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Practice News

Female Rising Stars

A huge congratulations to Jessica Jones here at Obp for her nomination for the Female Rising Star Award at next week’s Female Entrepreneurship Annual Event at Cardiff City Stadium. As the Sales and Marketing Director of our business, Jessica works tirelessly to make sure our clientele are supported, and is always thinking of new and…Read More

Cymru Am Byth! – How Speaking Welsh Became Cool

The number of speakers is growing fast, while bilingual TV thrillers and Welsh language rock songs are reaching a new audience. What’s behind the resurgence? Written By: Rhiannon Lucy Cosslett – The Guardian Welsh speakers are not used to their language and their culture being perceived as interesting or cool. When Welsh does make the…Read More

Gin-tastic Indah Events brings the drinks to Hampton Court

A huge congratulations to our massivley successful clients ‘Indah Events’, who are currently at Hampton Court Palace Festival supporting Prince Harry’s charity Sentebale. Together with their team, a beautiful Gin box, and selection of premium cocktails they were able to provide the concert with a wide variety of sophisticated drinks. Indah Events is an events…Read More

Obp’s Q&A – June 2019

Q. If I take my staff away overnight for an off-site daytime business meeting and evening social function, will the costs be tax deductible for corporation tax purposes? A. The costs will be allowable for the company, but a benefit-in-kind will arise on the social aspect of the trip. It may be possible to obtain HMRC approval…Read More

New NIC Treatment of Termination Payments

The National Insurance Contributions Bill was introduced into Parliament on 25 April 2019. The Bill contains provisions designed to align the income tax and national insurance contributions (NICs) treatment of termination awards and sporting testimonials, closing a loophole which currently allows effective tax planning. If enacted, the new rules are expected to take effect from…Read More

MTD for VAT: Guidance Updated

HMRC have published an updated version of their guidance for businesses on Making Tax Digital for VAT. In particular, the guidance now includes information on how businesses should deal with petty cash transactions. Petty cash is traditionally a small amount of cash on hand that covers day to day expenses of a business, such as…Read More

Moving Into Partnership

A partnership may be a simple trading vehicle enabling two or more people to own and run a business, but there are few practicalities worth considering before making the move. Whilst there are no legal formalities involved in establishing a partnership, and a partnership may come into existence under an oral agreement, it is advisable…Read More

Making Use of Gift Exemptions for IHT

According to a recent survey undertaken on behalf of HMRC, only 25% of people making financial gifts have a working knowledge of inheritance tax (IHT) rules surrounding such payments. The report entitled Lifetime Gifting: Reliefs, Exemptions, and Behaviours, reveals a significant lack of awareness of the gifting rules, liability for inheritance tax and the risk of making…Read More

How Student Loan Repayments Work in Practice

Claire Thackaberry of the Low Incomes Tax Reform Group (LITRG), which produces the Tax Guide for Students website, discusses some of the issues arising in relation to student loan repayments. How are student loans collected? Since 1998 income-contingent student loans have been collected through the tax system, unless the borrower goes abroad for longer than three months,…Read More

CFOs and Cybersecurity: The Profession’s Big Blindspot

Finance leaders remain unaware of the cybersecurity threat and have not taken effective leadership on protecting their organisations, according to a new report by the ACCA. Barely a day goes by now, it seems, without news of a hack or a leak. In general, the cyber risk to businesses in the UK remains enormous. Two…Read More

Tax Self-Assessment

The self-assessment tax return is an unavoidable burden if you are liable for self-employed tax or have complicated income tax affairs. Both self-employed business owners and company directors must complete self-assessment tax returns. While nobody particularly likes paying income tax, the right approach to your self-assessment tax return will minimise the aggravation and can reduce…Read More

HMRC Plays Fast and ‘Loose’ with IR35 Rules

17th Apr 2019 Loose Women presenter Kaye Adams has triumphed over HMRC, which demanded £124,441 in PAYE and NIC from her personal service company on the basis that IR35 applied. This is the third in a series of cases involving presenters (following Ackroyd and Lorraine Kelly) who were accused of not complying with the IR35 rules in…Read More

Making Tax Digital

Everything you need to know about Making Tax Digital (MTD). With HMRC making tax digital from April 1 2019, it’s time to prepare. Find out what it means for you and how to make it work for you here. Xero is beautiful accounting software for small businesses and their advisors. See your cashflow in real-time…Read More

Ecommerce in 2019: What Small Businesses Need to Know

It seems as if businesses were preparing for the 2018 fiscal year just yesterday – and yet, 2019 is soon to be upon us. Entrepreneurs hoping to enjoy success in the coming year need to be fully aware of the latest ecommerce and merchandising trends. What does 2019 have in store? Are there any notable…Read More

VAT in the Construction Industry

The way VAT is accounted for in the construction industry will change from 1 October 2019. Draft legislation has been published, along with a variety of guidance notes, explanatory documents and policy papers. In this article we will work through the new announcements and draw out some of the issues that businesses and their advisers…Read More

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