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 …
Encouraging private investment into small and medium-sized companies
For small companies, obtaining tax-efficient funding involves leveraging various schemes and incentives that minimise tax liabilities while maximising capital inflow. These schemes are designed to …
VAT – payback and clawback rules – what happens if there is a change of plan?
VAT applies to taxable supplies made by a VAT-registered person whether an individual or a company. VAT-exempt supplies in the UK are goods and services …
Is it worth filing a formal complaint with HMRC?  Â
HMRC has not been getting good press lately. Time spent waiting for a tax refund, an answer to a letter or for over an hour …
Top Tax Tips for Small Businesses in UK
Introduction Taxation can be a complex and overwhelming aspect of running a small business. However, with the right knowledge and strategies, you can minimise your …
Do you have to take a dividend? Reasons why not to
Many directors believe they have an absolute right to monies deposited in a company’s bank accounts. However, payment cannot just be withdrawn as there are …
Tax implications of company failure
With interest rates falling, business growth should follow. While this is waiting to happen, companies continue to close. The latest statistics published by the Insolvency …
Retiring an employee tax efficiently
Just because an employee receives a lump sum on leaving does not necessarily mean the payment is exempt from tax under the £30,000 exemption for …
Post-cessation expenses – When and how are they allowable?                   Â
When an unincorporated business stops trading, accounts are prepared to the date of cessation. Where a limited company ceases trading, it is either registered as …
HMRC informers – How important are they in reducing the ‘tax gap’?
The ‘tax gap’ is a phrase that has been around for almost twenty years and refers to the difference between HMRC’s expected tax revenue and …
Partnerships – Cessation on death of a partner
Partnerships exist in either ordinary format or as limited liability partnerships (LLP). An ordinary partnership is legally defined by the Partnership Act 1890 and is …
