In: Accountancy
The implications of late VAT registration
31st October 2023VAT registration is compulsory for any UK established persons who are in business and make or intend to make taxable supplies…
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Tax and influencers
31st October 2023Earlier this year, HMRC sent ‘nudge’ letters to social influencers who they suspect may not have declared the tax that they…
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Beware of diverting dividends to minor children to fund education
31st October 2023Owners of personal and family companies frequently pay themselves a small salary and extract further profits as dividends. To utilise the…
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Relief for post-cessation expenses
27th October 2023The end of a business will not necessarily mean that no further expenses are incurred. Where expenses are incurred after the…
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Telling HMRC that you have no corporation tax to pay
26th October 2023If you have a company that is dormant and you have filed your company tax return showing that no tax is…
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Key person insurance – When can you claim a deduction?
26th October 2023The profitability or earning capacity of a business may depend on one person or on a small number of people. Where…
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Extracting profits from a property company
26th October 2023Recent tax changes, in particular the interest restriction for unincorporated property businesses with residential lets, have resulted in more landlords operating…
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Check your business rates are not too high
26th October 2023Business rates, rather than council tax, are charged on most non-domestic properties, such as shops, offices, warehouses, pubs, factories, guest houses…
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Paper version of capital gains tax on UK property return
25th October 2023Where an individual realises a chargeable gain on the disposal of a UK residential property, they must report the gain to…
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Take advantage of the tax exemption for mobile phones
28th September 2023The tax legislation contains a number of exemptions which allow benefits in kind to be provided to employees without a tax…
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Are you using the correct tax-free mileage rates?
27th September 2023As an employer, you can pay your employees tax-free mileage payments where they use either their own car or a company…
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Self-serve Time to Pay for VAT
27th September 2023For some time, taxpayers within Self Assessment have been able to set up a Time to Pay arrangement online, allowing them…
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Claiming overlap relief
26th September 2023If you are self-employed, the way in which your profits are taxed is changing. As a result of this, you only…
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Should I file my tax return early?
26th September 2023If you need to file a Self Assessment tax return for 2022/23, you have until midnight on 31 January 2024 in…
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Reporting residential property gains
26th September 2023If you make a chargeable gain on the sale of a UK residential property, you will need to report the gain…
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Make the most of the property allowance
26th September 2023The property allowance is a useful allowance that allows you to earn property income of up to £1,000 tax-free each tax…
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Take advantage of permitted absences for main residence relief
26th September 2023Main residence relief is a valuable relief which prevents a tax charge arising where a gain is realised on the disposal…
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HMRC’s complaints process
11th September 2023Many taxpayers taxed under self assessment may not be aware that HMRC self assessment phone service was closed for three months,…
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Alphabet shares
11th September 2023Despite dividend tax rates being charged at 33.75% (higher rate taxpayers) or 39.35% (additional rate taxpayers), generally dividends remain the most…
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Cash basis or accruals basis?
9th August 2023There are two different ways in which accounts can be prepared – the cash basis and the accruals basis. The cash…
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10 deductible expenses
9th August 2023If you let out a property, you can deduct the business expenses that you incur when working out your taxable rental…
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Swapping your main residence for capital gains tax purposes
4th August 2023Private residence relief means that you do not have to pay capital gains tax on any gain that you make when…
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Do we need to register for VAT?
2nd August 2023If you make VATable supplies, you will need to register for VAT if your taxable turnover reaches the VAT registration threshold….
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How to appeal a tax penalty
2nd August 2023There are various reasons why HMRC may issue a tax penalty. You may receive a penalty if you file your tax…
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Avoid the traps when providing eye tests for employees
2nd August 2023Although the tax system contains an exemption for employer-provided eye tests and the glasses or contact lenses for display screen use,…
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Business Asset Disposal Relief – Have you exceeded the limit?
2nd August 2023HMRC have sent out nudge ‘One to Many’ letters to taxpayers who they believe may have claimed Business Asset Disposal Relief…
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Making tax-free mileage payments
2nd August 2023If you have employees who use either their own car or a company car for business mileage, you can pay mileage…
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VAT option to tax changes
1st August 2023The sale or rental of a property is normally exempt from VAT, the main exceptions being the sale of new residential…
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Tax implications where employers pay above HMRC’s approved mileage rates
1st August 2023According to the RAC, average fuel prices peaked a year ago at £1.91 per litre, since levelling off at the same…
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HMRC has closed its phone lines – How to make contact
1st August 2023With four days’ notice, a trial to redirect Self Assessment (SA) queries from HMRC’s phone helpline to its digital services started…
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