The Chancellor, Rishi Sunak has outlined the Winter Economy Plan with additional government support to provide certainty to businesses and workers imp...
Diary of main tax events September/October 2020
Diary of main tax events September/October 2020. 1 September: Corporation tax for year to 30/11/19 unless pay by quarterly instalments....
Certain property business owners are liable to class 2 National Insurance Contributions
Class 2 National Insurance Contributions (NICs) are currently paid at the rate of £3.05 per week by self-employed earners. A person who is liable to ...
MTD for VAT to be extended to all VAT registered businesses in 2022
Since 2019, the vast majority of VAT registered businesses with a taxable turnover above the VAT threshold (£85,000) have been mandated to keep digit...
VAT definition of “motor car”
For VAT purposes the definition of a motor car has been amended several times over the years. The current definition states: “Motor car” means a...
Rumours of capital gains tax increase
There has been a lot of speculation in the Press that the Chancellor may introduce radical changes to capital gains tax to start to repay the substant...
Reporting property gains within 30 days
Since 6 April 2020 where UK residential property is disposed of, the resulting capital gain needs to be reported and the capital gains tax paid within...
Interaction with VAT flat rate scheme
Small businesses with turnover below £150,000 may join the VAT flat rate scheme which makes their VAT accounting much simpler as they merely pay HMRC...
VAT treatment of deposits
It is fairly common, particularly in the summer holidays, to pay deposits when booking a hotel or self-catering accommodation but how should the dep...