Insights

The no gain/no loss rules opens up several tax planning opportunities for spouses and civil partners.

Time to Pay arrangement can be set up by both, individuals and businesses.

Usually, a deduction isn't allowed for a debt owed to a business in computing the taxable profit but an exception is made for bad debt.

The flat rate scheme is only available to VAT-registered businesses which expect their annual VAT taxable turnover to be £150,000 or less.

Importantly the relief applies automatically if the conditions are met, although an election can be made to disapply.

How tax is calculated and if it is the employee or also the employer who is liable for NI, depends on the name that bill is made to and who pays the bill.

Post-cessation income and expenses include insurance payments, debt repayments and defective work related costs.

The key rule of deductible business expenses is that they must be incurred wholly and exclusively for the purpose of that business.

Did you know that you can claim tax relief for your business pre-trading costs such as premises, recruitment, website, IT, and marketing?

The idea behind approved rates is to cover all costs when using a personal car for business in an effective manner.

Both of these taxes are separate from VAT.

By doing so, you relieve yourself from filling a company tax return or paying a corporation tax. 

This tax was introduced to reduce the amount of plastic packing that doesn't contain at least 30% of recycled plastic.

For the expenses incurred in setting the business up, relief is available under the pre-trading expenses rules.

The repayment supplement scheme will be removed from VAT periods beginning on or after 1 January 2023 and replaced by an interest payment scheme.

Capital gains tax annual exempt amount enables individuals to use income and gain tax-free.

Your flat rate percentage depends on the nature of your business.

Find out several ways to make this transfer tax efficient.

There are three CIS deduction levels that contractors must make when they pay their subcontractors.

Tax policies can be used to influence and encourage positive behaviour in society.

A company's shareholders need to follow specific rules when withdrawing dividends.

Directors loan is an easy source of finance that can also be tax-efficient if timed correctly.

Whilst gifts are usually given without receiving a payment, that doesn’t exempt gifts from triggering capital gains tax liabilities.

The lines between tax evasion, avoidance and tax planning can be very thin. Learn the differences and the measures HMRC take to prevent tax fraud.

The annual allowance limits the amount that an individual can make in tax-relieved pension contributions across all their pension schemes.

You must register your business for VAT if your company's VAT taxable turnover exceeds the registration threshold. This is currently £85,000.

A full enquiry is both costly and time-consuming, for both sides, therefore should a business find itself the subject of one then it will be for a good reason – at least in the HMRC’s eyes.

To help loss-making businesses, legislation is to be introduced to increase temporarily the period for which a business can carry back a loss from one year to three years.

The temporary 5% rate of VAT will apply until 30 September 2021. From 1 October 2021, a new reduced rate of VAT of 12.5% will apply until 31 March 2022.

The Chancellor announced in his 2021 Budget that a number of allowances and thresholds will remain at their 2021/22 levels until 6 April 2026.