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Essential monthly tax news and marketing strategies for busy accounting and tax professionals.

Structures and buildings allowance: Now available

Silver house key lying on a contract for house sale, lease, insurance or mortgage in a real estate concept, viewed low angle with focus to the tip.

5 minute read.

Nisha Patel looks at the main rules of the new structures and buildings allowance.

The new structures and buildings allowance (SBA) regime has received parliamentary approval and came into force on 5 July 2019. SBA claims can be backdated to give relief on eligible costs incurred on or after the 29th October 2018.

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Marketing tip #7 – Take lessons from viral marketing

A social media logotype collection printed and placed on modern computer keyboard.

2 minute read.

Viral marketing encourages people to share information online. You have probably seen a ton of viral marketing posts on social media, such as the ice bucket challenge a few years ago, designed to raise awareness of motor neurone disease. Accounting firms can take lessons from these.

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Condition for change of accounting date was not met

4 minute read.

The taxpayer failed to meet all the criteria for a valid change of accounting date because the accounts of the business were for a 20-month period, and therefore the ‘18-month test’ condition was not satisfied.  

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Tax tip #10 – Tax-free passenger payments

Hand writing text caption inspiration showing Tax Tips.

5 minute read.

Employers can also pay a tax-free allowance to employees who give lifts to passengers for whom the journey is also a business journey.   

The approved amount is found by the formula  M x R  

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George Anson versus HMRC: An update

Statue of Liberty

4 minute read.

Liz Zitzow looks at the case of Anson v HMRC on the subject of US/UK tax.

Background

It’s been a few years on since Anson v HMRC back on 1 July 2015. For those who don’t know or recall that case, here’s what happened: Mr Anson owned a limited liability company (LLC) which elected like most LLCs to treat itself as a partnership in the US.

The UK doesn’t recognise this and it results in double taxation despite our lovely US/UK income tax treaty. The tax paid by the individual on his partnership income in the US is not a deductible tax for the corporation’s tax return with HMRC and it’s not useful as a credit against his personal tax on the dividends since it’s for work, not dividends.

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Special 1st Anniversary Offer – Launching 13 September

Stay ahead of the crowd with the latest planning tips and news for accountants and tax professionals. 

To celebrate our one year anniversary of the launch of Tax Insider Professional newsletter we’ve brought back our fantastic introductory offer:

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How to choose the right PPC platform for your accounting firm

Book with PPC written in ink

2 minute read.

PPC stands for pay-per-click, and is when advertisers pay each time someone clicks on an ad. While you might think that PPC is something that only larger firms with marketing teams would use, but smaller firms and sole practitioners can use PPC to compete with these larger firms.

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Tax tip #9 – NIC-Free Mileage Allowance Payments

Hand writing text caption inspiration showing Tax Tips.

3 minute read.

Employers can also pay mileage allowance payments free of National Insurance contributions as long as the amount paid does not exceed the approved amount. The mileage allowance scheme for National Insurance purposes is similar to that applying for tax purposes (see Tip 7), but with one key difference – the rate for cars and vans is 45p per mile regardless of the number of business miles driven.

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TaxationWeb Roundup July

Forum Chat Message Discuss Talk Topic Concept

2 minute read

Have a read of the best forum queries, news and articles on our partner website TaxationWeb.

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Marketing tip #6 – Why business cards are still relevant

Question mark on blackboard

4 minute read.

There is a misconception that business cards are no longer relevant. After all, it’s now easier than ever to connect with clients in the digital realm, thanks to social media sites like LinkedIn. But business cards ARE still relevant.

A well-designed business card has one purpose in life: it creates the right impression when handed over at a business meeting or after an elevator pitch. The card tells people who you are, what you do, and how to contact you.

Professionally printed business cards tell prospective clients you mean business. They don’t even need to be that expensive if your accounting firm is operating on a tight budget.

Evaluate your business card carefully. Is it visually appealing? Will it appeal to your target audience? Does it send the right message? Does it look high-quality?

As with all other marketing materials, business cards must show your branding colours and logo. Design your business card so that it is a continuation of your website, brochures, and other branding materials.

Action: Keep a stack of business cards on you at all times, so you never miss an opportunity to bring a new client on board.

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