VAT records – What do you need to keep?
If you are registered for VAT, you will need to keep normal business records. The records must be complete, up to date and sufficient to …
New VAT thresholds – When must you register and when can you deregister?
The VAT registration threshold rose from £85,000 to £90,000 from 1 April 2024. The deregistration threshold increased from £83,000 to £88,000 from the same date. …
Small earnings from self-employment – Tax and National Insurance implications
Many people earn small amounts of money from self-employment, often as a side hustle. For example, this may be from craft or baking activities, tuition …
Extracting profits in 2024/25
If you run your business as a personal or family company, you will need to extract your profits in order to use them personally outside …
10 Tips for Optimizing Final Accounts in Construction
In the dynamic landscape of construction accounting, optimising final accounts is essential for the success and sustainability of your projects. With meticulous attention to detail and strategic planning, you can streamline your accounting processes and maximise profitability.
Business rates for 2024/25 and changes to empty property relief
Business rates, rather than council tax, are payable on non-domestic properties. The rates are worked out by applying the relevant multiplier to the property’s rateable …
End of multiple dwellings relief for SDLT
As announced at the time of the Spring Budget, multiple dwellings relief for stamp duty land tax (SDLT) is to be abolished from 1 June …
Reduction in higher rate of capital gains tax on residential property gains
For capital gains tax purposes, residential property gains have their own, harsher, rules. Not only is taxed charged at a higher rate, but taxpayers also …
Employer-provided equipment – Tax implications for employees of working from home
Since the start of COVID-19 in March 2020, the number of people working from home in the UK has dramatically increased. As of January 2023, …
Advertising or promotion verses entertainment or hospitality – Which is allowable?
To be allowable as a tax deduction whether under the corporation tax or income tax rules, most expenses must be incurred ‘wholly and exclusively for …
The confusion surrounding the VAT reverse charge
VAT can be confusing at the best of times, with the reverse charge being arguably one of the more complex applications. It does not help …
Training costs and the self-employed
A sole trader or proprietor of an unincorporated business may incur training costs. The tax treatment of those costs depends on whether the costs are …
