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A business that has some income which is exempt from VAT, but also makes sales that are subject to VAT, is referred to as ‘partly exempt’. Input VAT on purchases can only be recovered if it relates to ‘VATable’ sales made by the business, i.e., ...
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After your death your relatives will have to pay inheritance tax (IHT) at 40%, if the net value of your assets exceeds £325,000. A discounted rate of 36% applies if you leave at least 10% of your net estate to charity. Where you leave the ...
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Pension scheme rules are complicated, and they are constantly changing. It is essential that you take advice from a qualified independent financial adviser before drawing funds from your pension scheme, or using those funds to invest in business assets. Before you sign any deals, check ...
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When you purchase a new property off-plan, you may put down a deposit to reserve the property before it is finished, or even started. The contract to purchase the property is normally not completed until the property is finished, and at that time the balance ...
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Making Tax Digital (MTD) is a project to transform the UK tax system so that accounting data flows into HMRC digitally and at least quarterly. The General Election created a temporary pause in MTD, but it is clear that the project will continue as HMRC ...
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The snap General Election curtailed the Parliamentary time available to pass new laws. As a result, a number of tax changes which were expected to come into effect on 1 April or 6 April 2017 did not become law, including: New Allowances Two new allowances ...
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VAT can often get very complicated when there are three parties involved in a transaction. To clarify who must account for what VAT, it is essential to identify who is the principal, who is the agent and who is the customer. Identifying the customer is ...
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When your state pension is larger than your personal allowance, you will have a small amount of tax to pay for the year. To collect this tax HMRC need to ask you to complete a tax return, and ‘self-assess’ the tax due. This appears to ...
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If you don’t pay all the VAT you owe on time, HMRC will eventually send you a surcharge calculated as a percentage of the unpaid VAT. This surcharge is not interest, and doesn’t relate to length of the delay for the payment, just the amount ...
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Individuals working on fixed-rate contracts are eager to reduce their costs, including tax deductions. They may be tempted to take part in tax schemes which promise to cut their tax bills. These are two tax schemes that are sold to contractors, which in reality save ...
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When you work as a contractor through your own personal company, you will be aware of the IR35 rules, which have been around since April 2000. If you contract for a public sector body (PSB) you should be aware that the application of the IR35 ...
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If you bought a house or flat after 1 April 2016, you may have paid a stamp duty land tax (SDLT) supplement of 3% on the entire value. This supplement is generally not due when you replace your main home, even if you end up ...
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