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Reclaiming VAT input tax prior to registration

by | Jul 23, 2015 | VAT

Once you have registered your business for VAT the first thing you should consider is the possibility of reclaiming input tax on purchases of goods and services prior to registration. This article summarises the issues you will need to consider for the two categories:...

Charity GAAP changes

by | Jul 20, 2015 | ACCA, business issues

Due to changes in company accounting, changes are to be made to UK Generally Accepted Accounting Practice (GAAP). These changes will take effect from 1 January 2016. The role of the Statement of Recommended Practice (SORP) is to provide guidance on the application of...

Scottish Rate of Income Tax

by | Jul 15, 2015 | HMRC

From April 2016, the Scottish Parliament has devolved powers to set the Scottish Rate of Income Tax (SRIT). Within the last few weeks it has been widely publicised that this may mean a higher rate of Income Tax in Scotland as compared to the Income Tax rates in other...

Time to Pay Arrangements – Mandatory Direct Debit

by | Jul 14, 2015 | HMRC

This in from HMRC today in their own words: I want to give you advance notice about a change to the way HMRC will expect customers to pay future agreed time to pay arrangements. As you may know we can use discretionary powers to agree to payment of a debt by...

Budget 2015 – self employment v company

by | Jul 10, 2015 | budget

A client queried today whether the dividend tax changes from Budget 2015 mean that reversion to self employment (schedule D) is better for small company owners? Really its too early to say – we need to see full proposals – and there is a risk of tails...

P2P bad debt relief

by | Jul 6, 2015 | ACCA, business taxation, personal taxatation

If a P2P loan is not repaid, then the loss that the lender suffers on that loan will be set against the income that they receive on other P2P loans before that income is taxed. Legislation is proposed for the Finance Bill 2016, but relief is likely to be available for...

VAT – understanding the flat rate scheme

by | Jun 11, 2015 | ACCA, VAT

A summary of eligibility and how to implement and manage the flat rate scheme. The flat rate scheme is designed to help small businesses by applying a single percentage rate to the turnover in a VAT period. The main benefit of the scheme is the time saved recording...

Problems paying for your tax?

by | Jun 10, 2015 | HMRC, Tax Help for Old People

Many people who are unable to pay their tax on time will worry about the potential consequences, but the worst thing is to simply ignore the matter and hope it will just go away. The situation may not be as bad as you think and the golden rule is to act quickly. If...