Only a week after HMRC released new guidance that classed double-cab pickups as cars rather than vans, the government has now performed a screeching U-turn and has reversed this decision.  HMRC confirmed that it was scrapping the recently updated guidance announced on 12 February, meaning that double-cab pickups will continue to be treated as goods vehicles rather […]

For over two decades double cab pickup trucks have been classified as vans for company car tax purposes, but this is set to end this summer. HMRC has updated guidance setting out the new benefit in kind tax treatment coming into force from 1 July this year which will see a five-fold increase in benefit […]

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 […]