Forrester Boyd blogs

Related party transactions (or RPTs for short)

6th June 2018

When we carry out your period end audits one of the things we ask for is the Academy Trust’s Register of Interest forms. We sometimes ‘bug you’ for any interest forms that are missing. This is because it forms part of the basis for our testing on related party transactions. What is a related party transaction? Well, per the ESFA’s website it is the following; … Continue reading Related party transactions (or RPTs for short) »

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Related party transactions (or RPTs for short)

Google hardly pay any corporation tax, why do I?

29th May 2018

One of the questions we get asked most often by clients is about how much Corporation Tax they have to pay. For many people a trip to the accountants to discuss the year end accounts is associated with a tax bill so it’s a perfectly legitimate question! People’s frustration with having to pay tax on their company’s profits is often exasperated by media coverage of … Continue reading Google hardly pay any corporation tax, why do I? »

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Google hardly pay any corporation tax, why do I?

Tax – it’s no laughing matter. Avoid penalties!

15th May 2018

As we enter a new tax year it is worth remembering that your self assessment tax returns for the year ended 5th April must be submitted by 31st January next year to avoid penalties.  And if your return is significantly late these penalties can be severe: £100 fixed penalty initially, followed by £10 per day after 3 months up to a maximum of £900.  If your return … Continue reading Tax – it’s no laughing matter. Avoid penalties! »

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Tax – it’s no laughing matter. Avoid penalties!

Operating Leases vs Finance Leases at your Academy

15th May 2018

As you may be aware there are two types of leases; operating and finance. Sounds simple right? In principle it is, operating leases are allowed by the ESFA but finance leases are not as they are deemed to be a type of borrowing. However we are seeing more and more Academies enter into a finance lease without ESFA approval because they haven’t carried out thorough checks to … Continue reading Operating Leases vs Finance Leases at your Academy »

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Operating Leases vs Finance Leases at your Academy

‘Great’ Grimsby?

6th February 2018

You may have seen this article in The Guardian recently in which the author picks apart, quite comprehensively, the state of the economic situation in Grimsby and really tries to get to the (fish)bones of the issues surrounding the fall of the fishing industry and the supposed demise of towns reliant on such industries. Well I’m sorry to disappoint but to paraphrase Mark Twain I believe reports … Continue reading ‘Great’ Grimsby? »

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‘Great’ Grimsby?

Tax Relief – Wholly and Exclusively Rejected

22nd January 2018

One of the more common questions we as accountants get asked is “Can I get tax relief on ……”?  As often as not the question is asked more in hope than in expectation, as generally it is reasonably obvious what a business expense is. In the absence of specific tax allowances for a particular item the starting point is always to consider whether the expense is wholly … Continue reading Tax Relief – Wholly and Exclusively Rejected »

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Tax Relief – Wholly and Exclusively Rejected

Aliens ate my tax return

18th January 2018

The deadline for submitting a self-assessment tax return is looming, 31 January. The vast majority of taxpayers file their returns on time, however there are a few taxpayers who submit the return late and receive a penalty from HMRC. I say a few; it was in excess of 840,000 in 2017!! HMRC charge a penalty of £100 for each late tax return.  Penalties paid to … Continue reading Aliens ate my tax return »

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Aliens ate my tax return

Sleep Working! Care Home ‘Sleep-in shift’ Employees and the National Minimum Wage

29th November 2017

Despite the many vagaries of the UK tax system there are very few issues that cause me as much angst as 2 particular matters. Considering if a van is a van (although this article will not cover that subject) and HMRC’s view on a sleep-in shift. This article concentrates on a sleep-in shift. What is a sleep-in shift and what sectors of the UK economy … Continue reading Sleep Working! Care Home ‘Sleep-in shift’ Employees and the National Minimum Wage »

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Sleep Working! Care Home ‘Sleep-in shift’ Employees and the National Minimum Wage