While it’s not a new problem, it certainly isn’t one that’s going away anytime soon. We’re talking about phishing – the term used for the fraudulent practice of luring people to websites they wouldn’t normally use.
Phishing is typically carried out by unsolicited email or instant message in an app or social media platform. Its goal is to direct the user to a fake website, often in a bid to get them to enter personal details. Communications can appear to be from banks, retailers or service providers and have the look and feel of the real thing, the only difference is the website you are pointed towards. (more…)
In April this year, the government introduced significant changes to the way buy-to-let investments are taxed. Since then, we have had a lot of enquiries from landlords wondering if now may be the right time to incorporate their property business in order to avoid the new restrictions, which only apply to personal income tax. (more…)
The number of entrepreneurs in the UK is rocketing – last year alone company formations reached a new record, with over 650,000 new businesses being incorporated during 2016*.
The vast majority of startups are small ventures launched by individuals and one of the challenges they face is getting the right funding in place early to maximise their chances of success. (more…)
Ever watch “A Place in the Sun” with a twinge of envy? Most of us dream about having a bolt hole in sunnier climes to escape to. But for those lucky enough to be in a position to make it a reality – what are the tax implications?
UK residents buying property abroad typically do so to have a holiday home, to make a rental income when they are not using it or in anticipation of retiring to their destination of choice. Among the most popular locations for Brits are Spain, Cyprus and Malta. (more…)
New figures from Cifas, the fraud prevention service, show that identity fraud soared to almost epidemic levels in the first half of 2017, with identities being stolen at a rate of almost 500 a day.
These frauds are taking place almost exclusively online.
As an online accountancy practice, we take both our own security practices and risks to our clients very seriously. Here we look at the threats to be aware of and the steps you should take safeguard you and your business. (more…)
It might sound like the latest Harry Potter book, but in fact what we are talking about here is the government’s Targeted Anti-Avoidance Rule (TAAR) on winding up companies.
This rule was specifically introduced in 2016 to target “phoenixism”. This the practice whereby a limited company is wound up in order that its shareholders can receive a capital payment instead of a dividend, so reducing their tax liability. This is quickly followed by the formation of a new company, effectively “rising from ashes” of the old one, and carrying on the same trading activity. (more…)
The owner-director of a fish & chip shop in Aberdeen has found himself on the hook with HMRC and Companies House for failing to keep proper accounting records.
Keith McGilvray was disqualified as company director for 7 years after an Insolvency Service investigation found he had failed to maintain proper accounting records and caused his company to trade on a cash basis. (more…)
Starting a business is an exciting time, with a flurry of activity and lots of decisions to be made.
If you are running your business as a limited company, one of the first things to think about at the outset is the registered office address of the company.
As opposed to your trading address, from where you run most of your business activities, the registered office address of your company is the address that is displayed on public documents and your company literature, and also where statutory paperwork from HMRC and Companies House are sent. (more…)
It may surprise you to learn that legally, anyone can call themselves an accountant.
So one of the first things you should ask when choosing an accountancy provider, is whether or not they are chartered – the term is an internationally recognised designation and is the hallmark for quality and professionalism in accounting. (more…)
We created the Boox App to be the perfect unique accounting tool for contractors, freelancers and small businesses to manage their finances. If you are not using it, you’re not getting the best out of Boox! (more…)