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Monthly Archives: February 2018

Just a few weeks to the end of the tax year

The 5 April 2018, is the next key marker for tax advisors, the end of the current tax year. Why is this date especially important? Each tax year, taxpayers are granted a number of tax-free allowances, exemptions and reliefs, and in most circumstances, if you don’t take advantage of these reliefs they are lost; they…
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Elan & Co Stand at the Professional Dentistry Show at Olympia 2018

Elan & Co took part in the professional dentistry show this February at Olympia. Since merging with Ajay Associates we are now Nasdal accountants and have a specialism in dentistry practitioners and practices. Our Xero and quickbooks software partner’s joined us and we met many different dentistry practitioners at the event. It was a thoroughly…
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Inheritance tax due for a shakeup

The government has tasked the department charged with simplifying our present tax system with taking a fresh look at inheritance task. The scope of their review has just been published. It says: The review will consider how key aspects of the current IHT system work and whether and how they might be simplified. This will…
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Requirement to correct tax due on offshore assets

A new legal requirement is included in the Finance (No. 2) Act 2017 that creates an obligation for anyone who has undeclared UK tax liabilities that involve offshore matters or transfers to disclose the relevant information about this non-compliance to HMRC by 30 September 2018. Failure to disclose the relevant information to HMRC on or…
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This takes the biscuit

In a recent hearing before a tax tribunal, HMRC led the charge to insist that bicarbonate of soda (BoS) was a chemical not a food of a kind used for human consumption. Why was this important? HMRC had issued an assessment amounting to £291,000 to hapless food company, Phoenix Foods Ltd, as they had treated…
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Intellectual property and Brexit

The Intellectual Property Office has issued commentary on the future of intellectual property (IP) issues following Brexit. We have copied in blow some of their comments to clarify various issues for companies with existing registered IP, or that have applications in progress. Trade marks The UK system for protecting trade mark rights is not affected…
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Additional support for Carillion subcontractors

A further package of support for the businesses and workers affected by Carillion’s liquidation was announced Saturday 3 February, by Business Secretary Greg Clark. Through delivery partners that include all the major high street lenders, the British Business Bank will provide support to make available up to £100 million of lending to small businesses who…
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Text message scammers scuppered by HMRC

HMRC has stopped thousands of taxpayers from receiving scam text messages, with 90 percent of the most convincing texts now halted before they reach their phones. The milestone comes during Take Five To Stop Fraud Week, with the tax authority working to raise awareness of the tell-tale signs of fraud ahead of the Self-Assessment deadline.…
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Welcome to Professional Dentistry London 2018 – 9th & 10th February – Olympia.

The most exciting event in the UK dentistry calendar. Attracting over 3,000 professionals, this event will create significant business development opportunities for the dental sector. As Nasdal members Elan & Co will be attending the exhibition. Please come and join us on stand G37. NASDAL accountants are familiar with the issues affecting dentists, whether principals,…
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Tax Diary February/March 2018

1 February 2018 - Due date for corporation tax payable for the year ended 30 April 2017. 19 February 2018 - PAYE and NIC deductions due for month ended 5 February 2018. (If you pay your tax electronically the due date is 22 February 2018) 19 February 2018 - Filing deadline for the CIS300 monthly…
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