Author: Philip

Trading & Miscellaneous Income

Most businesses start small with a few occasional sales. Only once the trader is convinced that they can deliver the product or service effectively do they launch their business properly. The issue is deciding when trading officially began for tax

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Winding up the company

Closing your business will normally involve winding-up your company and taking out any residual value as a capital payment subject to capital gains tax (CGT) at 10% or 20%. HMRC will accept this as long as you are not involved

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Construction Industry VAT Reverse Charge Delayed

Most VAT registered builders who are also registered for the construction industry scheme (CIS) will be aware that a fundamental change in the way they calculated and administered VAT was planned from 1 October 2019 under the new reverse charge

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Avoid VAT Registration

As a small business selling to individual consumers you will be acutely aware of the VATregistration threshold which has been frozen at £85,000 until at least 31 March 2022. But what happens if you temporarily exceed that threshold? If you

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Off Payroll Working (IR35)

HMRC refer to the IR35 rules as ‘off-payroll working’ to imply that every freelance worker should be paid through the payroll, which is certainly not the case. For public sector contracts it is the engager who decides whether the IR35

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Planning to sell a home

If you are planning to dispose of your former home act quickly or you could lose some of the capital gains tax (CGT) relief available. A former home which has been let out can qualify for up to £40,000 of

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How to avoid a VAT penalty

When a business submits its VAT returns or VAT payments late, whether via MTD sofware or the old HMRC website, the business will enter the VAT penalty surcharge system. Small businesses with turnover of less than £150,000 get one free

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Trivial Benefits

Home › Trivial Benefits Trivial Benefits Employees react well to lit tle rewards from their employer, especially if the treat is unexpected and seen as a genuine “thank you”. These occasional trivial benefits can be provided tax free if all four of

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Selling a let property

Many landlords are deciding to sell their residential properties. From 6th April 2020, none of the interest and finance charges relating to those properties can be deducted from the rental income. Instead, the landlord receives a tax credit equal to

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Marriage Allowance

The UK tax system is based on the independent taxation of each individual so it is difficult to reward couples for being married, but the marriage allowance attempts to do that. It is a transfer of 10% of the personal

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