Selling Property? – Watch Out for the New 30-Day Tax Penalties

If you are selling a residential property other than your private residence, then you must report the sale to HMRC within 30 days, or you will have to pay penalties. New rules introduced from April 2021 mean that anyone selling a residential property, where there is capital gains tax to pay, will have to report … Continue reading Selling Property? – Watch Out for the New 30-Day Tax Penalties

What Should I Consider When Creating a Home/Garden Office?

More people are working from home due to the pandemic, and many business owners are considering creating a dedicated home or garden office. However, there are several things to be considered before doing this. Tax on construction/conversion When building a dedicated office from scratch, for example, a garden office, or a part of your home … Continue reading What Should I Consider When Creating a Home/Garden Office?

Super-Deductions: Budget Changes for Business

‘Bold and unprecedented’. That was the Chancellor’s description of the new 130% super-deduction for expenditure on new qualifying plant and machinery announced in the Budget. The headlines announced that for every pound invested; tax is cut by up to 25p. But what are the terms and conditions, how does it sit alongside the usual rules … Continue reading Super-Deductions: Budget Changes for Business

Budget 2021: Farming Review

We are delighted to summarise the key announcements in the Budget 2021 statement, made on Wednesday, 3 March. https://www.youtube.com/watch?v=vWRGRj918O0 Among the key changes to note for this year are: The main rate of corporation tax will be increased to 25% from April 2023 for companies with profits of at least £250,000. Simultaneously, a new small companies' rate of 19% will … Continue reading Budget 2021: Farming Review

Budget 2021: Property Review

We are delighted to summarise the key announcements in the Budget 2021 statement, made on Wednesday, 3 March. https://www.youtube.com/watch?v=4a8vOK3BSHc Among the key changes to note for this year are: The main rate of corporation tax will be increased to 25% from April 2023 for companies with profits of at least £250,000. Simultaneously, a new small companies' rate of 19% will … Continue reading Budget 2021: Property Review

Budget 2021: Business Review

We are delighted to summarise the key announcements in the Budget 2021 statement, made on Wednesday, 3 March. https://www.youtube.com/watch?v=jEnxyc4dh1k Among the key changes to note for this year are: The main rate of corporation tax will be increased to 25% from April 2023 for companies with profits of at least £250,000. Simultaneously, a new small companies' rate of 19% will … Continue reading Budget 2021: Business Review

Landmark Case Highlights the Rules Around Commercial Vehicles

Many business owners provide their employees with vehicles to help them perform their work duties. But with commercial vehicles attracting a lower level of tax than company cars, the vehicle must meet the criteria set out by HMRC. HMRC states that a commercial vehicle must be ‘constructed primarily for the conveyance of goods or burden with … Continue reading Landmark Case Highlights the Rules Around Commercial Vehicles

Brexit: What Are the Changes to EU VAT Refunds?

You can continue to use the EU VAT refund system to claim a VAT refund on expenses incurred before 1 January 2021 in EU member states, until 11 pm on 31 March 2021. You will not be able to use the EU VAT refund system to claim VAT refunds on expenses incurred in an EU … Continue reading Brexit: What Are the Changes to EU VAT Refunds?

Brexit: Accounting for Import Tax on Your VAT Return

From 1 January 2021, if your business is registered for VAT in the UK, you'll be able to account for import VAT on your VAT Return. Postponed accounting will be introduced to allow to a phased implementation of the customs declaration until 30 June 2021. This would mean that when the goods enter the UK, you … Continue reading Brexit: Accounting for Import Tax on Your VAT Return

Brexit: What Are the VAT Changes for Goods Purchased From Overseas?

From 1 January 2021, the UK will leave the European single market and customs union, which will impact the way businesses transact with the EU. This will result in many changes in how you account for VAT on goods you import or export from the EU. You'll need to make customs declarations when you import … Continue reading Brexit: What Are the VAT Changes for Goods Purchased From Overseas?