VAT – opting to tax property
The option to tax is a VAT election that allows businesses to treat supplies of most non-residential land and buildings as taxable rather than VAT exempt. Once an option to tax is made, supplies in
Government measures to ease rising fuel costs
The government has announced a package of measures intended to help motorists and businesses manage rising fuel costs following disruption linked to the conflict in Iran. As part of the package, the
Key person policies and tax relief
Many businesses take out “key person” insurance policies to protect against the financial impact of losing an important employee, director or other individual who is central to the success
A reminder of tax-free trivial benefits
Employers looking to provide staff with small gifts or seasonal tokens of appreciation should remember the rules for tax-free trivial benefits. A benefit can qualify as a trivial benefit where all of
IHT – gifts made with reservation of benefits
Most lifetime gifts are treated as potentially exempt transfers (PETs) for Inheritance Tax (IHT) purposes. In general, these gifts become fully exempt if the donor survives for seven years after
Claiming to reduce payments on account
Self-assessment taxpayers are usually required to make payments on account to pay their Income Tax liabilities. These are paid in two instalments, the first on 31 January during the tax year and the
New measures aimed at easing living costs
The Government has announced a new package of measures designed to help households manage rising living costs during the summer months, as concerns continue over inflation, fuel prices and household
Tougher action on late payments
The Government has introduced a landmark new Bill aimed at tackling the growing problem of late payments to small businesses, with ministers describing the measures as the biggest crackdown in more
Landlord tax and National Insurance considerations
When renting out property, landlords may have both Income Tax and National Insurance considerations to consider. However, rental income is generally taxable. For individuals, the first £1,000 of
VAT Cash Accounting
The VAT Cash Accounting Scheme can help businesses improve cash flow by allowing VAT to be accounted for when customers actually pay invoices, rather than when invoices are issued. This can be