Blogs from Larking Gowen

In my recent blog, Solicitors and SAR audits – common problems, I discussed some common problems I’d noticed in this year’s SAR audits. Here, I’ll discuss how to tackle other key issues.

Changes have been introduced to the annual allowance for pension contributions. This change has had significant impact on medical practitioners who are contributing to the NHS scheme.

Like many businesses, you’ve been filing your VAT returns online and have kept your records in line with HMRC requirements. However, HMRC are changing those requirements and introducing Making Tax Digital (MTD).

As another season of Solicitors Accounts Rules (SAR) audits draws to a close, I’ve observed some trends and key problem areas that keep cropping up. In this blog and my next, I’ll discuss how to avoid or overcome these common problems.

The scenario is a common one: Mr Smith owns some rental properties. During a tax year he wanted to buy a new home for himself. He raised the funds by remortgaging one of his rental properties. The interest charged on the new loan was claimed as a deduction against his rental income.

It may seem obvious but selling shares in a company will generate either a gain or a loss, which means you need to think about Capital Gains Tax. Calculating the capital gain on shares sales is very straightforward.

Over recent months, we’ve seen a variety of media reports of tax avoidance and evasion; from global international businesses not appearing to pay their fair share of tax, to celebrities who become involved in “schemes” that promise that no tax will be payable in exchange for a management fee. 

Communication in the workplace has changed and video conferencing, skype, laptops and mobile phones have made flexible working the new normal. It isn’t at all unusual for employees to work from home using their existing personal phone and internet connections for business. So, is it possible for employers to reimburse them for any extra costs?