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Another Expertise Boost for Morgan Hemp Team

Kristopher Morgan

Morgan Hemp is pleased to see another of its team is now a fully-qualified ACCA (The Association of Chartered Certified Accountants) member.

Senior Accounts Clerk Kristopher Morgan achieved his most recent qualification at the end of last month, and his ACCA membership helps to underline Morgan Hemp’s continued growth.

The Swansea firm has been going through a steady period of expansion recently, taking on an extra three new recruits in the past few months, and they have plans to recruit further in the coming few weeks boosting both their intake…

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Don’t get a Tax Hangover from your Christmas Party

While some might complain about Christmas paraphernalia popping up in the shops earlier and earlier each year, the tax-savvy will tell you that planning ahead for the Christmas party is vital if you want to avoid giving HMRC an unplanned and costly gift.

 

The annual celebration is a time to relax and to toast the successes of the year.

And it is perhaps an opportunity to get reacquainted with colleagues on a more personal basis, after a year of simply nodding to them on the way in…

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December Questions and Answers

Q. Can I claim for the time I spend repairing my rental property? I own three rental properties and spend a considerable amount of time each year undertaking various necessary repairs. Can I pay myself say, an hourly rate, for the time I spend on the properties and claim a corresponding deduction in my accounts?

A. Any amounts taken from the property rental business will simply be viewed as a withdrawal of profits from the business and taxed accordingly. The HMRC Property Income Manual states ‘A landlord…

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HMRC win ‘Rangers’ tax case

The Scottish Court of Session’s recent judgment in the ‘Rangers’ EBT’ case (Murray Group Holdings & Others [2015] CSIH 77) has attracted much attention in the press, with opinions of both support and criticism being voiced. It is not often that a Court both overturns the decisions of two Tribunals beneath it, and expressly declines to follow previous cases that have gained a certain acceptance.

This case concerned a scheme involving payments to various trusts set up in respect of executives and footballers employed by the former Rangers Football…

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Dividend allowance

The government announced at the summer 2015 Budget, that a new dividend allowance of £5,000 will be introduced from 6 April 2016. Broadly, from that date, it is expected that the existing dividend tax credit will be abolished, a new annual dividend tax allowance of £5,000 will be introduced, and the rates of tax on dividend income will change. The legislation introducing the dividend tax changes has not yet been published and the rules outlined below are therefore still subject to possible change.

From April 2016, the 10% non-refundable…

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Company cars – April 2016 increases

The financial benefits of driving a company car have continued to erode over recent years, but this benefit remains one of the most popular and potent perks of a job. In general terms, less tax will be payable on ‘greener’ cars, but the tax charges on lower emissions vehicles are set to rise significantly in real terms over the next few years.

Two new appropriate percentage bands apply from 2015-16 for cars emitting between zero and 50gkm CO2, and between 51and 75gkm CO2, with the appropriate percentages set at…

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HMRC continue with modernisation plans

The recent formal announcement that HMRC will be replacing local offices with thirteen large regional centres has served to alert the general public to what tax professionals and accountants have known for some time – that to meet government cost and performance targets, HMRC must cut back on frontline staff and take forward digital interactions with taxpayers and their advisers. The announcement comes at a time when HMRC are also facing criticism over customer service issues. In its report on HMRC’s performance in 2014-15, the House of Commons…

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Autumn Statement 2015

Making the most of your money and achieving your financial goals in a world of complex and ever-changing tax legislation requires careful planning and expert advice.

This guide introduces some of the kay areas to consider when planning to maximise your business and personal wealth, although your exact requirements will depend on your individual circumstances.

If you have any questions or would like one-to-one advice tailored to your needs, please call us on01792 466 428 or email [email protected].

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November Question and Answer Section

Q. I am a director and employee of a trading limited company (A Ltd), of which I also own 100% of the shares. I am about to set up a holding company in the European Union, which will own 100% of the shares in A Ltd. I will own 100% of the new EU company. Will there be any capital gains tax or stamp duty payable on the transfer of shares?

A. The ‘share for share’ rules should apply to the transfer, so there should be no capital gains…

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Flat rate homeworking expenses

Many small businesses can choose to be taxed on the basis of the cash that passes through their books, rather than being asked to spend their time doing calculations designed for big businesses (‘cash basis’). Where the cash basis is used, it is also possible for the business to use certain simplified arrangements for claiming expenditure in working out taxable profits for income tax purposes. Flat rate expenses can be claimed for business costs for vehicles, working from home, and living at your business premises.

Where a trader runs…

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