A Guide to Good Bookkeeping

Small business owners are often required to wear many hats, overseeing a range of tasks from project management to customer service and everything in between. The multitude of responsibilities for those at the helm of SMEs can be time-consuming and often overwhelming.

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Is it the end of the line for PILONs?

Did you know that soon, PILONs could be a thing of the past? No, not Pylons as for now we’ll still need those for carrying our electricity. What we mean here are PILONs, aka Payments in Lieu of Notice or, the amount of money some employees are given in exchange for not working their notice period.

History of the PILON

Our very own tax expert, Matthew Harrison has written an article for Green Umbrella in which he explains, “Historically, where an employee didn’t work their contractual notice period they received a ‘Payment in Lieu of Notice’ or PILON as they became known. Over time, a whole series of case law developed around whether this should be taxable or not. The question that arose was ‘Is the PILON a contractual right or not?’ If so, then it would be subject to tax and national insurance under the normal earnings legislation.”

However, if not a contractual right then it could be classed as damages instead which would have tax, national insurance and structure of contract implications.

The Whole Story

Rather than us re-write the well written expertise of our colleague Matt, we’re going to direct you straight to his article to find out the rest.

Read all about how this could be the end of the line for tax free PILONs.

Cottons June News

It’s been a busy month here at Cottons, We’re moving forward with our app, Making Tax Digital initiatives, local partnerships & events and staff development. What’s more, we are adding new members to our team as our firm continues to grow.

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Changes to Residential Property Tax

Our property tax experts have put together this definitive list of all recent changes to property taxes and given advice on how to manage them.

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Cottons Partner Discusses Property Tax at Industry Event

On Tuesday 5th June, Will Smart, a Partner from our Northampton branch, attended the first Leamington Landlord and Investor event put on by Newman Property Experts.
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Our London branch celebrates its first year!

Our accountants have been in London for one year now, here’s the story of the latest office in the Cottons Chartered Accountants network.

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Emma Reid Makes Partner

It is with great pride that today we can reveal that Emma Reid, former senior accountant at our Rugby branch, has accepted a promotion to become a Partner at our firm.

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Why We’re All Moving to The Cloud

In Britain, where we are often subjected to four seasons in one day, we could all be forgiven for wanting to see the back of clouds for good. However, there’s a new cloud on the scene and it’s one that business owners need to embrace…

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Cottons. There’s an app for that!

The Cottons App is available for all mobile devices

We have launched a powerful new app to save you time and money. Here’s everything you need to know.

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Annual Tax on an Enveloped Dwelling

The Annual Tax on Enveloped Dwellings, ATED for short is one of the newest taxes having been introduced in 2013 and applies where companies hold residential property within a limited company or limited partnership.

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