Your plan is to start a business. So, you start preparing by buying tools, equipment and stock before the business actually starts. These are usually known as pre-start up expenses. You may have a hobby which you realise you can turn into a business. ... [Continue Reading]
Company cars – electric and hybrid
Company car tax charges are changing from April 2020. It’s definitely worth looking at the new rules and possibly delaying a vehicle change until April. Any car powered wholly by electricity will have a zero tax charge from April 2020. That’s a ... [Continue Reading]
Business property relief
Business property relief is an important and valuable Inheritance tax relief that can reduce the value of relevant business property when it is transferred either in life or death. It was introduced in 1976 in response to the growing number of ... [Continue Reading]
Flat Rate VAT
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]
Trivial Benefits Recap
This is just a quick video reminder of the Trivial Benefits rules. A Trivial Benefit is something an employer can give to an employee without it being taxable on the employee. It is important to get this right - but it can be a useful and ... [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]
Landlords and Tax – HMRC join the dots..
Landlords are seen as a lucrative source of underpaid tax because of the data now available to HMRC. HMRC’s “Connect” system has been in operation since 2017 checking data from various government and local authority databases. By cross referencing ... [Continue Reading]
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