Buying a property to let – the importance of keeping records from day one

For tax purposes, good record keeping is vital. Without complete and accurate records, it will not be possible to provide correct details of taxable income or to benefit from allowable deductions. Aside from the risk of paying more tax than is necessary, landlords who fail to take their record keeping obligations seriously may also find that they are on the receiving end of a penalty from HMRC.

Continue reading

Survey results: tax planning at mid-sized businesses

A new study by IFF Research for HMRC has looked into how mid-sized businesses go about tax compliance and tax planning. Whilst the businesses interviewed described their approach to tax as somewhere on the spectrum from more reactive to more proactive, almost every business relied on an Accountant or tax specialist. The reason given was that as a mid-sized business they didn’t have the right tax expertise in-house and needed support with strategy and planning as well as one-off queries to remain tax efficient. Here we look at some of the pro-active ways these businesses manage down their tax liabilities and the tax questions that Accountants can answer to ensure compliance with the law.

Continue reading

Disguised remuneration – loan charge review

The Chancellor, Sajid Javid has commissioned a review of the Disguised Remuneration Loan Charge. Led by Sir Amyas Morse, who is the former Chief Executive and Comptroller and Auditor General of the National Audit Office the review will report back to the Government by mid-November with recommendations, focusing on the impact of the new charge on those affected.

Continue reading

Why HB supports Ambition 2019

Taking place at The Spotlight in Hoddesdon this November, the Ambition Conference, is designed to inspire local businesses to grow and excel. HB Accountants has been involved with this initiative from the outset and HB’s Keith Grover will be the Chair of the organising committee for the second consecutive year. We asked Keith why he thinks it’s worth the time, sponsorship and effort that he and the team at HB Accountants put in. Here’s what he said:

“This one-day event is important because it specifically benefits local businesses, local people and local charities. It’s designed to boost the performance of your team, company or group. That’s good for jobs, business performance and the local economy.

Continue reading

HB Accountants are proud to be a Disability Confident Employer

HB Accountants are proud to announce that we are a Disability Confident Employer.

More and more businesses are signing up to Disability Confident every week. What does this mean to you as a business? The scheme helps your business think differently about disability and improve how to attract, recruit and retain disabled workers.

Continue reading

Why should you put your trust in an audit?

Around one in four small businesses believe that having their company’s annual accounts audited should be mandatory versus around half who disagree. In general, the larger the organisation and the more it wants to grow, the more likely it is to believe that annual accounts being audited should be mandatory, according to the recent study into small and medium sized businesses by the accountancy body, ICAEW.

Continue reading

Our charity – Teens Unite Fighting Cancer

Our official charity this year is Teens Unite Fighting Cancer based in Broxbourne, which we’ve supported for several years. We’re thankful that many of our clients are equally enthusiastic about lending their support to this good cause. Since I joined the HB team earlier this year it’s been a delight to meet the founders of Teens Unite and learn more about the support they provide.

Continue reading

Construction services: VAT domestic reverse charge – on hold now for 12 months!

*The reverse charge for contractors has just been put on hold for 12 months!

Yes you read that correctly – HMRC have announced that the Reverse Charge for Contractors has been put on hold for 12 months.

Read more here…

*On 1st October 2019 HMRC’s new VAT domestic reverse charge for construction services was due to come into force, as part of ongoing moves to cut VAT fraud. The new rules require the contractor receiving services and not the sub-contractor who supplied the services to account for the Output VAT due on specific building and construction services. This change means that construction businesses will need to know whether the reverse charge applies. They’ll also need to ensure their accounting processes and IT systems can handle the reverse charge. It’s also recommended that businesses estimate and plan for any impact on cash flow if they are no longer holding Output VAT.

Continue reading