Latest News

November 2017

Great day at the Chamber of Commerce B2B Exhibition

Both Stewart Halton and Glen Trevatt attended the Norfolk Chamber of Commerce B2B Exhbition at Carrow Road on 12 October 2017. Here's their take on...

more

Diary of main tax events November/December

more

Many will not get a self assessment tax return next year

The government are gradually phasing out the self-assessment tax return and replacing it with an individual tax account pre-populated with data sup...

more

Furnished holiday letting business is not a business for IHT relief

A furnished holiday letting business is treated as a trade for most tax purposes. For example, capital allowances are available on furniture, and C...

more

HMRC tackles employers who used EBTs schemes

With tax planning schemes as with many things in life, what looks too good to be true generally turns out to be so. This seems to be true for tax a...

more

HMRC have updated their guidance on salary sacrifice schemes

The rules for salary sacrifice arrangements changed with effect from 6 April 2017 and HMRC have updated their guidance for employers. Apart from 5 ...

more

Increased contributions for workplace pensions in 2018

Auto-enrolment of staff in workplace pension schemes now applies to even the smallest of employers, although there are exclusions. The current mini...

more

New restriction for those in pension drawdown

One of the measures affecting pensions announced in the Spring 2017 Budget that was not included in the first Finance Act, concerns a new £4,000 pe...

more

Changes to pension tax relief in the budget?

There is again speculation about further restrictions to tax relief on pensions in the Chancellor’s Autumn Budget. With the Chancellor looking to i...

more

Hints and tips on using Xero

In the start of a series of articles, Stewart Halton, shares some useful hints and tips. This month his tip are on using Xero. 1. Xero now offer...

more

Team from Argents have a Cryptic Escape

Recently some members of staff took part in a team building event and visited Cryptic Escape in Norwich.  The Cryptic Escape is the first real-l...

more

Automatic Enrolment Minimum Pension Contribution Increases

Under automatic enrolment, minimum pension contributions are required to increase over time. This happens on set dates and is a key feature of auto...

more

Spotlight on . . . Joe Harrison

This month we learn a little bit about new Accounting Technician Joe Harrison. We asked Joe a  number of questions and here are his answers: ...

more

Is the UK really “missing billions” after the Brexit vote? 

The Telegraph reported a dramatic gap in the nation's finances.  Britain's missing billions: Revised figures reveal UK is £490bn poorer than previ...

more

Interest rate rises

Mark Carney might finally be able to shake the moniker of the ‘unreliable boyfriend’, following the Bank of England’s announcement to increase inte...

more

October 2017

Advisory fuel rate for company cars

These are the suggested reimbursement rates for employees' private mileage using their company car from 1 September 2017.  Where there has been ...

more

Reclaiming foreign VAT on expenses

If your business has suffered VAT on expenses incurred in another EU country, for example overseas hotel and restaurant bills, then it is possible ...

more

There may be more tax to pay on your dividends in January

The rules for taxing dividends changed radically from 6 April 2016 with the removal of the 10% notional tax credit and the introduction of new rate...

more

Waveney Valley Woodies

Argents manager, Louisa Yallop, helps run a local Woodcraft Folk group - Waveney Valley Woodies. These Woodcraft Folk groups of volunteers and youn...

more

Cancer - A Strange Gift

One of our clients – John Cook – has written an amazing book following his diagnosis of cancer and the ominous diagnosis that “you have at best 9 t...

more

Spotlight on . . . Fiona Dye

This month we learn a little bit about Accountant Fiona Dye. We asked Fiona a number of questions and here are her answers: Are you more of a...

more

Diary of main tax events October/November

 

more

Pension Auto Enrolment - legal duties come into force

30 September saw the end of the initial phase of staging dates for auto enrolment, any business coming within its scope from 1st October 2017 onwar...

more

Crafting for a cause

Vicky Ball writes I am a member of a craft group who meets monthly to swap craft ideas and skills and encourage each other to try new crafts. Ou...

more

Pensions and politics

Labour's new pension plans face 'serious practical problems'. Labour is set to reveal plans for women born in the 1950s to access a reduced state ...

more

Shareholders must own 5% of ordinary shares to qualify for CGT entrepreneurs relief

In order for a shareholder to qualify for CGT entrepreneurs relief on the disposal of their shares, they must be an officer or employee of the comp...

more

When is a company van not a van?

