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HMRC Enquiries, Investigations, Reviews and Checks

We are expecting HMRC to step up their activity in these areas once the emergency measures are eased and especially in areas such as employer compliance and VAT where the greatest help has been given. Attention can also be expected on the accountancy side to reflect the accountancy aspects of the financial assistance received and…Read More

Budget – 2 months on

It is easy to forget that there was a Budget, the first for some 18 months, in early March and at some point there will be one or more follow-ups to start the process of repaying the Exchequer for the financial assistance currently being provided. Tax rates will undoubtedly have to rise and this needs…Read More

Coronavirus Update, April

Client Update, 28th April 2020 For the self employed and partnerships, there is an immediate deferral of the 31 July 2020 payment on account to 31 January 2021. This means that the liability for the year ended 5 April 2020 minus the payment on account made on 31 January 2020 becomes payable at the end…Read More

Tax time

It’s that time of year when we write to our personal tax clients with their questionnaires setting out the information that we will need to prepare and complete their Self Assessment Return for the year ended 5 April 2020. We are currently in uncertain and difficult times but the need to comply with our tax…Read More

The Coronavirus Job Retention Scheme

Government grants relating to Coronavirus (COVID-19) It is important to note that all grants received from the government to provide support in respect of COVID-19 are taxable. For companies, the funds received will be added to income in the annual accounts. For the self employed the grant will be added to your profits and reported…Read More

Coronavirus Event – now live

26th March 2020 Here at Davies Tracey we always aim to ensure that our clients receive the best possible advice, and so last week we teamed up with Avensure to host a free event relevant to businesses at risk due to the Coronavirus outbreak. The demand for places was high, and as such we are pleased to…Read More

Coronavirus Update – contacting us

24/3/20 Further to the latest government announcement, all Davies Tracey staff will be working from home as of tomorrow (25th March). We have prepared for this eventuality and are confident that we can continue to provide an excellent service to our clients. Until we resume our normal office working arrangements, you can contact us in the following…Read More

Coronavirus Update, March

Throughout the Coronavirus outbreak, our main priority is the health and safety of our staff and clients, closely followed by continuing to provide an excellent service to our clients. As such, we ask that you choose alternatives to face-to-face meetings whenever possible. Telephone and video calls can be arranged, and documents can be brought into…Read More

Reflections on the 2020 Budget

by Ian Kelly, Tax Partner, March 2020 Well, his first Budget is over and Rishi Sunak spent an awful amount of time talking about ‘getting it done’. After only 27 days in his new job as Chancellor of the Exchequer, Mr Sunak had to wrestle with a United Kingdom and its economy that, in a…Read More

What is IR35, and why does the private sector need to know?

Ian Kelly’s ‘Taxing Thoughts’ – November 2019 With the expansion of off-payroll working (IR35) from the public sector into the private sector from April 2020, a recent case found in favour of HMRC in respect of three BBC presenters is a timely reminder of when things can go wrong. It’s maybe a good idea to…Read More

Digital City – opportunities and challenges

Last month, Middlesbrough Mayor Andy Preston and Tees Valley Mayor Ben Houchen announced a £45 million pound development of a digital campus (three 20-storey towers for apartment and office blocks), kick-starting a wider £250m investment in the digital and creative industries to make Middlesbrough “the first digital city in the UK”. Since the news broke, we have spoken to Davies Tracey clients in the industry about both…Read More

Avoiding late payments from customers – Our Top Tips

In September, new research (from Hitachi Capital UK, full article here) showed that almost a third of SMEs (31%) have experienced late payments costing their business at least £10,000 in the last 12 months. Having dealt with several clients who have experienced a profit squeeze because of late payments, we have put together a list of tips to…Read More

September Tax Tips Newsletter

Non-Residents and UK Property HMRC’s guidance for non-UK residents disposing of UK property has been updated to reflect the changes which took effect on 6 April 2019. The guidance note can be found here. Loan Charges The government has announced an independent review of the Disguised Remuneration Loan Charge. The Treasury has asked for the report…Read More

IR35 (Practice News August 2019)

The spectre of IR35 continues to loom over the contractor world and those engaged by the public sector. There have already been several cases heard at tribunal surrounding individuals working for the BBC under their own limited company, otherwise known as off-payroll working, and more cases are expected. The extension of the off-payroll working rules…Read More


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