Category Archives: Business Tax

VAT Flat rate Scheme

May 13th, 2019

The VAT flat rate scheme (FRS) is used by many small businesses to help simplify their VAT reporting obligations, although some VAT experts would argue that the scheme is not simple to use. Broadly, the FRS is a simplified VAT accounting scheme for small businesses, which allows users to calculate VAT using a flat rate […]


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Company Vans Update

December 14th, 2018

A charge to income tax will generally arise if a company van is made available, by reason of the employment, to an employee or to a member of his or her family or household. It must be made available without a transfer of ownership from the employer to the employee. Since 2016/17, when the £8,500 […]


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Making use of the trading allowance

November 20th, 2018

The introduction of the new trading and property allowances for 2017/18 onwards mean that those with low levels of income from these sources may not need to report it to HMRC. The trading allowance is £1,000 for 2017/18 and 2018/19. Broadly, those with trading income of less than £1,000 a year, no longer need to […]


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VAT on holiday accommodation

October 30th, 2018

Letting of residential accommodation is generally an exempt supply for VAT purposes. However this exemption does not apply to holiday accommodation (includes furnished and non-furnished holiday lettings. The definition of ‘holiday accommodation’ for these purposes includes property that is advertised or held out as holiday accommodation and those consider suitable for holiday or leisure use. […]


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HMRC launch MTD campaign

September 27th, 2018

According to recent research undertaken by the Institute of Chartered Accountants in England and Wales (ICAEW), over 40% of businesses that will be affected by Making Tax Digital (MTD) for VAT are not yet aware of it. With only six months to go until MTD goes live for some businesses in April 2019, HMRC have […]


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Saving tax with simplified expenses

July 30th, 2018

Certain sole traders and partnerships may benefit from using HMRC’s simplified expenses regime to calculate business expenses for vehicles, working from home and living on the business premises. Currently, businesses can either calculate expenses by working out the actual costs, or use HMRC’s published flat rates. HMRC’s checker can be used to work out which […]


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HMRC update guidance on Managed Service Companies

May 16th, 2018

HMRC have updated their guidance, following the recent decision in Christianuyi Ltd v R & C Commrs [2018] UKUT 10 (TCC), in which the Upper Tribunal ruled that a number of companies were operating as managed service companies (MSCs). In this case, the Upper Tribunal upheld the decision of the First-tier Tribunal that the appellant […]


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Offshore income and the RTC rule

April 19th, 2018

HMRC are getting noticeably tougher on those who try to evade tax by hiding their assets or income offshore. They are increasing the size and range of penalties charged, and increasing the number of prosecutions of serious evaders. Broadly, a UK-resident taxpayer has a responsibility to notify HMRC of any taxable offshore income they receive. […]


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Abolition of Class 2 NICs delayed

December 6th, 2017

On 2 November 2017, the Government announced a one year delay to the abolition of Class 2 National Insurance Contributions (NICs). Class 2 NICs will now be abolished from 6 April 2019 rather than 6 April 2018. The delay will allow time for the government to engage with interested parties and Parliamentarians with concerns relating […]


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The OTS outlines future work plans

November 17th, 2017

The Office of Tax Simplification (OTS) has published a paper outlining its future works programme, identifying areas of interest that the office will be looking at in the next twelve months and beyond. The OTS is currently working on a review of VAT, and expects to publish its report in October or November 2017. Work […]


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