by yasiradnan94 | 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 yasiradnan94 | 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...
by yasiradnan94 | Dec 1, 2022 | Property, Tax Planning
When buying a residential property in England or Northern Ireland you must pay stamp duty land tax (SDLT) if the purchase price exceeds a minimum threshold set at £125,000 since 2006. In September’s mini-Budget the then Chancellor announced that the entry...
by yasiradnan94 | Nov 28, 2022 | Accounting, Advice, Property, Tax Planning
Capital gains made by individuals are generally taxed at lower rates to income and taxpayers benefit from a separate annual exemption that covers the first £12,300 of gains made per year. This exemption will be reduced to £6,000 for the tax year 2023-24 and then to...
by yasiradnan94 | Nov 18, 2022 | Accounting, Advice, Financial Planning, Tax Planning
In last week’s Budget the Chancellor stunned his audience by announcing that both the basic rate of tax and the highest ‘additional’ rate would be reduced from 6 April 2023. Around 50% of taxpayers only pay tax at the basic rate and they will benefit...
