Opus Insights
Insights
Tax, compliance and business commentary, updated as the rules change.
Showing 25–48 of 120 articles
When a discretionary bonus becomes enforceable
Where an employee is promised a discretionary bonus as an incentive, an employer may be held liable for the full figure if the preconditions have been met and the chain of authorisation is fully satis…
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How Is Your Business Performing?
The latest figures from the Office for National Statistics suggest that conditions remain challenging for many UK businesses.…
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Company accounts are going fully digital
An important change is coming to the way companies file their annual accounts.…
Read moreA new head office
Opus Accountancy now works from 17 King Street in Knutsford.…
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Recovering VAT on pre-registration costs
Businesses that register for VAT may be able to reclaim VAT paid on certain goods and services purchased before VAT registration.…
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What is a reasonable excuse for missing a tax deadline?
Missing a tax deadline can result in penalties from HMRC, but a taxpayer may be able to appeal if they have a genuine reasonable excuse. Whether an excuse is accepted depends on the individual facts a…
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Tax relief for uniforms and protective clothing
Employers providing uniforms or protective clothing to employees need to understand the tax and National Insurance rules that apply. The treatment depends on whether the clothing is required for the e…
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Benefits of claiming the Annual Investment Allowance
Businesses investing in qualifying assets may be able to claim the Annual Investment Allowance (AIA) and deduct the full cost of eligible purchases from their profits before tax. This can help by redu…
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Have you reviewed your workers’ employment status?
Businesses should regularly review whether individuals working for them are correctly classified as employees, workers or self-employed. Getting employment status wrong can result in unexpected tax li…
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Evidence required to support business expense claims
Self-employed individuals can deduct allowable business expenses from their income when calculating taxable profits. However, businesses must keep accurate records and evidence to support the costs be…
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Could your business survive a cyberattack?
Cybercrime is no longer a problem that only affects large organisations. Increasingly, small and medium-sized businesses are becoming targets because criminals often see them as having weaker security…
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Are your employment policies ready for workplace reforms?
Employment law continues to evolve, and businesses should keep a close eye on forthcoming changes that may affect the way they recruit, manage and retain staff. Although many of the proposed reforms a…
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Tax relief on pension contributions for employees
Receiving tax relief on pension contributions into a workplace pension is a great way to help prepare for retirement. In addition, contributions from your employer can make the pension savings even gr…
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HMRC penalties for failing to notify a tax liability
If you become liable to pay a tax or register for a tax that HMRC has not already been informed about, you must notify HMRC within the relevant time limit. Failing to do so can result in a financial p…
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Incorporation Relief may reduce your CGT bill
When a sole trader or the partners in a partnership transfer a business to a limited company, Capital Gains Tax (CGT) may arise. This is because business assets are normally treated as being transferr…
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Official rate of interest for beneficial loans
Employers providing loans to employees or directors need to ensure they correctly calculate any taxable benefit using HMRC’s official rate of interest. Where a loan is provided at no interest or at a…
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Benefits of SEIS and EIS Advance Assurance
Businesses seeking investment through the Seed Enterprise Investment Scheme (SEIS) or Enterprise Investment Scheme (EIS) can benefit from obtaining advance assurance from HMRC before approaching inves…
Read moreWhen to register for Corporation Tax
Companies and other organisations that are liable for Corporation Tax must ensure they register with HMRC at the correct time. Failing to register when required could result in missed filing obligatio…
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All online harassment is unacceptable, in any context
A recent ruling has determined that targeting individuals online, even on a private group chat, can lead to a loss of employment. A Mr. Y was employed by the Royal Mail as a delivery driver with an im…
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Could better digital skills transform your business?
Technology is changing the way businesses operate, and the pace of change is only increasing. While large organisations often have dedicated IT departments, many small businesses still rely on traditi…
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Why successful businesses prepare before conditions improve
Economic uncertainty has affected the confidence of many small business owners. Rising costs, changing customer demand and pressure on cash flow have led some businesses to postpone investment until c…
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Could you save tax by making a Deed of Variation?
After someone dies, the beneficiaries may find that the way an estate has been distributed does not reflect their wishes or the family’s circumstances. A Deed of Variation can allow beneficiaries to c…
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When do you pay Stamp Duty Land Tax?
Stamp Duty Land Tax (SDLT) is a tax that may apply when you buy land or property in England or Northern Ireland. It is important to check whether SDLT applies before completing a purchase, as the tax…
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Is your business eligible to use cash basis accounting?
Cash basis accounting is a simplified method used by sole traders and other unincorporated businesses to work out income and expenses for self-assessment in a straightforward manner.…
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