Construction is one of those industries where a firm can be showing profit on paper but be short of cash. Raw materials and labour costs can be required to be borne weeks in advance of the certification of payment applications. Moreover, even once the payments have...
VAT is one of the most misunderstood areas of tax for hospitality businesses. Whether you run a small coffee shop, a busy restaurant or a takeaway, you must know how VAT on food and drink works for staying compliant and protecting your profits. The core VAT rules for...
It is very important for anyone investing in property, whether a landlord or running a business, to understand what the implications of stamp duty will be when purchasing property via a limited company structure. Although there can be tax benefits with a limited...
Becoming a landlord can be a smart way to build long-term wealth, but there is one thing that catches many property owners off guard i.e rental income tax in the UK. HMRC demands its share of the profit you earned. That’s why it is necessary to understand tax on...
When purchasing a second home for either investment, rental, or personal use, it is usually a sound financial investment. When you sell a second home for a capital gain, there is a very high probability that you will have a capital gains tax on the profit you made...
Many taxpayers in the UK have concerns over the HMRC's reach into their lives. The thought of tax authorities examining your private bank records appears to be a violation of privacy. However, the truth is somewhat more complicated. As of now, HMRC has strong...
The UK government has launched a new campaign against corrupt tradespeople. This has been accomplished by implementing a payments system designed to give homeowners more protection, as well as an authorised code of conduct for home renovation businesses. According to...
The HMRC Connect system compares the data supplied by the agency to that stored by banks, employers, payment systems, and other sources. The algorithm discovers any variations between the information and the reported values. Understanding how the HMRC is likely to...
Inheritance tax is no longer limited to the wealthiest individuals. With the rise in property and asset values, as well as the freeze on tax bands, many more individuals and company owners can be liable for Inheritance Tax when their estates pass. The current...