by AJN Accountants | Feb 23, 2023 | Accounting, Advice, Tax Planning
It is widely anticipated that the budget next month may result in big changes to CGT. The Office of TaxSimplification (OTS) has previously produced a report on suggested changes to capital gains tax for individuals and trusts. Amongst the changes they proposed were...
by AJN Accountants | Feb 1, 2023 | Accounting, Advice, Small Businesses
You may have heard of the term ‘pro-rata’, in particular relating to pay for employees. This article will explain what it means and how it is worked out. What is Pro-Rata? Pro rata work is the proportion of earnings based on a full time salary. For example, if a full...
by AJN Accountants | Jan 23, 2023 | Accounting, Advice, VAT
What is the issue? Recent tribunal cases have further highlighted that a business can only claim input VAT if the expense was for business purpose and for supplies related to its own business. VAT can’t be claimed on an expense belonging to a different business even...
by AJN Accountants | Dec 29, 2022 | Property, Tax Planning
The annual tax on enveloped dwellings (ATED) applies where a residential property worth over £500,000 is held by a company and is not commercially let out or used for some other qualifying purpose. This tax currently starts at £3,800 per year but that starting rate...
by AJN Accountants | Dec 26, 2022 | Business, Tax Planning, VAT
The VAT registration threshold has already been frozen at £85,000 since April 2017 and it will now be fixed at that level until April 2026. The Chancellor made the point that the UK’s VAT registration threshold is more than twice as high as the average in OECD...
