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When must you register for VAT?

  • Posted On: 17 August 2017
When must you register for VAT? The taxable turnover threshold, that determines whether businesses should be registered for VAT is currently £85,000. Businesses are required to register for VAT if they meet any of the following conditions: At the end of any month, the value of

BPP holdings Supreme Court decision

  • Posted On: 17 August 2017
BPP holdings Supreme Court decision The Supreme Court has dismissed HMRC’s appeal in a long running case between the BPP Group of companies (who provide professional and academic education) and HMRC. The case initially centred on the VAT liability of supplies of books and education by

What are overlap profits?

  • Posted On: 17 August 2017
What are overlap profits? The assessment of self-employed or partnership profits is relatively straight-forward if the accounting date, to which accounts are prepared, falls between 31 March and 5 April. However, year ends that fall outside these dates create overlap profits.

Dormant company obligations

  • Posted On: 17 August 2017
Dormant company obligations If a company has stopped trading and has no other income then HMRC should be informed that it’s dormant for Corporation Tax purposes. HMRC can also send a notification if they think a company is dormant. This notice will state that a company or

100% write down for qualifying capital expenditure

  • Posted On: 17 August 2017
100% write down for qualifying capital expenditure The Annual Investment Allowance (AIA) limit has changed significantly over the last number of years. However, the limit has been fixed at £200,000 for all qualifying expenditure on or after 1 January 2016. The current £200,000 limit is a generous

Choosing a company name

  • Posted On: 17 August 2017
Companies House guidance sets out the main requirements for incorporating a company in the UK. The guidance entitled Incorporation and Names also provides advice on checking which names are acceptable to Companies House when naming a company.

What qualifies for 10% Entrepreneurs’ Relief?

  • Posted On: 10 August 2017
What qualifies for 10% Entrepreneurs’ Relief? Entrepreneurs' Relief applies to the sale of a business, shares in a trading company or an individual’s interest in a trading partnership. Where Entrepreneurs' Relief is available CGT of 10% is payable rather than the normal main rate of 20%. This

How to roll-over capital gains

  • Posted On: 10 August 2017
How to roll-over capital gains Business Asset Rollover Relief allows for the deferral of Capital Gains Tax (CGT) on gains when you sell or dispose of certain assets and use all or part of the proceeds to buy new assets. The relief means that the tax on the gain of the old asset is

Holiday lets occupancy rules

  • Posted On: 10 August 2017
Holiday lets occupancy rules The furnished holiday let (FHL) rules allow holiday lettings of properties that meet certain conditions to be treated as a trade for tax purposes. In order to qualify as a furnished holiday letting, the following occupancy criteria need to be

Claiming back VAT on fuel

  • Posted On: 10 August 2017
Claiming back VAT on fuel HMRC offers a number of alternative methods for claiming back VAT on car fuel where there may be a mix of business and private mileage. They fall into a number of broad categories: Standard scale charge - HMRC operates a useful simplification