Davey Grover Limited

Davey Grover Limited Davey Grover are a firm of accountants who pride ourselves on giving your business the time and effo

Business Asset Disposal Relief (BADR) applies to the sale of a business, shares in a trading company or an individual’s ...
01/03/2024

Business Asset Disposal Relief (BADR) applies to the sale of a business, shares in a trading company or an individual’s interest in a trading partnership. Where this relief is available sellers can benefit from a 10% tax charge on exit from their business if BADR is available. When the relief is available Capital Gains Tax (CGT) of 10% is payable in place of the standard rate.

Davey Grover

A limited company is a company ‘limited by shares’ or ‘limited by guarantee’.
29/02/2024

A limited company is a company ‘limited by shares’ or ‘limited by guarantee’.

Davey Grover

Self-employed taxpayers should notify HMRC as soon as practicable when they begin working for themselves. HMRC must be o...
28/02/2024

Self-employed taxpayers should notify HMRC as soon as practicable when they begin working for themselves. HMRC must be officially notified by 5 October following the end of the tax year so that a self-assessment return can be issued on time and to avoid any unnecessary penalties.

Davey Grover

The Cost of Living support package has been designed to help over 8 million households in receipt of means tested benefi...
27/02/2024

The Cost of Living support package has been designed to help over 8 million households in receipt of means tested benefits. The details of Cost of Living Payments due in the 2023-24 tax year were published in 2023 and have recently been updated with details of the final payment.

Davey Grover

In general, there is no Capital Gains Tax (CGT) on a property which has been used as the family's main residence. This r...
26/02/2024

In general, there is no Capital Gains Tax (CGT) on a property which has been used as the family's main residence. This relief from CGT is commonly known as Private Residence Relief or PRR. However, where part of the home has been let out the entitlement to relief may be affected. Homeowners that let out part of their house may not benefit from the full PRR but can benefit from letting relief. Since April 2020, letting relief has been restricted to homeowners who live in their property and partly rent it out.

Davey Grover

HMRC continues to warn of the ever-present problem of fraudulent phishing emails, suspicious phone calls and texts. Thes...
26/02/2024

HMRC continues to warn of the ever-present problem of fraudulent phishing emails, suspicious phone calls and texts. These unwanted emails, phone calls and texts are being sent from around the world as HMRC and other agencies continue to combat the problem.

Davey Grover

Class 1A NICs are paid by employers in respect of most benefits in kind provided to employees such as a company car. Cla...
23/02/2024

Class 1A NICs are paid by employers in respect of most benefits in kind provided to employees such as a company car. Class 1A NICs are also due on charge on termination awards above a £30,000 threshold that have not already been subjected to Class 1 NICs deductions. There’s no employee contribution payable for Class 1A NICs.

Davey Grover

Private pensions can be an efficient way to pass on wealth, but it is important to consider what, if any, tax will be pa...
22/02/2024

Private pensions can be an efficient way to pass on wealth, but it is important to consider what, if any, tax will be payable on a private pension you inherit. The person who died will usually have nominated you by telling their pension provider that you should inherit any monies left in their pension pot. If the nominated person can’t be found or has since died, the pension provider may make payments to someone else instead.

Davey Grover

The VAT Flat Rate scheme is open to VAT registered businesses that expect their taxable turnover in the next 12 months t...
21/02/2024

The VAT Flat Rate scheme is open to VAT registered businesses that expect their taxable turnover in the next 12 months to be no more than £150,000, excluding VAT. The annual taxable turnover limit is the total of everything that a business sells during the year that is not VAT exempt.

Davey Grover

The furnished holiday let (FHL) rules allow holiday lettings of properties that meet certain conditions to be treated as...
20/02/2024

The furnished holiday let (FHL) rules allow holiday lettings of properties that meet certain conditions to be treated as a trade for tax purposes.

Davey Grover

The government published the Autumn Finance Bill 2023 on 29 November 2023. The Bill is officially known as Finance Bill ...
19/02/2024

The government published the Autumn Finance Bill 2023 on 29 November 2023. The Bill is officially known as Finance Bill 2023-24. The Bill contains the legislation for many of the tax measures announced in the recent Autumn Statement. -25 -24

Davey Grover

A reminder for our readers that the National Living Wage (NLW) and the National Minimum Wage (NMW) rates will increase w...
19/02/2024

A reminder for our readers that the National Living Wage (NLW) and the National Minimum Wage (NMW) rates will increase with effect from 1 April 2024.

Davey Grover

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St Neots
PE198EP

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Tuesday 9am - 5pm
Wednesday 9am - 5pm
Thursday 9am - 5pm
Friday 9am - 5pm

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01480 473344

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