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VAT when business transferred as a going concern

  • Posted On: 03 January 2018
VAT when business transferred as a going concern The transfer of a business as a going concern (TOGC) rules concern the possible VAT liability resulting from the sale of a business. Normally the sale of the assets of a VAT registered or VAT registerable business will be subject to VAT at the

Pre-owned assets income tax charge

  • Posted On: 03 January 2018
Pre-owned assets income tax charge The pre-owned assets (POA) income tax charge was introduced in the Finance Act 2004 and the first year in which a POA charge could arise was back in 2005-6. The POA charge is effectively a tax on individuals who have given certain types of assets

Tax Diary January/February 2018

  • Posted On: 02 January 2018
Tax Diary January/February 2018 1 January 2018 - Due date for Corporation Tax due for the year ended 31 March 2017. 19 January 2018 - PAYE and NIC deductions due for month ended 5 January 2018. (If you pay your tax electronically the due date is 22 January 2018) 19 January 2018 -

Benefits of letting furnished holiday property

  • Posted On: 20 December 2017
Benefits of letting furnished holiday property The furnished holiday let (FHL) rules allow holiday lettings of properties that meet certain conditions to be treated as a trade for some specific tax purposes. The FHL rules currently apply to individuals, partnerships, trustees and companies who

What are VAT special schemes?

  • Posted On: 20 December 2017
What are VAT special schemes? There are three main VAT schemes available to small businesses: The flat rate scheme The annual accounting scheme The cash accounting scheme The Flat Rate Scheme The purpose of this VAT scheme is to simplify the way a business accounts for VAT

Longer or shorter company accounting periods

  • Posted On: 20 December 2017
Longer or shorter company accounting periods Companies often have to contend with having two different company accounting periods. This is because there are different rules for Companies House filings and submissions to HMRC, for corporation tax purposes. The accounting periods can be the

Simplified cash basis for unincorporated landlords

  • Posted On: 20 December 2017
Simplified cash basis for unincorporated landlords The cash basis scheme helps sole traders and other unincorporated businesses benefit from a simpler way of managing their financial affairs. The scheme was extended to landlords from April this year with many expected to benefit from the savings in

Salary sacrifice changes from April 2018

  • Posted On: 20 December 2017
Salary sacrifice changes from April 2018 The tax and NIC advantages of certain benefits provided as part of a salary sacrifice arrangement were removed from 6 April 2017. The new rules effectively remove the Income Tax and employer NIC advantages of certain benefits provided as part of

Are you paying tax at 60%?

  • Posted On: 20 December 2017
Are you paying tax at 60%? For high earning taxpayers, their Income Tax personal allowance is gradually reduced by £1 for every £2 of adjusted net income over £100,000 irrespective of age. This creates an effective marginal rate of tax of around 60% for tax payers as the

VAT rules for retailers using online marketplaces

  • Posted On: 20 December 2017
Under new rules that came into force last year, HMRC has the power to force overseas retailers to appoint a UK-based VAT representative or to provide a financial guarantee. These rules currently apply to overseas retailers that supply goods already