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When must you register for VAT?

The taxable turnover threshold, that determines whether businesses should be registered for VAT is currently £85,000. Businesses are required to register for VAT if they meet any of the following...

17th August 2017

BPP holdings Supreme Court decision

The Supreme Court has dismissed HMRC’s appeal in a long running case between the BPP Group of companies (who provide professional and academic education) and HMRC. The case initially centred on the...

17th August 2017

What are overlap profits?

The assessment of self-employed or partnership profits is relatively straight-forward if the accounting date, to which accounts are prepared, falls between 31 March and 5 April. However, year ends...

17th August 2017

Dormant company obligations

If a company has stopped trading and has no other income then HMRC should be informed that it’s dormant for Corporation Tax purposes. HMRC can also send a notification if they think a company is...

17th August 2017

100% write down for qualifying capital expenditure

The Annual Investment Allowance (AIA) limit has changed significantly over the last number of years. However, the limit has been fixed at £200,000 for all qualifying expenditure on or after 1 January...

17th August 2017

Choosing a company name

Companies House guidance sets out the main requirements for incorporating a company in the UK. The guidance entitled Incorporation and Names also provides advice on checking which names are acceptable...

17th August 2017

What qualifies for 10% Entrepreneurs’ Relief?

Entrepreneurs' Relief applies to the sale of a business, shares in a trading company or an individual’s interest in a trading partnership. Where Entrepreneurs' Relief is available CGT of 10% is...

10th August 2017

How to roll-over capital gains

Business Asset Rollover Relief allows for the deferral of Capital Gains Tax (CGT) on gains when you sell or dispose of certain assets and use all or part of the proceeds to buy new assets. The relief...

10th August 2017

Holiday lets occupancy rules

The furnished holiday let (FHL) rules allow holiday lettings of properties that meet certain conditions to be treated as a trade for tax purposes. In order to qualify as a furnished holiday letting,...

10th August 2017

Claiming back VAT on fuel

HMRC offers a number of alternative methods for claiming back VAT on car fuel where there may be a mix of business and private mileage. They fall into a number of broad categories: Standard scale...

10th August 2017