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Business News, Haulage and Logistics
Haulage

In September 2017 HMRC backtracked on a change introduced in April 2016 regarding overnight expenses for truck drivers.  Following negotiations with the Road Haulage Association HMRC have agreed to reinstate fixed tax free payments for overnight stays.  The agreed amounts are £26.20 where the driver stays in the cab and £34.90 where they stay in other accommodation. There are some strings attached but these should not prove difficult to deal with.  Firstly, as an employer you need to be satisfied that some cost will be incurred.  This could include food bought at a supermarket for example, so should not be […]

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Academies, Education News
Academy

The academic year-end has passed so here is a timely reminder of the key dates coming up for Academy Trusts. Autumn 2017 census date: Thursday 5th October 2017 Deadline for submitting data: Wednesday 1st November 2017 Land and building collection tool (LBCT) – 31st October 2017 The return needs to be completed by each academy trust and provide land and buildings details for each academy school operated by the academy trust as at 31 August 2017. If an academy school joined your academy trust on 1 September 2017 it will be accounted for in the LBCT next year. The valuation […]

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Business News
Forrester Boyd Accountants

Forrester Boyd Accountants are delighted to announce that we have moved up two places in the top 50 largest firms of accountants in the UK – the only independent firm based solely in the Humber and North Lincolnshire region to be listed. Our firm which has 12 partners and over 250 staff, with offices in Grimsby, Louth, Scunthorpe, Skegness and Beverley, has been ranked 41st in Accountancy Age’s Top 50+50 survey for 2017.  We continue to be a major employer in the region with total staff numbers up from around 150 to over 250 in the last 8 years. The […]

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Academies, Education News
Academy Trusts

The EFSA released the Academies Financial Handbook at the beginning of the month however there have been many other updates in the past month which are also useful for Academy Trusts and are summarised as follows; Academy trust financial returns 2017 to 2018 Peter Lauener, Chief Executive of the Education and Skills Funding Agency, has written a letter to academy trust accounting officers which sets out all Academy financial returns along with deadlines and can be found here. It also includes important information about a new return, the land and buildings collection tool, which requires trusts to supply a listing […]

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Academies, Education News
Academies'

Following our success in winning the Large Practice of the Year award at the 2016 Practice Excellence Awards in London’s Mayfair we are delighted to announce that Forrester Boyd’s Academies’ team has been shortlisted for the specialist team of the year for the 2017 awards. Getting shortlisted for national awards two years running is a fantastic achievement and is further testament to the expertise and hard work of our staff and partners.  Alan Nesbitt, one of the firm’s academies’ specialism partners said “Specialist teams like this don’t just happen, they require dedication and focus from all involved.  To gain formal […]

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self assessment

One part of the HMRC’s Making Tax Digital project that will continue is the objective of bringing together each individual taxpayer’s information in one online place – a Personal Tax Account. For example, banks and building societies will, from April 2018, be required to report information to HMRC earlier and more frequently, than currently. This information will then feed into the Personal Tax Accounts and will be used by HMRC to estimate tax liabilities.  At some stage similar rules will be brought in for PAYE income from employers and pension schemes. On the face of it this sounds very convenient, […]

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Business News, Small Business, Tax
Property rental businesses

As part of introducing Making Tax Digital (MTD) there were proposed amendments to the way that unincorporated property rental businesses account for their income and expenditure. These proposals will make cash basis accounting the default option for smaller unincorporated property businesses unless they elect to use the accruals basis.  Smaller is likely to be defined as total income of less than £150,000. The cash basis means the business accounts for income and expenses when the income is received and expenses are paid. The accruals basis means accounting for income over the period to which it relates and accounting for expenses […]

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Business Tax News, Tax
QuickBooks Online

Over the past few months we have published a lot of information about Making Tax Digital (MTD) and how it might affect businesses and individuals.  Following speculation, a budget, a general election and more speculation new proposals have now been issued. The government has announced a revised timetable for the introduction of MTD. Unincorporated businesses, including landlords, were expected to be the first to see significant changes in the recording and submission of business transactions but the government has announced a delay to the implementation of the new rules. Under the new timetable: Businesses will not now be mandated to […]

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Academies, Education News
Academies Financial Handbook

Yesterday the ESFA released the Academies Financial Handbook which takes effect from 1 September 2017. Please ensure you take a look at this to ensure you are aware of any changes in regulation and ensure it is circulated to Trustees and the Accounting Officer. Key changes are summarised on pages 5 and 6. The emphasis this year really appears to be on strong governance, with the handbook confirming the roles of members and trustees and the importance of addressing any skills gaps on the board. The document can be found here. If you have any queries, please do not hesitate to […]

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Business News, Business Tax News, Government News, Small Business & 1 more
QuickBooks Online

The Government has today announced a significant watering down of its flagship Making Tax Digital (MTD) project.  The deadline for compulsory digital record keeping has been extended to April 2019, and will only apply to businesses above the VAT threshold and only for VAT purposes.  Interestingly this would mean that businesses with turnover below the threshold that are voluntarily registered for VAT would not have to comply with the new rules. It will be at least April 2020 before other businesses have to keep digital records. The proposed quarterly updates for income and corporation tax will also not be brought […]

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