Using the VAT Flat Rate scheme, businesses pay VAT as a fixed percentage of their VAT inclusive turnover. The actual percentage used depends on the type of business. The scheme has been designed to
VAT Flat Rate scheme
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Utilising CGT losses prior to death of taxpayer
Usually, if you sell an asset for less than you paid for it you would make a capital loss. As a general rule if the asset would have been liable to CGT had a gain taken place then the loss should be
Chancellor statements – 17 October 2022
The new Chancellor of the Exchequer, Jeremy Hunt, was only appointed on Friday 14 October 2022. However, following another turbulent weekend, the Chancellor made not one but two important statements
Prime Minister’s statement – 14 October 2022
The Prime Minister, Liz Truss delivered a hastily arranged press conference on Friday 14 October. At the press conference, the Prime Minister confirmed that she had sacked the Chancellor, Kwasi
NI Trader Support Service extended
The Trader Support Service was designed to help businesses moving goods under the Northern Ireland Protocol after the Brexit transition period came to an end. Under the Northern Ireland Protocol, all
Final warning to use MTD for VAT
The Making Tax Digital (MTD) for VAT regime started in April 2019 when businesses with a turnover above the VAT threshold of £85,000 became mandated to keep their records digitally and provide their
Residential Property Developer Tax
The Residential Property Developer Tax (RPDT) is a new tax on large residential property developers that came into effect on 1 April 2022. The new tax was first announced in February 2021 as part of a
Claiming Child Trust Fund cash
If you turned 18 on or after 1 September 2020 there may be cash waiting for you in a dormant Child Trust Fund (CTF). If your children recently turned 18 you should also check if they have claimed the
What Self-Assessment items can be stoodover by HMRC?
A stand over can be used to postpone certain Self-Assessment payments due to HMRC. There are two types of stand over payments, a formal stand over and an informal stand over.
A formal stand over is
Jeopardy amendments
A jeopardy amendment can be made to a taxpayer’s Self-Assessment return as part of an S9A general enquiry. A jeopardy amendment should only be made where an HMRC officer believes there is an imminent
Employing someone step by step
There are a multitude of rules and regulations that you must be aware of when you employ staff.
HMRC’s guidance (entitled Employ someone: step by step) sets out some important issues to be aware of
Statutory interest
Taxpayers that are owed VAT repayments by HMRC are entitled to claim statutory interest under certain circumstances. Where this is the case, a claim should be made in writing to HMRC. VATA s78 (11)
Small Business rate relief
Business rates are charged on most non-domestic premises, including most commercial properties such as shops, offices, pubs, warehouses and factories. Some properties are eligible for discounts from
Income Tax in Scotland
The Scottish rate of income tax (SRIT) is payable on the non-savings and non-dividend income of those defined as Scottish taxpayers.
The definition of a Scottish taxpayer is generally focused on the
How the VAT Reverse Charge works
The VAT domestic reverse charge accounting mechanism was put in place to help prevent criminal attacks on the UK VAT system by means of sophisticated fraud.
UK businesses receiving certain specified
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