The P11d benefits on company vans are generally much lower than company cars and where private use of the van is merely incidental to its business ...

more

Are spouses' wages fully deductible?

HMRC have recently won a tax tribunal case where they were seeking to challenge the deduction for a wife’s wages in arriving at the profits of her ...

more

September 2017

Team from Argents competes in Active Norfolk's 'It's an Adventure Knockout'

Here's Stewart Halton's report on the event. This is the third time we’ve taken part in this workplace competition at Whitlingham Lake. However, t...

more

Finance Bill confirms retrospective MPAA reduction to take effect from April

The government has confirmed it will implement the reduction of the money purchase annual allowance (MPAA), originally due to take effect in April,...

more

Diary of main tax events September/October

more

Changing your company car? What about a hybrid next?

The next Finance Bill will include legislation to reduce significantly the taxable benefit on the provision of low CO2 emission cars from April 202...

more

Trivial benefits

Remember that from 6 April 2016, benefits are exempt from tax and NICs if all the following conditions are satisfied:  • the cost of providing t...

more

Reporting expenses and benefits provided to employees

HMRC have recently updated their toolkit dealing with the reporting of expenses and benefits provided to employees and directors in the light of si...

more

Reporting VAT online - aren't we doing that already?

Last month we reported that the government had announced the delay of Making Tax Digital for Business (MTDfB) to 2020 at the earliest but that quar...

more

Is your company carrying out research and development?

Many companies are still missing out on valuable tax breaks for expenditure on research and development (R&D). Revenue and Customs (HMRC) have ...

more

New company loss rules to go ahead

As a result of the first Finance Act being rushed through due to the snap General Election, the legislation to introduce the new company loss relie...

more

Spotlight on . . . Ben Hall

This month we learn a little bit about new Trainee Accounting Technician Ben Hall. We asked Ben a number of questions and here are his answers: ...

more

August 2017

Spotlight on . . . Karen Harris

This month we learn a little bit about the Assistant Accountant Karen Harris. We asked Karen a number of questions and here are her answers: ...

more

Office refurbishment

It's been all change in the office over the last week. We've had Acorn Works Ltd in refurbishing the office.We needed more desks to be able to expa...

more

Running a till account on Xero

If you're a business that receives a high volume of both cash and card (and maybe even cheque) payments throughout the day, you may find it hard to...

more

Glen and Fiona complete Quickbooks training

Last month Glen and Fiona completed a training course on Quickbooks - the online accounting software. Glen said "The course was for basic certifica...

more

Stock market review for Q2 (April, May and June) 2017

2017 has so far been an interesting year for markets characterised by global growth in Q1 (Jan, Feb, and March) followed by fairly neutral behaviou...

more

Thinking of winding up your company?

Up until 6 April last year, the distribution of cash to shareholders on the winding up of a trading company by a liquidator, was usually taxed as a...

more

HMRC ends long running EBT saga with Supreme Court victory

A scheme using Employee Benefit Trusts (EBTs) as a means of remunerating directors and staff has been defeated by HMRC in a recent Supreme Court ca...

more

Working in the 'Gig' economy

The House of Commons Work and Pensions Committee has recently published a report calling on the Government to close the loopholes that allow “bogus...

more

Making Tax Digital for business delayed

The Government has responded to pressure from accountants and other interested parties and announced the delay of Making Tax Digital for Business t...

more

New government childcare schemes

Working parents can start applying for two new Government childcare schemes launching this year – Tax-Free Childcare which begins immediately and 3...

more

Second Finance Bill this autumn

It has been announced that the second Finance Bill will legislate for all policies that were included in the pre-election Finance Bill but had to b...

more

Diary of main tax events August/September

more

July 2017

Diary of main tax events July/August

more

Rural Development Programme needs to allocate grants before Brexit

When you join Local Action Groups supported by the Rural Development Programme, you could be awarded grants of up to 40% towards certain capital ex...

more

Wimbledon Jokes

As we're in the middle of Wimbledon... we thought it fitting to give you a tennis titter.... enjoy!   Q. Which girl's always in the middle of...

more

Motor racing sponsorship was tax deductable

In order for an expense to be deductible against business profits it must be incurred “wholly and exclusively” for the purposes of the trade. In...

more

One Business or two for VAT?

