Latest News

July 2017

Diary of main tax events July/August

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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...

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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...

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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...

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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...

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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...

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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...

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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...

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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...

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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...

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June 2017

Diary of main tax events June/July

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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...

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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...

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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...

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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 ...

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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...

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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...

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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...

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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...

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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...

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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...

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Receipt Bank

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

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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 ...

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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:...

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Diary of main tax events May/June

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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...

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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...

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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...

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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...

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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...

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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...

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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...

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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...

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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...

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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...

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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...

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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...

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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...

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Diary of main tax events April/May

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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.

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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...

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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...

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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 ...

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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...

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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...

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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 ...

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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 ...

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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...

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Diary of main tax events

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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...

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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....

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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...

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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...

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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...

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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...

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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...

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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...

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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...

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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...

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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...

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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...

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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...

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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 ...

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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...

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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...

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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...

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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...

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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...

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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...

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"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: ...

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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...

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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...

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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. ...

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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 ...

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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 ...

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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...

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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...

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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. ...

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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...

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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...

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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...

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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...

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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...

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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...

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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...

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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...

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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...

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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...

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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...

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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 ...

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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 ...

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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...

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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 ...

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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...

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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...

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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...

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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...

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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 ...

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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...

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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...

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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...

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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...

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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...

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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...

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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...

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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...

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