Definition of VAT partial exemption
A business that incurs expenditure on taxable and exempt business activities is partially exempt for VAT purposes. This means that the business is required to make an apportionment between the
Limits to loss relief claims against income or capital gains
There are a number of tax reliefs available for self-employed taxpayers that make a trading loss. This includes a partners’ share of partnership trading losses.
There may also be restrictions if the
Transferring assets during separation and divorce
When a couple separate or divorce it is unlikely that they are thinking about any tax implications. However, apart from the emotional stress, there are also tax issues that can have significant
SDLT concerns transferring a property to a company
Stamp Duty Land Tax (SDLT) is a tax that is generally payable on the purchase or transfer of land and property in England, and Northern Ireland. Wales and Scotland set their own Stamp Duty taxes. It
Increase in National Insurance from April 2022
We would like to remind our readers that the increases in National Insurance Contributions (NIC) of 1.25% – first announced last year – will take effect from April 2022. These increases will be
Examples when settlement legislation does not apply
The settlement legislation seeks to ensure that where a settlor has retained an interest in property in a settlement that the income arising is treated as the settlor’s income for tax purposes. A
What is plant and machinery?
Capital allowances are the deductions which allow businesses to secure tax relief for certain capital expenditure. HM Treasury has published a factsheet on the super-deduction offering companies a
Range of supplies affected by VAT reverse charge
The VAT domestic reverse charge accounting mechanism was put in place to help prevent criminal attacks on the UK VAT system by means of sophisticated fraud.
The domestic reverse charge procedure
End of SSP Rebate Scheme
The Coronavirus Statutory Sick Pay Rebate Scheme has allowed small and medium-sized businesses and employers reclaim Statutory Sick Pay (SSP) paid for sickness absence due to COVID-19. The online
Claiming for business use of own car or van
If you are an employee, you may be able to claim tax relief for using your own vehicle, be it a car, van, motorcycle or bike. There is generally no tax relief for travel to and from your place of
