At Hudson & McCullum we...drive your business forward

At Hudson & McCullum we...help you cope with all compliance

At Hudson & McCullum we...help our clients save money

At Hudson & McCullum we...help you grow

At Hudson & McCullum we...drive your business forward

At Hudson & McCullum we...steer you in the right direction

February questions and answers

What Our Clients Say

I used to think that all accountants were sleazy, blood sucking leeches. After 6 months’ worth of interaction with Irfan, I no longer believe this to be the case. It is a pleasure to have someone who genuinely has your own interest at heart. Irfan is honest, hardworking and punctual. all that you can ask for in an accountant. dare I say it…. even a friend!

"Rami Tanios (Director) " - Heritage Homes Limited

I found Irfan online after having a very negative experience with my first accountant and a distant and confusing one with the second. Irfan is easy to communicate with, quick to respond, professional and knowledgeable. He has taken the time and care to help me understand what I need to do and how best to do it in relation to my limited companies, VAT and self-assessment. I would highly recommend Irfan’s services.

"Rachel Cooke (BA MA Dip MNCP MNCH) " - Whitesobrite Limited

Irfan has handled my business for two years now. As someone who has difficulty remembering his own birthday, I needed someone who would make sure that all of my accounts were settled in time with HMRC and Companies House deadlines. Irfan has been relentless in ensuring I wasn’t late for important submission dates and for handling our payroll like clockwork. He has been an amazing resource and I would recommend anyone to hire him – especially if you’re just starting out and need someone reliable you can trust.

" Marc Quinn (Director) " - Powerlights Incorporated Limited

As someone who had newly formed his own start up, the most important thing for me was to find someone that could show me the ropes from an accounting standpoint, and low and behold Irfan was that guy. Irfan has been my accountant over the past 3 years and as a Client I could not be happier. Even though I tend to bombard him with questions and queries about letters/information I received from HMRC and companies house, he NEVER failed to get back to me and answer them in a timely manner. When it comes to finding solutions to accounting issues or coming up with the best personalized strategy to overcome paying more tax than I needed to, he delivered the goods. Dependable, reliable, patient and flexible are just some of the words I would use describe him. Thank you Irfan for all you have done…

"lan Michaels " - Locum Pod Limited (Podiatric Medicine)

Over the time we have worked with Irfan he has become a real asset to our company. With his help and guidance, he has looked after the company’s finances and advised us about how we can improve the company in specific areas and cut back in others. It has allowed us to understand our company in more detail and to get on with what we need to do to grow as a company, without worrying about all the financial issues which entail with running a business. His advice, understanding and professionalism is fantastic. Long may our working relationship continue.

James Hillman (Director & Fashion Designer) - James Hillman Limited

Since our company has starting working with Irfan, he has been a great asset for us. His services has been impeccable and his very approachable, proactive and efficient. He supports us with our bookkeeping, VAT, PAYE and corporate taxes. Hudson & McCullum has saved us lots of money on our taxes.

Karen Enoe (Director) - A.I.M.S Support Services Limited

Irfan is professional that goes beyond his mission and tasks. He honestly has tried first to understand me and my business. He has been flexible and devoted time with a high generosity. He has been able to adapt to my schedule and needs during the full year. Always open to serve and render his great expertise and knowledge. He is an expert accountant and is, at the same time, a great individual. I feel in the best hands. Always proactive and ready to support and teach. I a learning new accountancy concepts thanks to his patience. I am very thankful to have Irfan as a trusted partner in the U.K.

" Carolina Caparrós Alvarez (Director) " - Talento Direct Limited

Newsletter issue - February 2018.

Q. I own several properties jointly with my son. Most of them are rented out, but my son has lived in one of them for five years. My son is now considering buying a house on his own and this will become his main residence. Will he have to pay the higher stamp duty land tax charge on the purchase?

A. Broadly, if the value of your son's share of the rental property is more than £40,000, he will be liable to the higher rate of SDLT when he purchases a new property.

Further information can be found in the HMRC guidance on the higher rates of SDLT applicable to the purchase of additional residential properties, which was published in November 2016; and on the GOV.uk website at https://www.gov.uk/guidance/stamp-duty-land-tax-buying-an-additional-residential-property.

Q. I am the sole director and 100% shareholder of a company. Can the company claim capital allowances for the cost of setting up a website?

A. Expenditure on setting up a website is generally treated as expenditure on computer software. According to HMRC guidance (Business Income Manual: BIM35815), 'the cost of a web site is analogous to that of a shop window. The cost of constructing the window is capital; the cost of changing the display from time to time is revenue'.

Computer software acquired with hardware (e.g. an operating system) and accounted for as part of the cost of the hardware will qualify as plant in the main capital allowances pool.

Other computer software qualifies for capital allowances under CAA 2001, s 71. However, from 1 April 2002, new expenditure on software will initially qualify for relief as an intangible asset (under CTA 2009, Part 8) provided it is incurred by a company. If the company wishes to exempt such expenditure from CTA 2009, it must make an irrevocable election within two years of the end of the accounting period in which the expenditure was incurred. This means that companies can effectively choose between capital allowances (under CAA 2001, s 71) and amortisation (under CTA 2009 Part 8). Where amortisation is charged in the accounts, the advisability of making an election will depend on the period in which the policy is used (i.e. the period over which the expenditure is written-off).

Q. What should we pay employees who are on jury service?

A. There is no statutory entitlement for an employee to be paid by his employer during jury service. However, if the contract of employment has a clause covering such a situation, the employer must follow the terms of the contract.

Whilst on jury service, the employee is entitled to claim allowances from the court to cover travel and subsistence costs. In addition, a financial loss allowance may be claimed in respect of any loss of net earnings suffered as a result of attending the court.

The maximum financial loss allowance depends upon the number of hours served. These amounts are reviewed annually and are currently as follows: