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...
by Paul Whyatt | Apr 13, 2021 | Other Insights, Personal Tax, Taxation
You should be aware that some fraudsters have obtained SEISS grants by using innocent taxpayers’ Government Gateway IDs and passwords. Once the ID has been proven to work, the fraudsters attempt to double their money by submitting false tax returns to claim tax...
