HMRC
What proof do you need to reclaim VAT? When it comes to reclaiming VAT on purchases HMRC’s guidance says you must have the appropriate documentary evidence. This is what you will need if you want to successfully reclaim VAT on purchases In December 2016 the Court of Appeal criticised HMRC for not allowing a claim […]
After a somewhat turbulent year of news, and following some lowkey Christmases in terms of social functions, we expect a number of businesses will be celebrating in style come this festive season. As Christmas approaches, clients often ask “What Christmas expenses can I claim for my business?”. The following guidelines break down the parameters of […]
If you’re VAT registered, you can normally only reclaim VAT on purchases made for your business when you have a valid VAT invoice for the purchase. Yet there are some occasions when it is really difficult to get a VAT invoice from the retailer. Supermarkets are a good example. Many business owners regularly make business […]
The new relief – replacement of domestic items relief – is wider than its predecessor in that its application is not restricted to furnished lettings. Until the end of the 2015/16 tax year, landlords letting furnished properties were able to claim an automatic deduction of 10% of net rents to cover the cost of replacing […]
Change is on the horizon – from April next year, the self-employed will only pay one Class of National Insurance rather than the two currently payable. Change is on the horizon – from April next year, the self-employed will only pay one Class of National Insurance rather than the two currently payable. Current position Depending […]
As well as the requirement to make a digital return and keep digital tax records, the Making Tax Digital (MTD) reforms introduce other changes to the way in which taxpayers interact with HMRC. As well as the requirement to make a digital return and keep digital tax records, the Making Tax Digital (MTD) reforms introduce […]
HMRC have helpfully updated their guidance on the new Flat Rate VAT regime a month before the changes take effect. Find listed the most important changes and information on the ”Limited Cost Trader rules” for small businesses. HMRC have helpfully updated their guidance on the new Flat Rate VAT regime – a month before the […]
A new statutory exemption applies for trivial benefits from 6 April 2016. Trivial benefits are tax-free to employees and do not need to be notified to HMRC on form P11D. A new statutory exemption applies for trivial benefits from 6 April 2016. Trivial benefits are tax-free to employees and do not need to be notified […]
One Accounting’s guide on Reclaiming Tax Once Director’s Loan Repaid In family companies, many directors and shareholders maintain loan accounts with the company. As long as any loans are cleared within nine months and a day of the year end (i.e. by the date by which corporation tax for the period is due), the only […]
The start of a new tax year generally brings with it a number of changes and 2016/17 is no exception. So what has changed for this year? The start of a new tax year generally brings with it a number of changes and 2016/17 is no exception. So what has changed for this year? The […]
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