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17-08-2017
When must you register for VAT?

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 the taxable supplies made in the past 12 months ... read more


17-08-2017
BPP holdings Supreme Court decision

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 BPP. BPP had a corporate restructure in 2006 and ... read more


17-08-2017
What are overlap profits?

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. Overlap profits can be created in the first 3 ... read more


17-08-2017
Dormant company obligations

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 association is dormant and is not required to pay ... read more


17-08-2017
100% write down for qualifying capital expenditure

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 allowance and will more than cover the annual ... read more


17-08-2017
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. Choosing a company name can be one of the most ... read more


10-08-2017
What qualifies for 10% Entrepreneurs’ Relief?

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 can significantly reduce the amount of CGT due. ... read more


10-08-2017
How to roll-over capital gains

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 postponed. The amount of the gain is effectively ... read more


10-08-2017
Holiday lets occupancy rules

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 met: The property must be let on a commercial basis ... read more


10-08-2017
Claiming back VAT on fuel

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 measure that allows businesses to use a standardised ... read more