Tax

Employed or Self-Employed?
Whether you are employed or self-employed makes a substantial difference to how you are taxed and the income tax liabilities of an employed person can be very different from those of a self-employed person with similar levels of gross income. The National...
Entrepreneur's Relief - the Basics
From 6 April 2008 disposals of qualifying businesses and business assets have been eligible for Entrepreneurs’ Relief. In simple terms, it allows business owners to reduce their Capital Gains Tax liability to the equivalent of 10 per cent of the...
Guide to IHT and Small Business
Inheritance Tax (IHT) is payable on a deceased person’s estate (exclusing their principal private residence for whaih an extra allowance is available) at 40 per cent above £325,000 (2019/20) – the current nil rate band. However,...
How to Reclaim Foreign VAT
It is commonly thought that within the EU, recovering VAT on expenditure made whilst abroad is merely a matter of calculating the VAT at the applicable rate and claiming it via your VAT return. However, the right to recover VAT on a VAT return is limited to...
Making Training Costs Tax Deductible
Most business owners and managers think that training costs aimed at improving skills or business profits automatically qualify for tax relief, but that is not necessarily the case. The complexities of the UK tax system mean that the availability of tax...
Making Waivers of Dividends Work
When a company is set up, it is common to divide the shares in it in approximately equal proportions amongst the subscribers. Whether or not this proves to be the most effective way to split them in the long run depends on a variety of factors, of which the...
Tax Avoidance Disclosure Rules
UK tax law is almost unique in that it contains regulations which require professionals to advise HM Revenue and Customs (HMRC) of information regarding tax avoidance schemes (TAS). Failure to comply can lead to a penalty of up to £5,000 plus other...
Tax Free Perks
The Government has continuously sought to limit the tax free perks that businesses can provide for their employees. However, there are some remaining. Here is an update on some of those still available. Childcare Childcare provision and childcare...
VAT and Electronic Goods - Take Care
In order to combat ‘missing trader’ fraud, which is estimated to have cost the Exchequer hundreds of millions of pounds, HM Revenue and Customs (HMRC) have introduced measures which can, in some circumstances, make a supplier (or customer)...
VAT on Business Assets With Private Use
It is very commom for a smaller business to have assets which have been acquired which are used for both business and private use. Traditionally, this could be dealt with either by claiming only the percentage of the input VAT which corresponded to the...
VAT on Electronic Services
If you supply electronic products (telecommunications, broadcasting and e-services) to non-business customers through online sale you need to will comply with the VAT 'place of supply' rules that came into force on 1 January 2015. The rules...

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Latest News

	Appeal Against VAT Penalties Partly Successful
	Telecoms Provider Loses Discount Offer VAT Appeal
	Supreme Court Considers Employment Status of Part-time Referees
	Intangible Assets Deduction Not Available to LLP Members
	UT Upholds Rejection of Late IR35 Appeal

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