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Non-Contentious Probate services and Fees

How much will probate cost? We provide a full non-contentious probate service to our clients. This can include acting as an executor, extracting probate, managing the estate and dealing with HM Revenue and Customs as necessary. The probate services we provide include a wide range of services and so providing an exact quote can be…Read More

Tax consequences of ‘illegal’ dividends

Background Company law dictates a company can only pay dividends out of available undistributed profits. The Companies Act 2006 details the correct administrative procedures which need to be followed which is beyond the scope of this article. Where dividend payments are made which are not backed by sufficient undistributed profits there can be significant tax…Read More

Avoiding HMRC investigation – How does the Revenue assess risk?

The number of HMRC investigations into tax returns is on the rise with over 100,000 investigations undertaken during the first quarter of 2021. As digital technology and data science develop HMRC are able to better focus their resources on those individuals who are more likely to be defrauding the exchequer. This has led to recent…Read More

Claim expenses for using your own car in your property business

Landlords running a property business through a limited company are likely to need to use their own car for business purposes. Where this is the case, what can you claim by way of expenses? Two options Tax rules state costs can be deducted from income where they are incurred wholly and exclusively for business purposes.…Read More

Distributions on company cessations

When a director winds up a company it is often the case that money has accumulated in the business which is rightfully owed to the company’s shareholders. This money needs to be distributed effectively prior to closure of the company. In certain situations dividends paid to shareholders may have run down the distributable reserves to…Read More

Trading with the EU – Do you have your EORI number?

From 1 January 2021, businesses which move goods between Great Britain and the EU will need an Economic Operators Registration and Identification (EORI) number. This number will also be required for the movement of goods from Northern Ireland and other Non-EU countries. Prior to 1 January 2021, you only needed an EORI number if you…Read More

Ready for VAT changes from 1 January 2021?

From 1 January VAT registered business importing goods into the UK will need to apply postponed VAT accounting rules. This change has come about as a result of the Brexit transitional period coming to an end on 31 December 2020. From 1 January 2021 these new provisions kick in. Nature of postponed VAT accounting Under…Read More

Improving cashflow by reducing payments on accounts… should you do it?

The Covid-19 pandemic has led to squeezed incomes and reduced earnings for many self-employed individuals. If you expect your tax liability for the 2020/21 tax year to be lower than your 2019/20 liability it may be beneficial to reduce your payments on account early rather than wait for a refund later in the year. The…Read More

Appointment of John Preston as a new Partner at Villars Hayward LLP

Villars Hayward Chartered accountants are delighted to announce the appointment of John Preston as a Partner of the firm. “By bringing in John as a Partner, we are looking to utilise his knowledge, initiative and drive to enhance the services we offer.” Commented Nick Smith, Partner. “John has worked with the firm for a number…Read More

Additional time to pay back deferred VAT

At the start of the pandemic, HMRC allowed VAT registered businesses to defer payment of any VAT that fell due in the period from 20 March 2020 to 30 June 2020. In his Winter Economy Plan, the Chancellor extended the deadlines by which the deferred VAT must be paid, relieving some cashflow pressure on those…Read More

Making Tax Digital for business update – Corporation Tax part 4 of 4

The announcement made by the Treasury in July did not contain any significant content on Making Tax Digital for Corporation Tax. We are anticipating a consultation paper to be issued in the Autumn of 2020 which will detail how HMRC will roll out Making Tax Digital to incorporated entities with Corporation Tax obligations. As with…Read More

Making Tax Digital for business update – Income Tax part 3 of 4

The announcement made by the Financial Secretary to the Treasury detailed the first concrete steps for Making Tax Digital (MTD) for income tax. From April 2023 an estimated 4 million unincorporated businesses and landlords with gross income above £10,000 will be required to submit quarterly summaries of their business income and expenses to HMRC using…Read More

Making Tax Digital for business update – VAT part 2 of 4

Currently MTD is compulsory for all VAT registered traders who are required, by law to register for VAT as their VATable turnover exceeds, or is expected to exceed £85,000 over the next 12 months. The governments recent announcement states ALL VAT registered traders (regardless of turnover) will be required to submit their VAT returns using…Read More

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