Your Questions Answered
VAT and the Domestic Reverse Charge
HMRC’s domestic reverse charge for construction services came into force on 1 March 2021. The CIS domestic reverse charge only applies to VAT-registered businesses within the construction industry. If your business is not in this industry or is not VAT registered, you...
Electric Company Cars
If you are thinking about purchasing a company car, it may be worth considering buying an electric/zero emissions car. Compared to a petrol/diesel car, you will get significant tax benefits if you get an electric car. An electric car will result in a lower personal...
Capital Gains & Losses
Capital Gains - If you are investing in any assets other than your own home and they grow in value, you will be making a Capital Gain. Any such asset sold or transferred and where subsequently any Capital Gains arise, you must report these to HM Revenue &...
Why should you use a Chartered Certified Accountant?
Only Chartered Certified Accountants can say that they: are monitored by their Professional Organisation must engage in ongoing structured training and learning must carry professional liability insurance ensure that they provide services at the highest level possible...
Selling your buy to let property?
If you are an investor in residential lettings or had let your previous home and now you want to sell your property, you should consider selling before 5th April 2020. Some of the changes that will happen in the new tax year are: Filing a return within 30 days of sale...
Buy to Let – Undeclared Income
“HMRC don’t know that I receive rental income” If you have and never told them, be aware that they are increasing their focus on you! You may ask “how they would know?” That’s easy as they have access to the Tenancy Deposit Protection Scheme. So, they will find out...
Budget 2022
Budget 2022 – What’s its purpose? The latest Budget is going to be painful and will be felt by all. It had to be aggressive to deal with the two biggest issues facing the UK - inflation and the collapse in confidence in the UK economy. We summarise below the main...
Budget 2021
Last week, the Chancellor unveiled his long awaited Budget to help the UK get back on its feet. There are wide ranging measures for everybody and we would like to take this opportunity to highlight those that may be of interest to you. We have prepared a downloadable...
Business Type: Limited Liability Partnership
Everything that we have said about Partnerships in the preceding post applies equally to Limited Liability Partnerships (LLPs). The LLP came into existence a few years ago following pressure from the legal and accountancy professions. The problem with standard...
Business Type: Limited Company
Limited companies have been around for several centuries and were typically used to fund new ventures such as overseas colonisation / exploitation. The rules governing companies were fairly loose compared to today's regulations and after several court cases in the...
Business Type: Partnership
Second only to sole traders / proprietors, partnerships have been around for centuries and in 1890, the Government passed the Partnership Act 1890. For our purposes, we need to look at Section 1 which defines a partnership as "the relation which subsists between...
Pension Provision
Providing for your future is important as people live longer and every day we see reduction in services for the aged and Government reducing the value of the State pension. You should consider contributing regularly to a personal pension scheme. If you are a basic...
Business Type: Sole Trader
This is the simplest and easiest form of business to set up. The terms sole trader / sole proprietor are the same and similarly being "self-employed". This business type can be used for any type of trade or vocation (service business). Officially, the only obligations...
End of Year Planning
Create a small checklist of things to consider before the end of your accounting period. The checklist should consider matters that are time relevant to you company accounting date and also applicable to the tax year ending 5th April.Matters Relevant to your Accounts...
Can’t pay your tax?
If you are unable to pay your tax, HM Revenue & Customs have now softened their approach and are more amenable if you are having genuine difficulties. There guidance can be found here:...
Higher Rate Taxpayer?
If you are paying tax at a higher rate, consider making additional pension payments, especially if you have self-employed earnings so that you are getting more money into your pension.
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