News


When must you register for VAT?
17/08/2017
The taxable turnover threshold, that determines whether businesses should be registered for VAT is currently £85,000. Businesses are required to register for VAT if they meet any of the following conditions: At the end of any month, the value of the taxable supplies made in the past 12 months or less has exceeded £85,000. At any Read more...


BPP holdings Supreme Court decision
17/08/2017
The Supreme Court has dismissed HMRC’s appeal in a long running case between the BPP Group of companies (who provide professional and academic education) and HMRC. The case initially centred on the VAT liability of supplies of books and education by BPP. BPP had a corporate restructure in 2006 and began to use one company to supply the Read more...


What are overlap profits?
17/08/2017
The assessment of self-employed or partnership profits is relatively straight-forward if the accounting date, to which accounts are prepared, falls between 31 March and 5 April. However, year ends that fall outside these dates create overlap profits. Overlap profits can be created in the first 3 years of the business or in any year in Read more...


Dormant company obligations
17/08/2017
If a company has stopped trading and has no other income then HMRC should be informed that it’s dormant for Corporation Tax purposes. HMRC can also send a notification if they think a company is dormant. This notice will state that a company or association is dormant and is not required to pay Corporation Tax or file Company Tax Read more...


100% write down for qualifying capital expenditure
17/08/2017
The Annual Investment Allowance (AIA) limit has changed significantly over the last number of years. However, the limit has been fixed at £200,000 for all qualifying expenditure on or after 1 January 2016. The current £200,000 limit is a generous allowance and will more than cover the annual capital expenditure spend of many small and Read more...


Choosing a company name
17/08/2017
Companies House guidance sets out the main requirements for incorporating a company in the UK. The guidance entitled Incorporation and Names also provides advice on checking which names are acceptable to Companies House when naming a company. Choosing a company name can be one of the most important considerations for a new business. The Read more...


What qualifies for 10% Entrepreneurs’ Relief?
10/08/2017
Entrepreneurs' Relief applies to the sale of a business, shares in a trading company or an individual’s interest in a trading partnership. Where Entrepreneurs' Relief is available CGT of 10% is payable rather than the normal main rate of 20%. This can significantly reduce the amount of CGT due. When the relief was first introduced there Read more...


How to roll-over capital gains
10/08/2017
Business Asset Rollover Relief allows for the deferral of Capital Gains Tax (CGT) on gains when you sell or dispose of certain assets and use all or part of the proceeds to buy new assets. The relief means that the tax on the gain of the old asset is postponed. The amount of the gain is effectively rolled over into the cost of the new Read more...


Holiday lets occupancy rules
10/08/2017
The furnished holiday let (FHL) rules allow holiday lettings of properties that meet certain conditions to be treated as a trade for tax purposes. In order to qualify as a furnished holiday letting, the following occupancy criteria need to be met: The property must be let on a commercial basis with a view to the realisation of Read more...


Claiming back VAT on fuel
10/08/2017
HMRC offers a number of alternative methods for claiming back VAT on car fuel where there may be a mix of business and private mileage. They fall into a number of broad categories: Standard scale charge - HMRC operates a useful simplification measure that allows businesses to use a standardised scale charge to value fuel costs for Read more...

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