There are many things to consider when selling a business, but what about the payment of VAT? VAT is charged on most transactions, but it is not as straightforward when it comes to the purchase of a business. If a business is buying the assets of another business alone then VAT will be charged against…
Budget summary When Philip Hammond delivered the last Budget 499 days ago, in the midst of the Brexit negotiations, he could not have imagined that the next Budget would be dominated by the spread of a lethal contagion. Nor is it likely that he thought Rishi Sunak – then a relatively inconspicuous junior minister –…
Speculation is increasing that Chancellor, Sajid Javid, will announce significant curbs on Entrepreneurs’ Relief in the Budget, or could even scrap the valuable tax relief altogether. According to the Financial Times, ministers are concerned that Entrepreneurs’ Relief is too generous to wealthy individuals. Entrepreneurs’ Relief allows business owners to pay half the usual 20 per…
Monday 6 April 2020 will see a range of tax changes come into effect with the start of the 2020/21 tax year. Some of these changes have the potential to have considerable implications for your tax bill, depending upon your specific circumstances. Here is a selection of the most significant changes: Capital Gains Tax (CGT):…
Businesses that rely on the production of guides, physical books, newspapers or other printed materials currently enjoy a zero-rating for VAT. However, those who sell and publish similar content online have had to pay VAT at the standard rate. This is now set to change after a decision made by the Upper Tax Tribunal (UTT)…
Most workers assume that their National Insurance Contributions (NICs), as reported by their employer or through their own records, are accurate and up to date. After all, within the Income Tax system, we have the comfort of an annual reconciliation process, so why would NICs be any different? However, it may come as a shock…
With less than three months remaining before the IR35 off-payroll working rules begin to apply in the private sector, HM Revenue & Customs (HMRC) has launched a revamped CEST IR35 off-payroll working tool. The rule change means that engagers, rather than workers, will be responsible for determining whether an engagement falls within the IR35 rules.…
A new set of Advisory Fuel Rates came into effect from the beginning of December 2019, which apply to employees who use a company car. The rates can be used in circumstances where you are reimbursing employees for business travel in their company car or in requiring employees to repay the cost of fuel used…
Figures published by HM Revenue & Customs (HMRC) have revealed that VAT revenue in 2018/19 rose by £7 billion from the previous year to reach a record £133 billion. In the ten years since 2008/09, the VAT take has risen by 52 per cent from £87.9 billion. The bulk of the VAT take last year…
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