The taxable turnover threshold that determines whether businesses should be registered for VAT is currently £85,000. Businesses with turnover below this level can also apply for a voluntary VAT registration.
Businesses charge VAT on their sales.
There are a number of responsibilities that fall on a landlord that is renting out a property.
These include the requirements to:
keep rented properties safe and free from health hazards;
make sure all gas equipment and electrical equipment is
Where an employee with a company car is provided with fuel for their own private use by their employers, the default position is that the employee is required to pay the car fuel benefit charge. The charge is determined by reference to the CO2 rating
New legislation aimed at cracking down on rip-offs, protecting consumer cash online and boosting competition in digital markets has been published.
The new far-reaching Bill will have the following headline benefits:
New powers aimed at boosting
Some businesses could see their bills slashed by as much as 20% off predicted wholesale prices, thanks to further government support launched on 26 April 2023 for sectors using high amounts of energy.
Applications have now opened for energy and
Stamp Duty Land Tax (SDLT) is payable whether you buy a freehold property, a new or existing leasehold property or a shared ownership property. SDLT has been replaced in Scotland by the Land and Buildings Transaction Tax and in Wales by the Land
HMRC has not accepted personal credit card payments since January 2018 when credit card surcharges on personal credit cards were banned.
However, HMRC continues to accept payments by corporate credit card or corporate debit cards. The use of these
The Notification of Vehicle Arrivals (NOVA) is an online notification system for vehicles entering the country for permanent use on UK roads.
You can use the service if you are:
a VAT-registered business that does not use the secure registration
When an employer incurs costs for the provision of mobile phones to employees it is important to understand the correct tax treatment of these expenses. This includes costs for phones provided to employees and reimbursement of employee’s own phone
The settlements legislation is contained in s.624 ITTOIA 2005. The legislation seeks to ensure that where a settlor has retained an interest in property in a settlement that the income arising is treated as the settlor’s income for all tax purposes.
The Scottish rate of Income Tax (SRIT) is payable on the non-savings and non-dividend income of those defined as Scottish taxpayers.
The definition of a Scottish taxpayer depends on whether the taxpayer has a ‘close connection’ with Scotland or
Is there mileage in the old adage that it is unwise to keep all your eggs in one basket?
Most businesses build an expanding customer list; each customer a separate income stream for their business.
Compare this with being employed; one employer,
The new pension tax reforms that were announced in the recent Spring Budget took effect from 6 April 2023. The old £40,000 cap on annual pension contributions has been increased by 50% to £60,000, with effect from 6 April 2023. Tax relief for
One of the issues you will need to consider if you are starting a new business is the business structure. There are three commonly used forms to choose from, each with advantages and disadvantages.
A sole trader – this is the simplest way of
The Personal Savings Allowance (PSA) was launched in April 2016. For basic-rate taxpayers the first £1,000 of interest on savings income is tax-free. For higher-rate taxpayers the tax-free personal savings allowance is £500. Anyone earning over
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