Monthly Archives: November 2014

Leaving the flat rate scheme

November 23rd, 2014

The good news for small businesses using the flat rate scheme is that the exit thresholds are almost 30% higher than the joining levels in relation to turnover. A business needs to check on the anniversary of joining the scheme that gross turnover for the previous 12 months has not exceeded £230,000. If it has […]


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Mini One Stop Shop – Friendly retail store or admin nightmare?

November 16th, 2014

This sounds like a friendly retail outlet where you might buy a pint of milk on a Sunday evening. In fact it is short-hand for the online portal which UK businesses should use from 2015 to account for VAT they owe in respect of digital services provided to customers in other EU countries. We mentioned […]


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HMRC Taskforce

November 7th, 2014

  HMRC has set up specialist tax investigation teams to concentrate on recovering unpaid tax from particular business sectors or as a result of tax fraud. The latest HMRC taskforce teams are looking at: – fraudulent VAT repayments in the West Midlands and Nottingham areas; and – property tax evasion in South West England and […]


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Pensions Death Tax

November 1st, 2014

  Currently if you die before you have started to draw your pension, the value of your pension fund will not usually be subject to inheritance tax (IHT) at 40%, as it is excluded from your estate. However, there can be a 55% tax charge where your pension fund is passed to someone else under […]


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