by Paul Whyatt | Sep 23, 2021 | Taxation
Many self-employed people have made large losses in the tax year 2020/21, which exceed the profits made in the previous year and even the year before that. Those pandemic trading losses can be used to generate a tax refund by setting them against profits made from the...
by Paul Whyatt | Sep 21, 2021 | Business Advice, Taxation
VAT registered businesses, with an annual turnover above the £85,000 VAT registration threshold, were required to comply with the making tax digital (MTD) regulations for VAT periods beginning on or after 1 April 2019. This means using MTD for VAT compliant software...
by Paul Whyatt | Sep 17, 2021 | Business Advice, Taxation
The hospitality and tourism sector has been enjoying a reduced rate of VAT (5%) since 15 July 2020. From 1 October 2021, the 5% VAT rate will increase to 12.5%, and on 1 April 2022 it will revert to the normal standard rate of 20%. This rate applies to most supplies...
by Paul Whyatt | Sep 17, 2021 | Business Advice, Taxation
Companies can now claim ‘super’ capital allowances on the purchase of new plant and machinery, and to a lesser extent on certain new fixtures and fittings. These super allowances give a company enhanced corporation tax relief of 130% of the cost in the...
