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Please find below all the articles that have been categorised as 'Uncategorised'.

Can We Expect a ‘Steady As She Goes’ Autumn Budget For Stormy Times?

It might be the case, in these vexatious political times, that the Conservatives are hoping for some tasty vote-winning offerings from Philip Hammond’s upcoming Autumn Budget.

But the Chancellor’s style has always been steady and unshowy and there is little to suggest he plans to break that habit with any earth-shaking announcements on 22 November. There are, however, some hot topics that he is unlikely to be able to avoid, around student debt, the housing crisis and, of course, Brexit.

So, there is speculation around whether he may move towards…

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HMRC launch new business support service

HMRC have launched a new service designed to directly help mid-sized businesses as they expand and grow.

The new Growth Support Service (GSS) will be open to some 170,000 mid-sized businesses registered in the UK who are undergoing significant growth, and who either have a turnover of more than £10 million, or more than 20 employees.

Broadly, a business will be eligible under the ‘significant growth’ criteria if its turnover increased by 20% or more in the last twelve months, where this increase is at least £1 million.

HMRC’s GSS tax experts…

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OTS outlines future work plans

The Office of Tax Simplification (OTS) has published a paper outlining its future works programme, identifying areas of interest that the office will be looking at in the next twelve months and beyond.

The OTS is currently working on a review of VAT, and expects to publish its report in October or November 2017. Work has also commenced on a high-level paper on the business lifecycle which looks at key events and the various taxes which apply at these points.

The Government has requested a review of capital allowances and…

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All change for termination payments

As confirmed in the 2017 Spring Budget, the tax rules governing termination payments will change from 6 April 2018.

The term ‘termination payment’ is typically used as a generic summary for a lump sum payment, which is normally (but not always) made to an employee at the time the employment comes to an end. The current rules governing the taxation of termination payments are complex and over recent years, have been subject to manipulation by some employers seeking to minimise income tax and NIC liabilities. The forthcoming changes seek to clarify…

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Using the IHT gift exemptions

As Benjamin Franklin observed in 1789 ‘In this world nothing can be said to be certain, except death and taxes.’ More than two centuries on, this statement still rings true! These days however, inheritance tax is often referred to as a voluntary tax, because there are various ways to minimise liability to it, or even avoid it all together.


Any assets (cash or otherwise) that a person gives away during their lifetime, that do not fall under the exempt transfer rules, such as transfers between spouses and civil partners…

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Claiming R&D Relief? It Isn’t Just for Tech Start-Ups

Anyone who thinks the UK is lagging behind its neighbours in the East when it comes to technological innovation, might be surprised to learn how much British businesses – and SME’s particularly – are claiming in R&D tax credits.

Research and development (R&D) tax credits are a valuable government tax relief that rewards UK companies for investing in innovation.

Latest statistics from HMRC show a 22 percent increase in the number of SME claims over the past year, with claims totalling £905 million…

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Making Tax Digital – Bringing the Tax System Into the 21st Century

The Government’s Making Tax Digital (MTD) initiative is the biggest change to the UK tax sytem we have seen for decades and it will affect businesses of all sizes and all types, with the aim of ‘bringing the tax system into the 21st Century.’ There have been a few bumps in the road on its journey to implementation, but the timetable of its roll-out has now been settled and the new regime is…

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Morgan Hemp Boosts The Team and Supports Young Professionals Taking Their First Career Steps

We are delighted to have expanded the Morgan Hemp team with three new recruits – all of whom we are supporting towards completing their professional qualifications.

Rhydian Davies, Llew Gibson and Josh Anthony have joined us as trainees, working towards the next stages of their AAT (Association of Accounting Technicians) and ACCA (The Association of Chartered Certified Accountants) qualifications.

As an approved accountancy training practice, we are committed to ensuring all our staff members build upon their professional qualifications.

All three new recruits are from the Swansea and Llanelli area, having…

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Getting ready for GDPR

The new General Data Protection Regulation (GDPR), which will replace the existing Data Protection Act (DPA), takes effect from 25 May 2018. UK organisations that process the personal data of EU residents need to ensure systems are in place by then to enable compliance with new requirements.

The GDPR is more extensive in scope and application than the current DPA. The Regulation extends the data rights of individuals, and requires organisations to develop clear policies and procedures to protect personal data, and adopt appropriate technical and organisational measures.


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HMRC launch further Help-to-Save consultation

Following an earlier period of consultation, HMRC have published draft legislation along- side a further technical consultation document, setting out proposals for the main features, processes and requirements of the new Help-to-Save accounts scheme, which is set to commence in 2018.

Help-to-Save will be targeted at working families on low incomes to help them build up their savings. The scheme will be open to around 4 million individuals who either receive universal credit and have minimum weekly household earnings equivalent to 16 hours at the national living wage, or…

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