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What is the wholly and exclusively rule?

  • Posted On: 23 August 2017
What is the wholly and exclusively rule? When deciding if an expense is deductible or not for tax purposes it is important to consider if the expenditure was incurred wholly and exclusively for the purposes of your trade or employment. This is a difficult starting point as there is often a

VAT partial exemption

  • Posted On: 23 August 2017
VAT partial exemption A business that incurs expenditure on taxable and exempt business activities is termed as partially exempt for VAT purposes. In essence, the business has to make an apportionment between the exempt and chargeable activities using a 'partial exemption

Record £2 million in back pay identified on lastest list of national minimum wage offenders

  • Posted On: 21 August 2017
Record £2 million in back pay identified on lastest list of national minimum wage offenders Around 230 employers have been named and shamed for underpaying their workers the national minimum wage (NMW) or national living wage (NLW). This is the 12th “naming and shaming” list to have been published and it covers more than 13,000 UK workers

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
Choosing a company name 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