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Welcome to the Lewis Brownlee Chartered Accountants Blog
Your trusted source for expert insights on UK tax, accounting, and business finance. Whether you’re a small business owner, a sole trader, or a larger enterprise, our blog offers valuable tips, updates on tax regulations, and practical advice to help you navigate the financial landscape with confidence.
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Implementation of VAT Reverse Charge mechanism for UK construction services delayed until 1 October 2020
Implementation of the VAT Reverse Charge mechanism for UK construction services has been delayed until 1 October 2020. What is this? A planned change to VAT procedures...
Advisory Fuel Rates from 1 September 2019
HMRC has published the Advisory Fuel Rates from 1 September 2019, which apply to company car drivers for mileage reimbursement. These rates are reviewed quarterly to reflect...
Director’s and personal tax returns
For years HMRC insisted that a director must register for self-assessment and complete a tax return even if there was no income to report. This was not a legal requirement,...
Capital Allowances
Three changes of note were announced in the 2018 budget, each with different implementation dates; 1. The special writing down allowance rate has been reduced from 8% to 6%...
Directors’ overdrawn loan accounts and section 455 tax
If a director’s loan account has been repaid and the previous section 455 tax can be reclaimed (25% of the amount ‘loaned’ up to 5 April 2016, 32.5% from 6 April 2016) there...
Use of company assets
Use of Company Assets and Tax Implications – What You Need to Know Having access to company assets, such as helicopters, private aircraft, or other valuable assets, may seem...
Form R40 – Tax Repayment Claims
Trust income is a problem! Where a taxpayer has a received income from an interest in possession trust the HMRC computer is not calculating the correct repayment due. This...
Post-transaction valuation check
It is possible to ask HMRC to check valuations (for capital gains tax) after a disposal has been made but before you submit the relevant tax return. This service is available...
Stamp duty land tax (SDLT)
1. For transactions with an effective date (usually completion) on or after 1 March 2019, the due date for the payment of SDLT is now 14 calendar days after the effective...
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