The taxable turnover threshold that determines whether businesses should be registered for VAT is currently £85,000. Businesses with turnover below this level can also apply for a voluntary VAT
Your tasks if a VAT-registered business
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Simplified tax system for savers
The government has announced a number of new measures to help millions of people boost their future savings. One of these measures is a simplification of the Help to Save scheme.
The Help to Save
More financial support for energy intensive sectors
Some businesses could see their bills slashed by as much as 20% off predicted wholesale prices, thanks to further government support launched on 26 April 2023 for sectors using high amounts of
Stamp Duty on shared ownership property
Stamp Duty Land Tax (SDLT) is payable whether you buy a freehold property, a new or existing leasehold property or a shared ownership property. SDLT has been replaced in Scotland by the Land and
Paying tax by credit or debit card
HMRC has not accepted personal credit card payments since January 2018 when credit card surcharges on personal credit cards were banned.
However, HMRC continues to accept payments by corporate credit
Mobile phones and tax
When an employer incurs costs for the provision of mobile phones to employees it is important to understand the correct tax treatment of these expenses. This includes costs for phones provided to
Retaining an interest in a gift
The settlements legislation is contained in s.624 ITTOIA 2005. The legislation seeks to ensure that where a settlor has retained an interest in property in a settlement that the income arising is
VAT on imported vehicles
The Notification of Vehicle Arrivals (NOVA) is an online notification system for vehicles entering the country for permanent use on UK roads.
You can use the service if you are:
a VAT-registered
When do you pay tax at Scottish Income Tax rates?
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 depends on whether the
Less could be more
Is there mileage in the old adage that it is unwise to keep all your eggs in one basket?
Most businesses build an expanding customer list; each customer a separate income stream for their
Rent-a-room relief
The rent-a-room scheme is a set of special rules designed to help homeowners who rent-a-room in their home. If you are using this scheme, you should ensure that rents received from lodgers during the
Scottish government announces new childcare initiatives
Scotland’s new First Minister Humza Yousaf has announced a new £15 million investment to help tackle child poverty. This investment will see thousands more low-income families benefit from free school
Take advantage of new pension tax reforms
The new pension tax reforms that were announced in the recent Spring Budget took effect from 6 April 2023. The old £40,000 cap on annual pension contributions has been increased by 50% to £60,000,
Starting a new business?
One of the issues you will need to consider if you are starting a new business is the business structure. There are three commonly used forms to choose from, each with advantages and
The Let Property Campaign
The Let Property Campaign provides landlords who have undeclared income from residential property lettings in the UK or abroad with an opportunity to regularise their affairs by disclosing any
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