Which is best – Standard VAT or Flat Rate VAT (FRS)? Simple, but not very helpful, answer is, “It depends” How do the two schemes work? With standard VAT, you charge VAT on your sales and pay this over to HMRC. Before paying the money to ... [Continue Reading]
Is there confusion over Trivial Benefits exemption?
If HMRC aren’t clear about the Trivial Benefits rules, who is? A host at an HMRC webinar was explaining the tax position for low cost perks. She proceeded to say that snacks regularly provided by an employer aren’t exempt. She was in fact ... [Continue Reading]
Growing your business
If you want to grow your business our advice is to occasionally stop working in it, step back and take a critical look. We will produce an occasional series of articles with suggestions for business growth for you to consider and decide whether they ... [Continue Reading]
Do you own a rental property? Have you missed out on Tax Loss Reliefs?
The law says that rental property losses can be carried forward and automatically used to reduce later profits. However, HMRC is likely to ask you for evidence of the loss you are claiming. Do you own a property that you have let out for several ... [Continue Reading]
VAT on business cars
In most circumstances, VAT cannot be reclaimed on the purchase of a car (commercial vehicles are different). There are a few exceptions to the block, for example special purpose cars such as purpose-built taxis and driving school vehicles. This ... [Continue Reading]
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