Business Tips

When it comes to completing your UK self-assessment tax return, there is often a lot of confusion between your residence and your domicile with many believing that both concepts are the same. This is not the case as being a UK resident or UK domiciled can have very different consequences from a tax perspective. Domicile T…

Inheritance tax is normally payable upon the death of an individual, but can also be due during the lifetime of an individual when they make a chargeable lifetime transfer. However there are a number of lifetime gifts that can be made free of IHT, including: Small gifts of up to £250 per person A number of gifts…

Generally, since the Companies Act 2006 was introduced the memorandum of association cannot be altered and is a purely historical document. A memorandum of association is filed with Companies House along with the company’s articles of association during the formation of a company. The purpose of the memorandum of associa…

HMRC operate a number of so called VAT “margin” schemes which are available in certain circumstances. VAT is the acronym, for value added tax.  As such, this is a tax on the value added to a good or service.  Most businesses buy goods or services (including a VAT charge) and sell them on for a higher price (inc…

For businesses that are registered for VAT, there are two parts of dealing with filing for VAT, filing of the VAT return and payment of the VAT liability due. All businesses will need to file VAT returns.  Most businesses will need to file a VAT return on a quarterly basis, however annual reporting is also possible …

There are some very specific rules in relation to business gifts and the VAT on them. A business gift is a gift made in the course of business.  This can include things such as business advertising and brochures, ‘executive gifts’ or even long service awards. VAT is recoverable on such business gifts and outp…

There are two parts of dealing with filing for VAT, filing of the VAT return itself and payment of the VAT liability due. The VAT return due date will depend on a number of factors.  Most businesses will prepare a VAT return on a quarterly basis, although other options are available.  Your VAT quarter will be assig…

If you are not a UK resident (for tax purposes) for the full tax year, it is possible to claim to be assessed on the split year treatment. Under HMRC’s new Statutory Residents Tests (SRTs), UK individuals are subject to three separate tests to determine their residency position: Automatic Overseas Test, Automation…

As a VAT registered business, there are a number of advantages and disadvantages (see here). There may come a time however where your business will soon cease to trade or you may feel that the time has come to cancel your VAT registration. Alternatively, there may be a time where you need to update HMRC with new business de…

A business is only required by law to register for VAT if their taxable turnover exceeds the £81,000 threshold. However for those businesses who’s taxable turnover is below this, it may be advantageous to register for VAT. Advantages You will be able to recover the input VAT on any purchases made in relation to…