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Reclaiming pre-trading VAT
There are special rules that determine the recoverability of VAT incurred before a business registered for VAT. This type of VAT is known as pre-registration input VAT. There are different rules for
Post cessation transactions
Tax relief may be available for post-cessation expenses of a trade. To be an allowable post-cessation expense the trade must have ceased and the expense must have been deductible in calculating the
Tax relief for training costs
If you are self-employed it is important to know if an expense is tax allowable. Any allowable costs can be used to reduce your taxable profit.
As a general rule you can claim for items that you
Tax and employee share schemes
There are a number of government approved share schemes which offer various incentives to employees. The rules of the schemes vary but they are all designed to help incentivise employees by giving
Connected persons for tax purposes
The definition of a connected person for tax purposes varies.
A statutory definition of “connected persons” for Capital Gains Tax purposes is set out in Section 286 of the Taxation of
Is your income over £100,000?
If you earn over £100,000 in any tax year your personal allowance is gradually reduced by £1 for every £2 of adjusted net income over £100,000 irrespective of age. This means that any taxable receipt
Child Benefit for 16 – 19 year olds
More than a million parents will receive reminders to extend Child Benefit for their teenagers if they are continuing their education or training after their GCSEs.
HM Revenue and Customs (HMRC) is
Are we unpaid tax collectors?
Business owners often refer to VAT as if it were a cost to their business regardless of their VAT position; whether they are registered for VAT or not.
If you are not registered for VAT, you do not
Types of HMRC enquiries
HMRC can enquire into any statutory return (or amendment of that return) or statutory claim to check if the return / claim has been prepared correctly or if further information is required.
HMRC’s
Correcting errors in VAT returns
Where an error on a past VAT return is uncovered businesses have a duty to correct the error as soon as possible. As a general rule, any necessary adjustment can be made on a current VAT return. To do
