Taxation & Payroll

Employment Intermediary Reporting – Deadline

If you are an employment intermediary and you have not submitted intermediary reports to HMRC, you may receive penalties of £1,750 if you haven’t filed anything by 5 February 2016. The third deadline for sending an employment intermediary return to … [Read More...]


How to prepare your business

Today's blog comes from our Corporate Finance Partner, Michael Smith... One of the questions I get asked most frequently is, 'How do I prepare my business...' either for sale, or for fundraising? There are common themes for both, which I will outline below.  In my next two blogs, I will focus on the specific preparation for a prospective sale and then fundraising. The key issues I encounter when helping clients to prepare their business fall under these main headings: Build a financial story Improve your financial efficiency Understand your market Do your housekeeping! Your financial story Whether you are trying to sell or persuade a funder to invest in your business, you need to tell the external party a coherent story, the basis of which is the underlying financial trajectory - so you need to have up to date, reliable and robust management accounts.  You also need to have realistic forecasts that the external reader can depend upon to provide a reasonable estimate of … [Read More...]


Good news for North East companies investing in tooling in 2016

A new and perhaps unknown source of funding for those North East manufacturers looking at tooling investments in 2016 comes from Birmingham Finance which operates a national £24m Tooling Funding Programme. Each funding loan has the following features and benefits: Loan of £50,000 to £1m to support an investment in tooling Must be for the design, development and manufacture of tooling (where the component manufacture and tooling finishing must be within England) Funding is in the form of a loan up to 18 months Up to 90% of tooling costs are funded 1% arrangement fee Limited security (a company debenture behind existing funders and no personal guarantees) Applicants need to demonstrate: A firm order for products from an OEM or 1st tier supplier; That UK jobs are safeguarded/created; and That they are unable to secure funding in whole or in part from existing banks. Further details can be found at If you have any queries about this … [Read More...]

Taxation & Payroll

DIY VAT claim that spanned 20 years…

It is possible to build your own house or carry out your own barn conversion and claim back the related VAT. The scheme is aimed at putting the man on the street in the same position as a VAT registered house builder. The HMRC section dealing with such claims are notorious for examining each claim in great detail and rejecting or reducing claims on a technicality. One of which is the time limits in which a claim should be made, which is within 3 months of completion. But when is a job complete? In a recently decided case of B Bowley v HMRC, the project was spread over 20 years as there were delays in finalising the scheme and it was only on completion of the garage that a claim was submitted. HMRC cried "foul" and the first tier tribunal begged to differ - they accepted that the garage construction was part of the original project and within the three month claim period. Actions were not ideal for cash flow but a moral victory for the taxpayer. If you are thinking about or are in … [Read More...]



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