Post cessation receipts and payments
There are special rules for the taxation of post-cessation receipts and expenses after a trade has ceased. These provisions also apply to professions and vocations as they apply to trades. Tax relief may be available for post-cessation expenses of a trade, although expenses still have to satisfy the wholly and exclusively test and be revenue […]
Construction services and reverse charge
New VAT rules for building contractors and sub-contractors came into effect on 1 March 2021. The new rules make the supply of most construction services between construction or building businesses subject to the domestic reverse charge. The reverse charge only applies to supplies of specified construction services to other businesses in the construction sector. HMRC’s […]
Add Value to Your Home This Year
With more time spent inside than ever before, over the past 18 months, it may come as no surprise that home upgrades and improvements are now top of many homeowners’ agenda. One of the reasons why people take out equity from their house is for home improvements. From adding new kitchens to converting unused loft space, there are many upgrades that can be made to make the most of the place we call home. These changes may be invaluable to our day to day lives, but it’s no secret they can also increase the monetary value of a property too – but which upgrades add the most value? A new report by Royal London reveals which upgrades will increase your home’s value the most in 2021 (along with the real reason we renovate), according to UK homeowners. […]
Things to Watch Out for When Buying a New Home
The torrential rain in some parts of the UK recently acts as a reminder that flooding is a reality for many and just one of the surprise factors Brits need to look out for when purchasing a new home. New research from Quotezone.co.uk, a leading insurance comparison website, showed a list of possible risks to your home and the associated spike in insurance premiums, with flooding highlighted as one of the most prominent red flags. In fact, a history of flooding increases home insurance premiums by 128 per […]
Fraudulent companies shut down after abusing £230k Covid-19 loans
Two companies who fraudulently secured £230,000 worth of Covid-19 support loans have been wound up in the courts LV Distributions Ltd and SIO Traders Ltd were wound up in the High Court in front of Judge Burton, in separate hearings on 27 July 2021 following inquiries conducted by the Insolvency Service, which proved neither company […]
Getting ready for Customs Declaration Service
The Customs Declaration Service (CDS) has been designed to modernise the process for completing customs declarations for businesses that import or export goods from the UK. A phased launch of the service started in August 2018 and more than one million declarations have been made since then. The CDS system is currently used for Northern […]
130% tax relief for companies
Are you thinking of investing in new plant or other equipment? Remember that the super-deduction offering 130% first-year tax relief is available to companies until March 2023. The super-deduction tax break was introduced on 1 April 2021 and allows companies to deduct 130% of the cost of any qualifying investment on most new plant and equipment […]
Expenses you can and cannot claim against property rents
If you are a landlord, it is important that you are aware of expenses you can and cannot claim from your rental income. As a rule, these expenses must be wholly and exclusively for the purposes of renting out the property in question. In some circumstances part expenses can be claimed where a proportion of expenses […]
Finding your National Insurance number
If you have lost or forgotten your National Insurance number you should try and locate the number on paperwork such as your tax return, payslip or P60. You can also login to your personal tax account to view, download, print, save or share a letter with your National Insurance number. If you do not already […]
Who can use VAT annual accounting scheme
The VAT annual accounting scheme is open to most businesses with a turnover of up to £1,350,000 per year. The main benefits of the scheme include the requirement to file only one VAT return per year. This can significantly reduce the amount of administration time and the associated cost of preparing and submitting quarterly VAT […]
