When deciding whether an expense is allowed or disallowed it is important to consider that the expenditure must be incurred wholly and exclusively for the purposes of your trade or employment.
Under
Apportionment and duality
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Who can use the VAT retail schemes?
VAT retail schemes are a special set of schemes used by retail businesses to account for VAT. The schemes are used by businesses that sell a significant amount of low value and/or small quantity
Temporary trade credit insurance scheme to end
Trade credit insurance is a contract bought by suppliers to make sure they get paid even if their customers default and cannot pay the bills. This gives businesses the confidence to trade with one
The 7-year rule
Most gifts made during a person’s lifetime are not subject to Inheritance Tax at the time of the gift. These lifetime transfers are known as ‘potentially exempt transfers’ or ‘PETs’. These gifts or
Tax when you sell an asset
There are special rules that must be followed when you sell an asset on which capital allowances have been claimed. Capital allowances is the term used to describe the tax relief businesses can claim
What is distance selling for VAT purposes?
Distance selling is the term used to describe supplies of delivered goods from one EU Member State to a customer in another member state who is not registered for VAT.
The recipients of most
Cash basis for landlords
The cash basis scheme helps sole traders and other unincorporated businesses benefit from a simpler way of managing their financial affairs. Landlords can use the cash basis when recording income and
Pre-trading expenditure
There are special tax reliefs for pre-trading expenses that are incurred before a business starts trading. These could include expenses that are required to help a business prepare for trading such as
Tax Diary June/July 2021
1 June 2021 – Due date for Corporation Tax due for the year ended 31 August 2020.
19 June 2021 – PAYE and NIC deductions due for month ended 5 June 2021. (If you pay your tax electronically the due
How to claim tax relief on employment expenses
If you are an employee that needs to buy substantial equipment to use as part of your employment you may be able to claim tax relief. In most cases you can claim tax relief on the full cost of this
One month left to join VAT Deferral Payment Scheme
Businesses that deferred VAT payments last year have until 21 June 2021 to join the new online payment scheme. This would allow them to spread the cost of repayment over a number of months. The VAT
Check if you can claim working from home expenses
If you are an employee who is working from home, you may be able to claim tax relief for some of the bills you pay that are related to your work.
Note that if an employee is working at home
Employment Status Tool
HMRC’s employment status service can be used to help ascertain if a worker should be classified as employed or self-employed for tax purposes in both the private and public sector. The service has
Tax on sale of cryptoassets
Most individuals hold cryptoassets (such as Bitcoin) as a personal investment, usually for capital appreciation in its value or to make purchases.
HMRC is clear that these holdings will usually be
Tariff suspension on certain imports
The UK government has announced plans to introduce a new tariff suspension scheme. This new scheme will help UK firms become globally competitive.
This will be done by allowing companies to request
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