Payments in lieu of notice

Payments In Lieu of Notice – a taxable PENP

Payments in Lieu of Notice to employees will alter From the start of 6th April 2018, the tax treatment of Payments in Lieu of Notice (PILON) to employees will alter due to Finance (No 2) Act 2007 which received Royal Assent on 16 November 2017. Clause 5 of the Act inserts the new sections 402A to 402E into Chapter 3 of Part 6 (Payments and Benefits on Termination of Employment etc)…

Read More


Oil and gas contractor clients VAT repayment

Your contractor clients may be due a significant refund of VAT if in the past 4 years they have: Contracted in the oil & gas sector Registered and paid Flat Rate VAT (FRV) at 14.5% This is based on the decisions made in the Tribunals of Idess Ltd and SL Subsea Engineering Ltd. As a consequence of these decisions we are satisfied that those businesses whose supplies are also of…

Read More

Qdos logo

Qdos Vantage – Financially strong and committed to the long term . . . .

We are aware of statements made by some of our competitors with regards to the financial standing of Qdos Vantage that are both factually incorrect and intended to be damaging to our business.  We are also aware that it has been falsely communicated to clients that Qdos Vantage is up for sale or in the process of being sold.  This is obviously disappointing and a matter that has been referred…

Read More

Your Fee Protection Insurance provider can’t offer terms?

Our insurer is Tokio Marine HCC one of the world’s largest insurers who have a market capital of $31 billion and are rated AA- (very strong) by Standard & Poor’s. If your existing provider can’t offer terms, don’t worry as we can: Provide you with competitive renewal terms. Provide ‘rescue packages’, including insuring pro rata periods (between now and your scheme renewal), new additions to your scheme, or premiums collected…

Read More

hot air

Not Just Hot Air – We’re Going Places

Why not join the hundreds of accountants who chose Qdos Vantage as their Fee Protection Insurance provider last year? 2017 proved to be another successful year for Qdos Vantage with hundreds of accountants choosing us as their Tax Fee Protection Insurance provider. 78% of new Vantage clients chose to switch to us from another provider, which is a great testimonial of our innovative style and market leading policy. More specifically,…

Read More

Employment allowances

Employment Allowances Claims

Changes that Impact on Employment Allowances Claims Many accountants deal with companies that have single directors on the payroll and are paid at a rate above the Secondary Threshold for Class 1 National Insurance contributions. Due to a change in the legislation from 6th April 2016 unless the company has another employee who is also paid above the Secondary Threshold it will not meet the ‘additional employee test’ and as…

Read More

umbrella vat

Umbrellas – are they exempt?

Are umbrellas VAT exempt? OK, so in this instance the term “umbrella” is used in regard to umbrella companies working in the medical personnel supply industry and recent contact from such a company suggests that HMRC may be taking a closer look at supplies of medical staff made by umbrella companies. Generally speaking, the supply of health professional staff is standard rated although, under an informal Extra Statutory Concession, informally…

Read More

Property tax allowance

New Tax Allowance for Trades and Property Income

Tax allowance was originally announced at Budget 2016 The tax allowance was originally announced at Budget 2016 and was one of the several processes dropped from the Finance Act 2017 due to not enough time for deliberation in parliament. It was reinstated as part of Finance (No. 2) Bill 2017, published in September 2017 and the Finance (No.2) Act 2017 received Royal Assent on 16 November 2017. The new tax allowances are…

Read More

uk vat

UK VAT Registration

UK VAT registration requirements If an overseas online retailer sells goods which are already located in the UK at the time the goods are sold then they must register for VAT in the UK and pay UK VAT to HMRC. HMRC have informed online marketplace providers running shopping websites for their online sellers that they could be held jointly and severally liable for the online sellers’ VAT if the seller…

Read More

hmrc enquiries

How have HMRC Enquiries Changed?

HMRC enquiries in the past Many years ago, HM Revenue & Customs (HMRC) started HMRC enquiries by agreeing a date and time for a visit and then arriving with a blank questionnaire. They would then interview the main directors/ shareholders and review a sample of business records to try to find any potential errors. Tax enquiries were usually full enquiries often based on a reduction in sales/ turnover or a…

Read More

Can't find what you're looking for? Contact our team today.

0116 274 9123