Accounting

What is Financial Reporting Standard (FRS) 105?

The Financial Reporting Council has issued a new Financial Reporting Standard (FRS) for micro-entities called FRS 105. This replaces the previous Financial Reporting Standard for Smaller Entities (FRSSE). The new standard applies to qualifying micro-entities with financial periods commencing on or a...

Public Sector Workers and IR35

Important changes affecting public sector contracts inside IR35: Following changes introduced by HMRC on 6th April 2017, responsibility for determining your IR35 status depends on the sector you operate: In the public sector, the responsibility now lies with the end client (or agency) who pa...

£1,000 Trading and Property Income Allowances

Background The government has introduced two new annual tax allowances for individuals amounting to £1,000 each: one for trading income (sole trade) and one for income from a property business. They can’t be used against such income for a limited company. The allowances were introduced on 6 A...

Trivial Benefits

What is a Trivial Benefit? HMRC introduced changes to simplify and reduce the need to report some benefits paid to both employees and directors. This simplification means there is no tax or National Insurance to pay on certain benefits for employees if all of the following apply: The benefit...

Restricting tax relief on mortgage interest for rental profits

On 6th April 2017, the government introduced new rules which mean buy-to-let investors can no longer offset all their mortgage interest costs against rental income before calculating their tax liability. The new rules only apply to individuals (sole traders and partnerships) - limited companies tha...

Keep track of your self employed earnings

We’ve come up with a handy spreadsheet to help manage your self-employed income and expenditure. Simply download the attached spreadsheet and start logging the money received and also your business outgoings. This is a great way to stay on top of your earnings outside of your Crunch Account and w...

Introduction of the new Tax-Free Childcare

Background Government assistance for parents seeking childcare funding has changed with the introduction of the new Tax-Free Childcare, launched April 2017. The new scheme was designed to make childcare more accessible by opening the scheme to self-employed people and being operated online. H...

Taxation of Company Cars

Background A company car is any vehicle (car, van or motorcycle) which is leased or given to employees by a business. They can use it for both business and personal travel. Some businesses include a company car as part of the overall remuneration package for their employees. However, HMRC con...

Targeted Anti-Avoidance (TAAR)

What is Targeted Anti-Avoidance Rule (TAAR)? TAAR is the legislation introduced in the 2016 Finance Bill that targets the owners of companies receiving distributions taxed as Capital Gains, instead of as income. The main purpose of the this is to obtain an unfair tax advantage. It only affects co...

HMRC reporting requirements for employment intermediaries

What are employment intermediaries? Changing work patterns have meant that many people are now working flexibly, often obtaining work through agencies or employment intermediaries, as they’re known by HMRC. Where the agency rules apply, the intermediary must operate PAYE to its workers as though ...

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