News

Read our latest Practice News as well as sector specific and accountancy updates from across the UK.

Northumberland County Show 2015

Our summer show season got off to a good start at The Northumberland County Show at Bywell on Monday 25th May. We had a great time catching up with clients and acquaintances and enjoyed a delicious hog roast provided by The Juicy Meat Company. We would like to thank GrainCo Ltd for letting us share […]

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Improving the Construction Industry Scheme (CIS)

In Budget 2014 the Government announced that it would consult on options to improve the operation of the CIS and on the introduction of mandatory online CIS filing for contractors. The consultation has now taken place and the legislative process will commence in April 2015. Turnover test for gross payment status Currently the turnover test […]

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Restricting relief on residential lettings

Capital allowances are generally not available for common items of plant and equipment such as white goods used in a residential lettings business. Instead for many years, owners of partly furnished residential lettings used the non statutory renewals basis which was a concessionary treatment allowed by HMRC. On the original acquisition of an asset, such […]

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Capital or Revenue Expenditure? That is the Question.

Should a client face an enquiry from HMRC into their tax return and accounts, a common area that is reviewed is any deduction that may have been claimed in the accounts for repairs and renewals. This arises because whilst a repair to an asset is an allowable item of expenditure for tax purposes, if the […]

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Happy Retirement!

Iain Turnbull (centre) a Tax Manager at Greaves West & Ayre has just retired after nearly forty seven years of service. Iain who lives in Eyemouth is married to Fiona and has a step daughter, Nicola, and two grandchildren, Abbie and Lewis. After completing his education at Eyemouth and Berwickshire High Schools, Iain joined Greaves […]

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