A recent VAT Tribunal had to decide whether two hairdressing businesses should be treated as a single business for the purposes of VAT registration...

more

What is this 'dementia tax'?

The Conservative Party Manifesto announcement and subsequent U-Turn on the requirement to pay for social care may have caused many voters to switch...

more

Spotlight on... Abbi Finney

This month we learn a little bit Abbi Finney our Trainee Accounting Technician. We asked Abbi a number of questions and here are her answers: Ar...

more

We’re going on a bear hunt, we’re going to catch a big one

Recently when reading the much loved children’s book to my middle daughter Martha for what seems like the 500th time it got me thinking about frien...

more

Implications of a hung parliament

The result of the General Election has left Teresa May and the Conservative Party clinging on to power with support from the Democratic Unionist Pa...

more

We are officially Fit4Work

Each year Active Norfolk host an event at the UEA Sportspark called the Fit4Work Corporate Games. This full-day sporting event is open to businesse...

more

June 2017

Diary of main tax events June/July

more

Pension Auto Enrolment

We are currently processing the payroll using our specialised software for 43 businesses who have set up a pension scheme following their staging d...

more

Big Rugby Weekend in pictures

Last month, Holt Rugby Club hosted the Norfolk Big Rugby Weekend. Argents Wealth Management sponsored the Eco drinks cups that were used during the...

more

Footgolf

Last month Argents staff took to the golf course to have a game of football. Well a game of Footgolf! If you don't already know, footgolf is...

more

Spotlight on . . . Will Batchelor

This month we learn a little bit about the newest member of the team Payroll and Book-Keeping Administrator Will Batchelor. We asked Will a number ...

more

The 2017 General Election - counting down to 8 June.

Theresa May’s surprise decision to call a General Election for 8 June immediately sent ripples through stock and currency markets; Sterling rallied...

more

Stamp Duty on second homes

Since 1 April 2016 there has been a 3% supplementary Stamp Duty Land Tax (SDLT) charge payable on the purchase of second and subsequent residential...

more

HMRC's computer isn't always correct

HM Revenue and Customs have acknowledged that their software and some commercial software used by accountants doesn’t always come up with the right...

more

Snap election means shorter Finance Act passed

The original Finance Bill published after the Spring Budget ran to nearly 700 pages. As a result of the announcement of the General Election on 8 J...

more

May 2017

New luxury hotel development at Langham, North Norfolk

It’s exciting to see another of our clients – Avada Limited – in the final phase of their long awaited development of the Langham Glass site. The s...

more

Head for heights

We’re proud to see our client specialist clock and watchmakers Michlmayr being called in to work on Norwich’s clock tower at City Hall – just 200ft...

more

Receipt Bank

Receipt Bank helps small to medium businesses, sole traders, and individuals save valuable hours by pulling information from receipts and invoices ...

more

The much heralded Lifetime ISA (LISA) finally launches….. to a muted response. 

April 6 2017 saw the launch of the newest form of ISA, but with only three providers offering the Lifetime ISA at its launch date and no banks and ...

more

Spotlight . . . Callum Cooper

This month we learn a little bit about Trainee Accounting Technician Callum Cooper. We asked Callum a number of questions and here are his answers:...

more

Diary of main tax events May/June

more

New tax free allowances started on 6 April

The £5,000 dividend and savings allowance of up to £1,000 have been with us since 6 April 2016. There are now two further allowances available sinc...

more

Selling land to a developer - is that trading or capital gain?

Farmers and other landowners will often be approached by developers seeking to obtain planning permission to build on the land. Great care is neede...

more

Additional IHT relief for passing on family home started 6 April

For deaths on or after 6 April 2017 there is now an additional £100,000 inheritance tax (IHT) allowance where the family home is passed on to direc...

more

Does the new 16.5% VAT flat rate percentage apply to your business?

