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Snippets – Questionable spending?

Rates are rising across the country, with a recent economist’s report showing an average expected rise of 15%. This is the largest rise the country has seen since 2003, which begs the question, where is all the money going? Inflated construction costs and widening responsibilities take the majority of the blame, but one can’t help

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Snippets – Changes to bright-line rules

Along with changes to the interest deductibility rules, legislation has been passed which repeals the current bright-line tests, replacing them with a new (or old) 2-year test. There were previously three separate bright-line tests which applied to the sale of residential land: Land acquired on or after 27 March 2021 that is not a ‘new

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Government reverses interest deductibility limitations

With the new Government now firmly settled in, legislation has been passed which reverses the interest deductibility limitation rules that were introduced by the previous government in 2021. As previously introduced, the rules phased out the ability to deduct interest on loans drawn down before 27 March 2021 to purchase residential property over a period

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Automation and accounting

All too often we get into a routine without stepping back and considering why we are doing things. The same goes with our accounting systems and processes. Your finance team is probably busy keeping on top of their day-to-day workloads but has consideration been given to how productivity can be improved through the use of

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Changes to GST for the platform economy

In March 2023, legislation in relation to the platform economy was passed, affecting the GST treatment of services made through an electronic marketplace from 1 April 2024. We saw something similar back in 2019, where the GST rules on imported goods were amended to treat operators of online marketplaces as liable for returning GST, as

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GenAI – a leap forward

DArtificial intelligence (AI) is the new buzzword at the moment, with business leaders touting its importance and the significant impact it will have on the way we conduct business. The reality is that AI has been around for a while, but in the past few years has taken a great leap in terms of its

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Final word from Pottsy

Having been at Hughson’s for the last 14 years its time to retire on 31st March. Starting here in February 2010 and seeing the staff reduce by over 50% due to modern technology and systems. I have thoroughly enjoyed my time here, and the friendly and helpful staff. I have found Mark to be a

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From my desk…

Greetings, I hope you all had a joyous Christmas/New Year and spent time with family and friends. As we wind down to 31 March (end of the tax year), we start chasing up client jobs that have yet to come in and finishing off jobs that have been ‘parked’ awaiting some event or further information.

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Snippets: UK’s HMRC hit workers with big tax bills

The UK’s tax collection department (HMRC) has been sending letters to tens of thousands of taxpayers, demanding they pay large outstanding tax obligations. The letters have come as a surprise to many and have allegedly been linked to 10 suicides. The issue has arisen out of the use of umbrella companies. Workers would have their

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Snippets: End of year write-offs

As increasing interest rates have bitten and with industry sectors such as retail and construction not performing as strongly, some businesses are struggling. As the end of the financial year approaches, now is a good time to assess whether any of your accounts receivable need to be written off as ‘bad’. This is because, in

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Trust Disclosure regime – Insights from the first year

After the introduction of the Trust Disclosure rules in March 2022, in November 2023 Inland Revenue released a high-level summary (in the form of a 40-page report) of insights from the first year of reporting. While tax advisors and clients alike may have begrudgingly completed the disclosures initially, the statistics may prove to be interesting.

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De facto relationship or not?

The Working for Families Tax Credit (WFFTC) is a notoriously complex scheme when it comes to determining eligibility and quantifying entitlement. This leads you to wonder how well the scheme is policed by Inland Revenue, and whether fraud is able to ‘fly under the radar’. Accordingly, it was heartening to see a case brought before

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