VAT – the partial exemption ‘trap’
If a VAT-registered business has taxable income only (including zero-rated sales), it is entitled to full input tax recovery on its expenses, subject to the …
Tax implications on home office
Following the pandemic, flexible working hours are on the increase. This shift has provided many employees with the legal right to request flexible working from …
Tax relief for trading losses
A sole trader or partnership business may make a loss for several reasons – not necessarily because it is not doing well. A business can …
Should you dispose of old documents?
Over the past few years, tax enquiries aimed at identifying and correcting errors or deliberate under-reporting in tax returns have increased. HMRC generates substantial revenue …
Are professional fees tax deductible?
As ever, the answer to this question depends on what type of professional fees have been incurred. Professional fees are income and corporation tax deductible …
Company makes loss – can dividend be paid? Â
Anyone who invests in a company is taking a chance, hoping that the directors, as representatives of the company, will use the money to increase …
Be aware of VAT bad debt relief
Despite the improving economy, bad debts are still a fact of life for many businesses. HMRC is aware that not all invoices are paid on …
Accountancy Services for Small Businesses
Running a small business is a rewarding journey, but it comes with its fair share of challenges—especially when it comes to managing finances. Accountancy services …
Business Tax Return: Top Tips for Filing
Filing your business tax return might seem like a daunting task, but with the right approach and a few insider tips, you can navigate the …
Tax implications of different methods of business finance
For many businesses, initial set-up costs are low with just an internet connection, smartphone and a laptop. Invariably, funding for expansion or to purchase specific …
Claiming tax relief on work clothes
Many employees are required to wear a uniform or particular type of clothing whilst at work. Even where there is no set uniform, many have …
When is a VAT invoice not a VAT invoice?
Although suppliers such as mobile phone providers are VAT registered, a careful look at the invoices issued to customers shows the words ‘this is not …