The new VAT flat rate of 16.5% started to apply from 1 April 2017 for “limited cost traders”.  A "limited cost trader" is one using the VAT flat...

more

Better to pay interest on your loan account than dividends if higher rate taxpayer

Ever since the introduction of the 7.5% increase in the rate of tax on dividends in April 2016, it has been more tax efficient for owner managed bu...

more

Should we give shares to children and pay £5,000 dividends tax free?

The introduction of the £5,000 tax free dividend allowance has tempted many family company shareholders to give shares to other family members so t...

more

U-Turn on self employed NICs - for now

In his first Budget on 8 March, the new Chancellor Phillip Hammond announced that he would level the playing field between employees and the self-e...

more

April 2017

Charity update

In a report titled ‘Stronger Charities for a Stronger Society’ the House of Lords Select Committee on Charities has recommended improvements to...

more

Are you getting our push notifications?

We regularly send push notification messages to users of our mobile App. We send reminders, share key dates and release news information; keeping y...

more

Charity quiz night

Two teams made up of Mark, Fiona, Ulanda and Karen; Jane, Abbi, Callum and Liam recently took part in a quiz night in aid of a local Charity – Norw...

more

Spotlight on . . . Jane Yallop

This month we learn a little bit about office manager Jane Yallop.    Cat / Dog  Beer / Wine Tea / Coffee Sweet / Savoury Chinese...

more

Argents Wealth Management to sponsor the Norfolk Big Rugby Weekend

Argents Wealth Management is to be a sponsor of the Norfolk Big Rugby Weekend which takes place at Holt Rugby Club on the weekend of May 6th and 7t...

more

Pensions freedoms - Too good to be true?

The government is set to move ahead with its plan to slash the money purchase annual allowance by 60 per cent to £4,000.00 a year, after Chancellor...

more

Diary of main tax events April/May

more

New VAT limits

The VAT registration limit increases by £2,000 to £85,000 from 1 April 2017. At the same time the de-registration limit increases to £83,000.

more

Advisory fuel rate for company cars

These are the suggested reimbursement rates for employees' private mileage using their company car from 1 March 2017.      Where there...

more

Business rates - relief for small businesses

There has been much lobbying from the small business sector to reduce business rates. The Chancellor stated that 600,000 small businesses currently...

more

Tax free childcare scheme starts 2017

The chancellor also announced that the new tax-free childcare scheme is due to start in 2017.  The scheme will provide up to £2,000 a year in ...

more

Corporate tax measures

The Chancellor announced that the Government is committed to continue to have the lowest corporate tax rate of the G20 major trading nations.  As a...

more

Making Tax Digital

The Government is committed to the "Making Tax Digital" (MTD) project which is scheduled to start in April 2018 with the first quarterly update...

more

Tax free dividend to be reduced

The £5,000 tax free dividend allowance introduced by George Osborne will be reduced to just £2,000 from 6 April 2018. Mr Hammond claimed that many ...

more

March 2017

U-Turn On Self Employed Class 4 NIC Increases 

The Chancellor has announced on 15 March that he would not be going ahead with his Budget proposal to increase the National Insurance Contribution ...

more

Spring Budget 2017

Chancellor Philip Hammond’s first, and last, Spring Budget was delivered at a pivotal moment for the UK as it readies itself to begin the process o...

more

Diary of main tax events

more

Witty business names

Here are some witty business names we’ve recently come across online. Let us know if you’ve found any funnier names. Sellfridges Not the Lond...

more

It’s the most wonderful time of the year! (For investing tax efficiently)  

Ok, so it might not be as exciting as the crackling anticipation for December 25 created by Andy Williams and his 1963 festive classic - but if Mr....

more

Buy new equipment before 6 April?

If you are running a business and making up accounts to 5 April, consider buying plant and machinery to take advantage of the Annual Investment All...

more

Year end capital tax planning

Have you used your 2016/17 £11,100 annual capital gains exemption? Consider selling shares where the gain is less than £11,100 before 6 April 20...

more

Have you used your 2016/17 ISA allowance?

Your maximum annual investment in ISAs for 2016/17 is £15,240 and your investment needs to be made before 6 April 2017. In addition, have you th...

more

Buying a company with losses

The new flexible loss relief rules coming into effect from 1 April 2017, will make the purchase of a loss-making company attractive. For many years...

more

Consider other tax efficient investments

If you are looking for investment opportunities, have you considered the Enterprise Investment Scheme (EIS)? These investments in certain qualif...

more

Don't lose your personal allowance!

