Blog
Welcome to the accountancy blog from ZincBooks
We love to share the latest news, views and advice with our clients and the weekly blog gives us the ideal opportunity to do this.
Feel free to get in touch with us if you wish to discuss any of the blog topics in more detail.
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Beware fake parking fine texts
The Driver and Vehicle Standards Agency (DVSA) is warning that scammers are sending text messages about fake DVSA parking penalty charges. The text messages warn people that they have a ‘parking penalty charge’, and that
Setting up a Civil Partnership
Civil Partners enjoy the same tax and other advantages as married couples.
To set up a civil partnership in England or Wales, both partners must be eligible, meaning they are over 18, not already married or in a civil
Gifts and Inheritance Tax
Most gifts made during a person’s lifetime are not subject to tax at the time of transfer. These gifts, known as "potentially exempt transfers" (PETs), can become fully exempt if the donor survives for more
Current rates for Capital Gains Tax (CGT)
CGT is generally charged at a flat rate of 20% on most chargeable gains for individuals. However, if taxpayers are within the basic rate tax bracket and make a small capital gain, they may be eligible for a reduced CGT
VAT group registration
There are special VAT rules that allow two or more companies or limited liability partnerships, commonly referred to as ‘bodies corporate’, to be treated as a single taxable person for VAT purposes known as a VAT
Higher rate relief pension contributions
You can typically claim tax relief on private pension contributions up to 100% of your annual earnings, subject to certain limits. Tax relief is applied at your highest rate of income tax, meaning:
Basic rate
Redundancy pay and tax
There is a tax-free limit of £30,000 for redundancy pay regardless of whether it is your statutory redundancy payment or a higher payment from your employer.
If you have been employed for two years or more and are made
What is fiscal drag?
The freezing of tax thresholds often leads to a phenomenon known as fiscal drag. When tax thresholds remain unchanged, taxpayers will likely pay more tax as their earnings rise without a corresponding increase in
Business cashflow
The government offers the following information regarding business cashflow.
If you do not have enough money coming in to pay for goods, services and taxes your company has, you are at risk of insolvency.
Why is
What is fuel duty?
The Office for Budget Responsibility (OBR) has offered the following explanation:
“Fuel duties are levied on purchases of petrol, diesel and a variety of other fuels. They represent a significant source of revenue
Is there a partnership in place?
A partnership is a reasonably straightforward way for two or more legal persons to establish and operate a business with the intent to make a profit. Partnerships can take various forms, and legal entities other than
Not so Trivial Tax Benefits
There is a trivial benefit-in-kind (BiK) exemption for small, non-cash employee benefits. This exemption applies to BiKs classified as ‘trivial,’ helping employers simplify the handling of these benefits while offering a
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