VAT – Bad Debt Relief

It is quite possible within the VAT system for a business to be in the position of having to pay over VAT to HMRC while not having received payment from their customer.

Bad debt relief allows businesses, that have made supplies on which they have accounted for and paid VAT but for which they have not received payment, to claim a refund of the VAT by reference to the outstanding amount.

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Sugar Tax Pros And Cons UK

UK Sugar Tax Pros And Cons

The new, so-called sugar tax has been a contentious issue since it was first raised. Some, including many doctors and celebrity chef Jamie Oliver, have been in support with calls for a tax against sugary drinks since 2014. Others have been hoping PM Theresa May would reverse her position before the due date, since it was first announced.

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Personal Tax – When is Income Tax and Capital Gains Tax Payable?

Under the self assessment regime an individual is responsible for ensuring that their tax liability is calculated and any tax owing is paid on time.

Payment of tax

The UK income tax system requires the payer of key sources of income to deduct tax at source which removes the need for many taxpayers to submit a tax return or make additional payments.

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Personal Tax – Self Assessment

Under the self assessment regime an individual is responsible for ensuring that their tax liability is calculated and any tax owing is paid on time.

The self assessment cycle

Tax returns are issued shortly after the end of the fiscal year.

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Personal Tax – Dividends and Interest

Dividend and savings allowances are available. We consider the opportunities and pitfalls of the personal tax rules.

Dividend income

When dividends are received by an individual the amount received is the gross amount subject to tax.

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Brexit Accounting Implications

Brexit Accounting Implications & Tax Consequences

Brexit Accounting Implications

Following the previous year’s Leave victory, the UK Government officially started the Brexit process on March 29, 2017. With intentions to formally leave the EU within two years, businesses and traders must prepare for the inevitable tax law changes.

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Stamp Duty Land Tax

Who pays the tax?

SDLT is payable by the purchaser in a land transaction occurring in England and Northern Ireland. Scotland has its own Land & Buildings Transaction Tax (LBTT) and from April 2018 Wales has its own Land Transaction Tax (LTT).

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Capital Gains Tax and the Family Home

The capital gains tax (CGT) exemption for gains made on the sale of your home is one of the most valuable reliefs from which many people benefit during their lifetime. The relief is well known: CGT exemption whatever the level of the capital gain on the sale of any property that has been your main residence.

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