For every £2 that your adjusted net income exceeds £100,000, the £11,000 personal allowance is reduced by £1. Pension contributions and Gift Aid ca...

more

New company loss relief rules start on 1 April 2017

New rules that will allow greater flexibility in the way that companies obtain relief for losses will apply to losses incurred from 1 April 2017 on...

more

Making tax digital to start in April 2018

Legislation to introduce Making Tax Digital (MTD) will be included in the Finance Bill 2017 and despite many objections that it was too soon, it is...

more

New rules for IR35 workers in the public sector start 6 April 2017

There are significant changes that commence on 6 April 2017 for workers in the public sector supplying their services via their own personal servic...

more

January 2017

More on the new higher VAT flat rate percentage

As covered in the Autumn Statement newsletter a new VAT flat rate of 16.5% applies from 1 April 2017 for “limited cost traders”. This is being intr...

more

New inheritance tax rules

New inheritance tax rules for passing on the family home start on 6 April 2017 and many people have a New Year’s Resolution to either make a Will o...

more

More bad news for public sector workers "off payroll"

In his Autumn Statement the Chancellor announced that the Government will implement significant changes to the taxation of workers providing their ...

more

Disputes costing small firms £11bn each year

Commercial disputes cost small firms in England and Wales more than £11.6 billion every year, according to a report by the Federation of Small Busi...

more

Crowdfunding platforms for charities and social enterprise

Big Society Capital has partnered with three crowdfunding platforms to provide £10 million of match funding to enable the public to invest directly...

more

Innovate UK announces new funding competition

A competition for a share of £15 million of funding has been announced by Innovate UK, which is seeking to support innovative, business-led proposa...

more

Consultation on reforms to crowdfunding rules

The Financial Conduct Authority (FCA) has announced a consultation that will seek views on reforms to crowdfunding rules early in 2017. The propose...

more

Charities reminded about data protection duties

The Charity Commission for England and Wales and the Fundraising Regulator have issued a joint alert reminding charities that they must protect the...

more

Millennials and Baby Boomers – The widening gap

Summer and Autumn 2016 produced yet more evidence of the ongoing clash of beliefs and attitudes between Millennials and Baby Boomers. Those born...

more

"My tax return was on my yacht…which caught fire"

Each year HMRC receives a number of unusual excuses from Self Assessment customers who didn’t complete their tax return on time. These include: ...

more

Advisory fuel rate for company cars

These are the suggested reimbursement rates for employees' private mileage using their company car from 1 December 2016. Where there has been a cha...

more

More tax free allowances from 6 April 2017

In addition to the current £5,000 tax free dividend allowance and the personal savings allowance of up to £1,000 there will be two further tax free...

more

Don't forget "rent a room" relief

Remember that there is a further £7,500 a year allowance deducted from rent received from lodgers where you rent out part of your main residence. ...

more

Tax free childcare accounts to start 6 April 2017

New tax-free childcare accounts were announced in 2014 to replace the employer-provided childcare voucher scheme. Introduction has been delayed by ...

more

December 2016

Income tax not CGT on property sale

Finance Act 2016 brought in new rules to ensure that overseas property traders and developers are subject to UK income tax or corporation tax when ...

more

100% tax relief for low emission cars to continue

Currently 100% capital allowances are available when a business buys a motor car with CO2 emissions of no more than 75 grams per kilometer. Legisla...

more

Another 100% tax relief ends next year - act soon

Currently the business premises renovation allowance provides 100% tax relief for the cost of renovating a commercial property located in one of th...

more

Proposed changes to UK domicile rules

Where an individual is resident but not domiciled in the UK there are special rules that apply to that person's overseas income and capital gains. ...

more

Penalties for careless errors in accounting records

Where additional tax is payable as the result of an HMRC enquiry and it is shown that the additional tax is due to poor accounting records, the max...

more

Guide to help small firms avoid under-insurance

The British Insurance Brokers' Association (BIBA) has published a guide to help small business owners avoid under-insurance. In particular, the gui...

