Why have an Audit?

1 min readBeing compliant with regulatory requirements is only one reason to have an audit. There are also a number of benefits to having your financial statements audited by Loucas. The Audit Process As part of the audit process, we will review and test your accounting systems and controls that you have in place and identify any …

Unreported Property Income

2 min readLandlords in receipt of rental income in excess of £1,000 in a tax year are required to disclose this to HM Revenue and Customs (HMRC). For various reasons rental income may not be declared sometimes landlords may simply not get round to it or perhaps are unaware that they have tax obligations. If you become …

Creating Green Growth

2 min read2021 will see the UK host COP26, where parties from around the world will gather together to find ways to work towards the goal of a low-carbon future. The UK government itself must accelerate the reduction of carbon emissions in order to hit the country’s climate target by 2050. The desire to reach these goals …

Pension Annual Allowance

2 min readFor many higher earners, changes to the pension annual allowance rules mean that they are now entitled to make increased contributions to their pension scheme. The annual allowance is the limit that an individual can contribute to a pension scheme, while still receiving tax relief. It is based on your level of your earnings (for …

Do you know enough about your suppliers?

1 min readIf you fail to carry out checks on suppliers of labour to your business, you could become liable for unpaid National Insurance Contributions and denied input VAT claims. HMRC expect businesses to carry out adequate checks on their suppliers to allow them to make informed decisions as to their integrity. HMRC’s guidance on the matter …

Garden Office Tax Considerations

2 min readWith most of the working population working from home right now, many businesses are considering a permanent change to their working environment and we are being regularly asked about the pros and cons of a garden office. There are two main considerations when looking at installing a garden office on the grounds of your residential …

The Good Work Plan 2020

2 min readThe Good Work Plan is the Governments response to the Taylor Review of Modern Working Practices in the UK. What is the Good Work Plan? From 6th April 2020, The Good Work Plan attempts to provide better clarity on employment rights and ensure individuals are well informed. The changes implemented by the Good Work Plan …

Job Retention Bonus

1 min readHMRC have updated their guidance on the Job Retention Bonus. Employers will be able to claim a one off £1,000 taxable payment for each eligible employee that: you made an eligible claim for under the Coronavirus Job Retention Scheme you kept continuously employed from the end of the claim period of your last Coronavirus Job …

Do you own worthless shares? – Negligible Value Claim

2 min readIf you hold shares in a company that have become of negligible value, even if you have not yet disposed of them, it is possible to make a negligible value claim and potentially reduce your tax liability. If such a claim is made, you will be treated as if you have sold the shares and …

Transfer a Property to Children via a Trust

2 min readThere are a number of reasons that you may wish to gift an investment property to a trust rather than directly to your children. The two most common are Asset Protection and Capital Gains Tax. From a tax perspective, it is important that neither you, your spouse nor any minor children are able to benefit …

Your Guide to Furnished Holiday Lettings

2 min readMuch of the country is holidaying in the UK due to the current uncertainty around foreign travel, which has led to increased rents for UK furnished holiday lets (FHL). This article looks at the tax benefits of investing in such properties. What is a Furnished Holiday Let? In order to qualify a property should be …

Employee Ownership Trusts

3 min readEmployee Ownership Trusts (“EOT”) were first introduced in 2014 to facilitate more businesses being wholly or partly owned by employees. There are some generous tax breaks on offer to encourage business owners to consider the EOT model. What actually is an EOT? A trust is set up which will hold all or some of the …