What are ‘digital links’ in Making Tax Digital?

Legislation requires you to have “digital links” in Making Tax Digital for VAT between your financial data and the quarterly VAT reports. What are digital links in Making Tax Digital for VAT, and what changes might you need to make to your record keeping to achieve this? VAT law offers no explanation of what it […]

When is input tax non-deductible?

Do you know when input tax is non-deductible? In this post, we help you when input tax is non-deductible Your business will incur input tax when it purchases goods and services. Being registered for VAT and making taxable supplies allows much of this to be reclaimed, but when are you prevented from recovery? When is […]

Errors on VAT invoices – what should I do?

Have you got errors on VAT invoices? Here we talk you through what to do with any kind of errors on VAT invoices. If you issue an invoice showing the wrong amount of VAT, it can have unfortunate effects for both you and your customer. What do you need to do to put matters right? […]

Business Tax – Structures and Buildings Allowance

Business Tax Update – New Structures and Buildings Allowance Structures and Buildings Allowance Laws Set To Change The government has published draft legislation for the new Structures and Buildings Allowance (SBA), meaning many businesses can now claim tax relief on new buildings, and purchase or refurbishment of old ones. Who can claim Structures and Buildings […]

Have I missed out on tax loss relief on property?

Have you missed out on tax loss relief on property? Tax loss relief on property can be confusing. This article should help you understand if you have missed out on tax loss relief on property. You have let out a property for several years, but as it was making a loss you didn’t declare it […]

How do I set up a Business Tax Account?

Have you set up a business tax account? Some aspects of Making Tax Digital are on ago slow while others are being ramped up by HMRC. For example, if you don’t have one, you’ll need to set up a digital business tax account (BTA). Why, and how do you do it? It’s easy to check […]

VAT efficient start-ups

Do you know what it takes to be a VAT efficient start-up? You’ve set up a company to run a business venture. It’s risky and may come to nothing. In the meantime, the company is incurring significant costs. Can you recover the VAT, and if so when? To be a VAT efficient start-up you need […]

Another Change to Workplace Pensions

This week brings another change to workplace pensions. Pensions auto-enrolment was phased in slowly, but now every employer must join their eligible staff in a workplace pension unless they opt out. But there’s one last important change before the task is complete. What is it? Since early 2018 every employer has had to include eligible […]

Discounted gift schemes. What’s the right type for you?

You may know the importance of discounted gift schemes. But which discounted gift schemes are right for you? After a long career you’ve sold your business and are sitting on a pile of cash. You’re worried about inheritance tax. What should you do? Having more money than you need is the sort of problem many […]

How to Avoid Child Benefit Tax Trap

There are ways you can avoid a child benefit tax trap if you know how. Deciding if the “high income child benefit charge” (HICBC) applies to you can be difficult. Thousands of individuals who were liable to pay the charge without realising it have been hit for penalties. If you or your partner receive child […]