be claimed for 100% of the vehicle’s cost in the year of purchase.  However, only qualifying electrically propelled […]

Do you have a date in mind when you would like to retire? Do you want to have a financially comfortable retirement? Is a pension one of the important components for you to achieve that goal? What level of income do you think you will need once you pack in work? Are you on course […]

It is well reported that electric car sales are on the up. However, along with the expense of either buying or leasing such a vehicle, comes the additional upfront cost of the purchase and installation of electric vehicle (EV) chargepoints. Depending upon who is incurring that cost and where you are based in the UK, […]

Due to staff relocation, we are looking for a full time junior/semi senior accountant to join our team. You will be involved in preparing year end accounts and more wide ranging services such as tax and tax returns depending upon your level of experience. As a progressive and forward thinking firm of accountants, we offer […]

The Government announced on Tuesday a new £1bn support package for Omicron-hit businesses. The new measures include:  One-off grants of up to £6,000 per premises for hospitality and leisure businesses The reintroduction of the Statutory Sick Pay Rebate Scheme for Covid-related absences for small and medium-sized employers; and £30m further funding will be made available […]

There will be many people who either own a business interest at death or gifted it away to somebody, or to a Trust, within seven years prior to their demise The commonly held belief is that although the value of the business will form part of the deceased’s Estate for inheritance tax (IHT) purposes it […]

  What do you need to claim the fifth self-employed grant? The Government website opened the online service to apply for SEISS grant five on July 28. People who are eligible for the fifth grant based on their tax returns should have been contacted in mid-July with a personal claim date to apply from. The […]

The newly appointed administrator will perform a varied role supporting the growth plans of local accountancy firm Balance Accountants. Your roles and responsibilities Personal assistant to the office manager and director – diary management, arrange and schedule meetings, prepare and organise material and post Ensure smooth running of the general office, including daily responsibilities (e.g. […]

In Rishi Sunak’s Budget Statement on 3 March, he put in place some fiscal tax measures that he hopes will encourage investment and kick-start the economy in readiness for the post-pandemic, post-Brexit era. What is the super deduction? The much-vaunted super deduction allows companies to claim a 130% first year allowance (FYA) for investment incurred on […]

If you deferred VAT payments due between 20‌‌ ‌March and 30‌‌ ‌June 2020 and still have payments to make, you should pay by 31‌‌ ‌March 2021 if you can. If you cannot afford to pay by 31‌‌ ‌March this year, you can now use the online VAT deferral new payment scheme to spread your payment. […]

Under UK VAT rules, businesses with a VATable turnover above the VAT threshold (currently £85,000) are required to register with HMRC for VAT. Businesses below this threshold are not required to register with HMRC for VAT. But many choose to do so as this lets them reclaim the VAT paid on most purchases. These are […]

The Chancellor, Rishi Sunak, presented his 2021 Budget on 3 March 2021. The extent to which the measures will affect you will depend on your personal circumstances. This report is split for your convenience into three sections: Impact on individuals Impact on the self-employed Impact on small company owners Click here to download and read the […]