The good news is you can reclaim VAT added to certain expenditure that was paid out prior to your business registration for VAT. HMRC’s instructions on this issue confirm:
There is a time limit for backdating claims for VAT paid before registration. From your date of registration...
3 years 10 months ago
Generally speaking, any business expenditure that you make up to seven years before you actually start trading, is treated for tax purposes as if it was incurred on the first day of trading.
This expenditure includes rent, rates, insurance, wages and other costs that you have had...
3 years 10 months ago
If you use your home for business purposes, rent out parts of your home whilst you are still in residence or if you rent out your home while you are resident elsewhere, you may need to consider the tax consequences. This article covers some of the tax issues that you may need to...
3 years 10 months ago
1 October 2016 - Due date for Corporation Tax due for the year ended 31 December 2015.
19 October 2016 - PAYE and NIC deductions due for month ended 5 October 2016. (If you pay your tax electronically the due date is 22 October 2016.)
19 October 2016 - Filing deadline...
3 years 10 months ago
Any buy to let landlord that presently claims a tax deduction for mortgage interest is likely to be adversely affected by changes in the tax rules from April 2017.
In previous blogs we have pointed out that from April 2017, finance charges (including mortgage interest) will...
3 years 10 months ago
Lending money to your company
If you lend money to your company, the tax effects are as follows:
· Your company will not pay corporation tax on the money you lend it.
· If your company pays you interest on the loan, it will need to deduct income tax at 20%...
3 years 10 months ago
It is not difficult to gauge the focus of our tax collectors. Since the Brexit vote, 23 June 2016, and the change in government leadership, HMRC have published a number of consultation documents, all issued during August 2016. Prior to the Brexit vote, there were a smattering of...
3 years 10 months ago
Legal responsibilities
We are often asked to clarify the responsibilities that directors take on when they agree to become directors of limited companies. A summary of directors’ duties published on the GOV.UK website are reproduced below.
As a director of a limited company,...
3 years 10 months ago
George Osborne’s summer budget 2015, and the subsequent Finance (No2) Act 2015, introduced far ranging changes to the income tax relief that can be claimed by individual landlords for finance costs.
George believed that property landlords were adding too much inflationary...
3 years 10 months ago
Philip Hammond has announced the date for the Autumn Statement: 23 November 2016.
In the past, Chancellors have used the occasion to set the scene for the following years’ budgets. This year, Philip Hammond will be disclosing the fiscal direction of the new Conservative...
3 years 11 months ago
Pages
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The authorities are not asleep https://t.co/h3B8zYUj2B -
Tax Diary August/September 2020 https://t.co/oGcM2bZ0MJ
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Keep an eye on the numbers https://t.co/xOOZ6x7G20
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FIx your bike voucher scheme https://t.co/FpMwP80xeq
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New law clarifies redundancy rights https://t.co/Ke4fq86ml6
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Making Tax Digital - getting prepared https://t.co/B4pBcyajVy
