VAT inclusive and exclusive prices
When identifying the amount of VAT charged, it is important to distinguish between VAT inclusive and VAT exclusive prices. A VAT inclusive price includes VAT at the prevailing rate. When a VAT registered business issues an invoice to their customer they must ensure that they charge the correct rate of VAT. Whilst most businesses in the UK charge VAT […]
When is a company dormant for tax purposes?
If a company has stopped trading and has no other income then the company is usually classed as dormant for Corporation Tax purposes. A company is usually dormant for Corporation Tax if it: has stopped trading and has no other income, for example investments is a new limited company that hasn’t started trading is an […]
Further change to SEISS 5 legislation
HM Treasury has published a Correction Treasury Direction made under the Coronavirus Act 2020, section 76, which modifies and extends the effect of the Self-Employment Income Support Scheme (SEISS). The Direction mainly deals with the expansion of the SEISS from 1 May 2021 to 30 September 2021, officially referred to as the SEISS Grant Extension […]
Décor and plant and machinery allowances
Capital Allowances are the deductions which allow businesses to secure tax relief for certain capital expenditure. Capital Allowances are available to sole traders, self-employed persons or partnerships, as well as companies and organisations liable to Corporation Tax. The Capital Allowance legislation does not specifically define plant and machinery (P&M). However, there is legislation that makes […]
IHT change of domicile
It is possible in certain circumstances for an individual to have two domiciles although this is unusual. There is a concept in the UK of deemed domicile, whereby any person who has been resident in the UK for more than 15 of the previous 20 years will be deemed to be domiciled in the UK […]
Agents Vulnerable to Complaints as Virtual Viewings Increase
Over half of agents have let a property using only virtual viewings in the last 12 months, leaving them open to complaints, according to the Property Redress Scheme. 5.07 per cent of the respondents to a Property Redress Scheme member survey, said they had rented a property in the last 12 months using only virtual viewings. Only using virtual viewings leaves the agents […]
How to Deal with Gazumping
Want to avoid gazumping when buying a house? Experts have pulled together four tips to deal with gazumping, to help prepare buyers incase the worst happens. Gazumping is, shockingly enough, a perfectly acceptable practice in which a seller accepts your offer but rejects it before the exchanging of contracts. Usually this is due to accepting another last minute, but higher offer and means a buyer is completely back where they started having wasted a lot of time and money. So, what can a potential buyer do to try prevent this from […]
A Guide to Renting in the UK
The pandemic has led to a change in the costs of buying and renting a home across the UK. And according to recent figures1, renting is now cheaper than buying for the first time in six years. With searches2 for ‘houses to let near me’ up by 377 per cent and some of the most asked questions3 covering ‘renting, what to know?’ and ‘what is fair wear and tear?’ GTSE, the one-stop shop for home and workplace solutions, has teamed up with various property experts to unveil the dos and don’ts of renovating a rented property, for renters looking to spruce up their pad. Painting Are you allowed to paint the walls, or how […]
Equity Release Market Begins Recovery
The number of new and returning customers accessing their property’s wealth edged closer between April and June to pre-pandemic levels, according to statistics from the Equity Release Council (ERC). The council’s data, released this week, showed that 20,352 people accessed their properties wealth in April and July. In comparison, an average of 21,036 customers performed […]
Blackpool off licence boss banned over £250k tax bill
A Blackpool owner of an off licence has been banned from acting as a director after using fake returns to avoid VAT over a three-year period Stuart Kane was the director of Booze Booze Booze Limited, which traded as News and Booze. From September 2013 to June 2016 he failed to submit accurate VAT returns […]
