Recently added Tips & Advice

EXPORTS - 30.11.2023

Selling goods to individuals in the EU: what are the pitfalls?

Your business has the chance to sell goods to private customers in the EU and you are aware there is a low value tax scheme. What is the threshold for these sales and what must you consider to avoid a problem with the EU tax authorities?
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VAT RETURNS - 30.11.2023

Change to VAT processing policy

If you submit a return late, HMRC could take longer to process it in the future, meaning an estimated debt will be held on file for longer. What does this mean for your business?
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How to reclaim VAT on late-posted purchase invoices?

You’ve discovered that a bundle of purchase invoices were omitted from your last VAT return, with total input tax unclaimed of nearly £20,000. What issues must you consider to solve this problem?
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How does the annual adjustment work?

Your business is partially exempt and uses the standard method to work out how much input tax to claim each quarter. However, you have not carried out any annual adjustment calculations for the last three years. What action should you take to correct this problem?
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PROPERTY INCOME - 30.11.2023

Are rooms rented out by beauty salon exempt from VAT?

One of our subscribers trades as a hairdresser and needs to raise extra income by subletting rooms in her salon to other traders in the beauty industry. Will she charge VAT on these supplies?
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INPUT TAX - 30.11.2023

How much VAT can you claim on mixed use assets?

Your business is buying two assets, a yacht and a motorbike, which will both have business and private use because they will be available to staff and directors for leisure trips. How much input tax can you claim on these purchases?
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Most read Tips & Advice

SELF-ASSESSMENT - 03.10.2023

HMRC tips for prompt tax refunds

HMRC has published new guidance about why refunds are sometimes not issued, and if they aren’t how you can speed up the process. What’s the full story?
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PENSIONS - 31.10.2023

Changes to pensions auto-enrolment age

New law. On 18 September 2023 the Pensions (Extension of Automatic Enrolment) Act 2023 received Royal Assent. It gives the government the power to: (1) lower the minimum age for eligible jobholders to be automatically enrolled into a workplace pension scheme from 22 years to 18 years; and (2) reduce the minimum earning threshold at which employers must contribute to an eligible jobholder’s workplace pension from £6,240 p.a. to £1 p.a. The latter will be achieved by removing the lower earnings limit threshold from pensions auto-enrolment calculations. ...
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Employee awarded £25,000 over “deadnaming”

In what’s thought to be the first case of its kind, an employee has been awarded over £25,000 in compensation after she was “deadnamed” by her employer. What is “deadnaming” and why is it unlawful?
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