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OBP Newsletter

November 2019

Welcome back everybody to our November newsletter! We’d like to thank all our new clients for joining us this month, and all our existing clients for our fantastic Google business reviews. 

Deadlines are approaching fast, so if you do need your tax return completed please don’t hesitate to contact us.

The marketing team are continuing with installments for our financial lifestyle blog, including insightful posts about credit scores, the differences between good & bad debt, and our latest about writing your will. We would also like to welcome any guest writers to add to our blog page and love to feature new local business startups on our website or newsletter.

If you’re interested in either writing for us or being featured please contact our marketing director Jessica Jones via email jessica@obpaccountants.co.uk or phone 029 2167 6555.

Our Question of the Month

Q. Our house has always been owned jointly by myself, my mother and my sister. My sister and I now want to buy our own homes and want to make mum the sole owner of our current home. If we put the house in her sole name will she have to pay capital gains tax (CGT) on it?
A. Transferring the house into your mother’s sole name will not trigger a liability to CGT, but it may have CGT implication for you and your sister. However, since you live in the property, it is quite likely that you would qualify for principal private residence (PPR) relief and no CGT charge would arise.

Read the rest of this Q&A session here.

This month’s Spotlight

Our November spotlight features Workbench who  provide virtual and serviced offices located on a quiet and accessible business park just off Ocean Way in Cardiff Bay.
There’s ample parking and just 5 minutes from Cardiff city centre. They offer flexible ‘easy-in, easy-out’ packages, from 1-2 desks up to 10-12 desks in private office space. At Workbench you only pay for the services you want and you can decide on the telecoms suppliers you want to use.

Key Features of Workbench offices –

–> Affordable starting at £285 per month (plus VAT) meeting room

–> 5 minutes to Cardiff city centre

–> Bike rack

–> Shower

–> 28 car parking spaces

–> Flexible short term agreement

–> Super high speed fibre

–> 24 hour access and security

–> DDA (Disability Discrimination Act) compliant

Please contact Workbench on 02921 111 023 or at info@workbenchoffice.com

Engineering companies in the UK are potentially missing out on over £10 billion of R&D funding each year, according to new research.

The study, commissioned by MPA for Advanced Engineering 2019, has found that one in five (21%) eligible engineering companies aren’t claiming the R&D funding potentially available to them under the government’s R&D Tax Credit scheme, which allows companies to claim back up to 33p for every £1 spent on R&D activity.

HMRC Are Tightening Their Grip

Protection is available with our tax investigation service.
When you subscribe to our service we are able to make a claim against our insurance policy held with Professional Fee Protection in respect of our fees incurred (up to £100,000 per claim unless otherwise indicated) when we defend a client who is subject to enquiries, inspections, disputes and compliance visits.

Please click here to read the rest of this article

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