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 domicile…

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,…

Generally, since the Companies Act 2006 was introduced the memorandum of association cannot be altered and is a purely historical document.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 …

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…

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 …

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…

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 ba…

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 dete…

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. Alternativ…

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…