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Tough times for legal firms
This week the SRA (Solicitors Regulation Authority) have announced that over 600 legal firms had failed to nominate complaince officers by mid September 2012. Since October 2011, all regulated legal practices had to nominate individuals to be their officers for legal practice, and finance and administration (COLPs and COFAs) and the SRA has warned that…
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First Tier Tax Tribunal agrees with the taxpayer regarding penalties
The Tax Tribunal’s decision in the recent case of J R Hanson v HMRC dismisses the Revenue’s claim that the taxpayer should check professional advice. On the advice provided by his accountants, Hanson submitted a tax return to include a claim for capital gains tax relief however, a subsequent enquiry from HMRC found that he…
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Do Partnerships have to return benefits in kind?
Where the partnership employs others on PAYE and pays them a benefit in kind (use of a car, private health insurance etc) then no one would argue that the usual PAYE rules dictate that benefits have to be declared annually on forms P11d. But what about where the only ‘workers’ in the partnership are the…
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Independent schools – Upper Tribunal rules on ‘public benefit’
Recently the Charity Tribunal published its decision on the cases heard back in May 2011 regarding the Charity Commission’s interpretation of how public benefit requirements apply to charitable independent schools. The Tribunal was very clear that the provision of public benefit offered by a given school is a matter for the charity’s trustees and that…
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700 years and counting!
Burgis & Bullock have recently joined with other Midland firms with a combined age of 700 years to complete a deal involving a Black Country business with a famous pedigree. Tipton-based Bodill Parker Limited was established in 1838 and manufactures a range of pressings, grommets, buckles, tips, aluminium plugs and caps, hooks and cable thimbles.…
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Are you comfortable with all the payroll changes?
The filing requirements for PAYE and NIC are becoming stricter with HMRC imposing interest and penalties for late payment and filing. Penalties start at £100 and rise to £3,000 simply for not filing one of the many forms and returns on time, and late payment of PAYE/NI carries additional fines of 1%-4%. Coupled with the…
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Pensions Auto Enrollment templates for employers
With the imminent arrival of the new Pensions Regulations, letter templates have been made available from The Pensions Regulator for employers to communicate with workers about automatic enrollment. Communicating with workers is an essential step in preparing for automatic enrollment, and employers are required by law to provide in writing the right information, to the…
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HMRC crackdown is coming for ‘one man’ companies!
There has been a lot of press comment recently in connection with the apparent abusive ‘tax avoidance’ undertaken by taxpayers providing their services via their own personal service companies. Ken Livingstone has had to address accusations that he has used such a structure to avoid tax. In his 2011 Budget the Chancellor announced the proposed…
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Lifting the Lid on Tax Avoidance Schemes
The Government has introduced consultation “Lifting the Lid on Tax Avoidance Schemes” to extend HMRC’s powers to tackle aggressive, artificial tax avoidance schemes. The proposals are aimed at improving public information available on tax avoidance schemes and the risks associated with using them. The proposals include extending the Disclosure of Tax Avoidance Schemes (DOTAS) rules…
Understanding your business finances is about far more than meeting your statutory obligations. While many business owners focus on sales and turnover, a deeper understanding of profitability, cash flow and overall financial performance can lead to better decision-making and long-term business success. The financial statements produced by your accountant can …
August 14, 2026
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