more

ENABLE funding programme eligibility widened

The British Business Bank has widened the eligibility of the ENABLE funding programme so that peer-to-peer lenders to smaller UK firms can particip...

more

50,000 small firms fail as a result of late payment

Late payments contribute to the failure of more than 50,000 small firms every year, according to a report by the Federation of Small Businesses (FS...

more

Value of small business overdrafts down 37%

Banks are failing to make overdrafts available to small firms in favour of lending to large firms, according to research by Funding Options. The re...

more

HMRC receives record number of complaints

Complaints against HMRC reached a seven-year high last year, figures obtained by chartered accountants Saffery Champness have revealed. HMRC handle...

more

Christmas cheer

Here are a few Christmas themed jokes and stories to make you chuckle.  A Christmas Thought STRESSED is just DESSERTS spelled backward. Chri...

more

November 2016

Alison Savill AAT qualification

On 1 September 2016 Alison Savill received her AAT qualification in accounting, which has been achieved through two years of hard work, this has co...

more

Self-employed earning less now than in 1995

Average earnings for self-employed workers in the UK were lower in 2014/15 than in 1994/95, according to research by the Resolution Foundation. The...

more

Small firms account for 99% of private sector

There were a record 5.5 million private sector businesses in the UK at the start of 2016, according to figures published by the Office for National...

more

Small firms struggle with cost of NLW

Almost 100,000 small firms are in a state of financial distress following the introduction of the National Living Wage (NLW), according to research...

more

Are you doing enough to prevent staff tax evasion?

Companies and partnerships in the UK face criminal charges for failing to prevent staff from carrying out or facilitating tax evasion, under draft ...

more

Bank branch closures hurt small firms

The rapid pace of bank branch closures across the UK is failing small business owners, according to a report by the Federation of Small Businesses ...

more

New HMRC team to tackle false self-employment

HMRC is to establish a new Employment Status and Intermediaries Team that will focus on employers falsely describing workers as self-employed in or...

more

DfE confirms new apprenticeship funding

The Department for Education (DfE) has confirmed how the new funding model for apprenticeships will operate in England when it takes effect in May ...

more

Christmas is coming! – New rules for gifts to staff

From 6 April 2016 new rules were introduced to allow employers to provide their directors and employees with certain “trivial” benefits in kind, ta...

more

Don't miss out on tax relief on R&D

The government is concerned that many small companies are missing out on generous R&D tax credits. For the last year HMRC have been offering co...

more

Splitting the income of married couples

Where a married couple hold savings accounts and other investments in joint names, the income from those investments is split 50:50 for tax purpose...

more

Have you declared all of your credit card sales?

Where credit card sales have been omitted from business takings, HMRC are encouraging taxpayers to come forward and make a disclosure of the income...

more

Have you declared your overseas income and gains?

Where an individual is resident in the UK, he or she is generally taxable on worldwide income and gains whether or not it is brought back into the ...

more

Quarterly report by employment intermediaries

Since 6 April 2015 employment agencies and other intermediaries have been required to make quarterly reports of payments made directly to workers o...

more

October 2016

Promote your business - Robot Mascot

Robot Mascot are a design agency specialising in brand communication and we’ve a skill for fixing things that just ain’t right – the things that ni...

more

Innovate UK announces new funding

Innovate UK has launched a new fund for small and medium-sized firms to develop innovative projects in the agriculture, food and healthcare sectors...

more

HMRC asset seizures increase significantly

HMRC seized assets to recover £42.6 million of outstanding tax bills in 2015/16, up 175% from 2014/15, according to new research by Funding Options...

more

Retailers urged to use training materials for new £5 note

The Association of Convenience Stores (ACS) has urged retailers to make full use of the Bank of England's training materials about the new £5 bankn...

more

New allocation of Horizon 2020 funding

The Horizon 2020 funding programme for research and innovation projects has allocated €600 million to be spent on seven new initiatives. The fundin...

more

HMRC collects £3 billion in disputed tax

HMRC has collected £3 billion from 60,000 accelerated payment notices (APNs) since they were introduced in 2014. When an APN is issued, any taxpaye...

more

National Living Wage hits small business costs

According to new research by the Federation of Small Businesses (FSB), almost half (47%) of small business owners cite wage increases following the...

more