Ellen Main-Jeffrey, Head of VAT Services at Burgis & Bullock, advises taxpayers not to get caught out by late VAT returns as Penalty Notices are issued under new regime. Penalty Notices for the late submission of VAT returns under the new regime are now being received by taxpayers. The VAT Default Surcharge for late payment and/or submission of VAT returns was replaced by a new regime which came into effect from 1st January 2023. The old system of an initial warning for the first default, followed by penalties ranging from two per cent to 15 per cent of the tax due for subsequent defaults ..read more

Ellen Main-Jeffrey, Head of VAT Services, at Burgis & Bullock assesses the VAT implications arising from the changing role of community pharmacists in our latest blog. As part of the Government’s recently published plans to improve access to primary care, NHS funds are to be diverted to support pharmacies. The new money is to pay pharmacies for expanding their community services, such as blood pressure monitoring and oral contraception advice. Alongside this expansion of NHS funded services, there is an expansion of the exemption  for pharmacist’s services. Legislation already provid ..read more

Innovative small and medium sized businesses are set to be negatively impacted the most by changes from April 1 to research and development tax relief according to a leading tax expert. Anne Rose, research and development tax consultant at accountancy firm Burgis & Bullock, says HMRC’s continuing overhaul of the tax relief system is set to see some businesses see a significant drop in funding for their work. From April 2023, rates will be changing for both the SME and RDEC schemes for R&D tax relief – and the changes could cut the cash benefit from the SME scheme by more than 50 per ce ..read more

By Emma Fisher The definition of associated companies is changing and this is set to impact the rate of tax applied to calculating a company’s taxable profits. The change will come into force from April 1 2023 and will mean that many owner-managed businesses will now have associated companies where previously they had none. Previously, associated companies only really included those companies which were controlled (51%) directly or directly within a corporate group situation. The definition now extends beyond looking at those companies within a group situation. It will need to look at its cont ..read more

A Warwickshire accountant is proving there is strength in the numbers as she sets her sights on becoming a professional bodybuilder. Amy Mather, who is ATT qualified, is a personal tax assistant manager at leading regional accountancy firm Burgis & Bullock and is based in its Stratford-upon-Avon office. After spending her day supporting businesses from across the region with specialist tax advice, the 31-year-old from Evesham heads straight to the gym to continue preparing for her first ever regional bodybuilding competition. The regional qualifier will take place in June and, if successf ..read more

Phil Stevens, Head of Tax at Burgis & Bullock, provides his immediate reaction to the Spring Budget which was delivered by Jeremy Hunt today (15/3/23). Burgis & Bullock will be publishing a full analysis of the Budget in the coming days. The big surprise of this Budget announcement that will send shockwaves through the tax planning and pensions industry is the abolition of the pensions lifetime allowance. The limit was previously set at £1 million, having been reduced down since 2012 from £1.8m. Hunt also announced that the pension contributions annual tax-free allowance will increase ..read more

A tax expert at a Warwickshire accountancy firm says business owners in the region are concerned about further potential changes being announced in the Spring Budget. Phil Stevens, Head of Tax at leading regional accountancy firm Burgis & Bullock, says that businesses across the region are concerned about rising costs and tax liabilities, but expects there will be little to no support offered by the Government in the upcoming fiscal statement. Chancellor Jeremy Hunt will deliver the Spring Budget on Wednesday, March 15 and it is expected to focus on measures to support the Government’s eco ..read more

By Anne Rose, R&D Tax Consultant Rates for research and development tax credits are set to change from April 2023 as part of HMRC’s planned overhaul of the R&D tax relief system. These changes were first announced as part of the Autumn Statement in November and will impact any expenditure under both tax credit schemes incurred after April 1, 2023. Rates changing There will be changes introduced to the rates for both the SMEs and RDEC schemes, with small and medium size businesses set to lose out with a significant drop in funding available. Larger businesses claiming under the RDEC sch ..read more

An independent Leamington music shop which has grown to be the UK’s leading ecommerce site for classical and jazz records has launched a full streaming service. Presto Music opened its doors in Leamington in 1986 and has grown into a significant online retailer with customers from across the globe. The business, which has more than 50 employees, launched its first website in 2001 and 20 years later launched ‘My Library’, a feature which gave customers digital access to any recordings bought from Presto Music from a computer or a mobile phone. It proved a huge success with 2,000 users per mont ..read more

Burgis & Bullock has made three appointments at its Nuneaton office as it expands its bookkeeping department to cater for increasing demand. Burgis & Bullock, which also has offices in Leamington, Rugby and Stratford-upon-Avon, has appointed three new specialists to operate from its office at Eliot Park. It comes after the firm has seen significant growth in that sector of the business and has recently secured three large outsourced contracts for bookkeeping services. The business has been achieved across a range of sectors including engineering, motorsport, transport, haulage and int ..read more