M.B. McGrady & Co Chartered Accountants in Belfast, Northern Ireland
Calculator Mar 2014

Risk-led enquiries

HMRC has the right to investigate any tax return submitted by any taxpayer. The department has considerable powers to inspect documents and to question the taxpayer. HMRC does not need a reason for an investigation. It selects some returns at … Continue reading

Flasks Mar 2014

R&D and patents

Research and development (R&D) and patent expenditure are treated generously for tax purposes. The main provisions are: • R&D relief • capital allowance for R&D • expenditure on patents and know-how • the patent box. What is R&D? For accounting … Continue reading

Cal Mar 2014

Insider: March 2014

Welcome to your March newsletter. In this issue, we look at how a skills shortage might hamper growth. We examine the rise in online sales and how smartphones are affecting in-store shopper behaviour. Business groups have called for a reform … Continue reading

budget-graphic

Budget Report 2014

The economic backdrop to Chancellor George Osborne’s fifth Budget statement was decidedly more positive than it was when he moved into Number 11 in 2010. The economy grew by 1.8% in 2013, three times more than the Office for Budget Responsibility … Continue reading

ballpoint pen and calculator on print stock chart

ECONOMIC UPDATE: FEBRUARY 2014

Looking Back   The UK economy gained momentum throughout 2013 with Gross Domestic Product (GDP) growth exceeding earlier forecasts. A rise in GDP in the first three quarters of 2013 saw output grow more quickly than any previous nine-month period … Continue reading

PAYE Update

2014 PAYE UPDATE

Real time information Almost all employers should now be using real time information (RTI). This generally requires payroll information to be provided to HMRC ‘on or before’ payment to the employee. In most cases, the payroll software does this automatically. … Continue reading

February Insider

INSIDER FEBRUARY 2014

Welcome to your February newsletter. In this issue, we look at how businesses feel going into 2014. We consider Pensions Minister Steve Webb’s controversial plans for annuity reform. HMRC has revealed its forecast for how much the Employment Allowance will … Continue reading

Cropped shot of four businesspeople putting their smartphones together

Mobile phones for employees

We look at the intricacies of the rules around mobile phones and loans to employees.   Employers may provide many benefits to employees in addition to their salary or wages. Some of these benefits can be tax-effective, in that the … Continue reading

HR Update Jan 14

HR Update Winter 2013/14

We look at developments in human resources since our last update on this topic. Recruiting young people: best practice  In difficult times, young people can be particularly disadvantaged when it comes to recruitment and selection. As they leave school, college … Continue reading

Jan 14 Insider

The Insider: January 2014

Welcome to your January newsletter. In this issue, we look at research that revealed the UK’s SME population reached a six-year high in 2013. The Government has launched a consultation into the use of zero hours contracts; we examine some … Continue reading