As our regular readers will be aware, the government has back-tracked on their original proposal to digitise taxpayers’ affairs. The original Making Tax Digital (MTD) plan to have most self-employed traders and landlords uploading accounts and VAT data from April 2018 was scrapped. The new plan – delayed until April 2019 – requires traders registered for […]

Read More

The European Commission has warned that some 130,000 companies could be affected by the UK leaving the EU’s value added tax area. The commission issued a notice earlier this month advising that with no agreement on tariffs, the UK will be treated as any other non-EU trading nation post Brexit. What does this mean? UK […]

Read More

For some time now, unincorporated businesses have been able to submit simplified accounts in order to settle their tax liabilities. The main advantage of this system is that income and expenditure is based on money received from customers and money paid to suppliers. In other words, the accruals basis, where income and outgoings are based […]

Read More

Generally speaking, the purchase of any vehicle where there is any element of private use means any reclaim of VAT may be restricted. HMRC’s website offers the following guidance: You may be able to reclaim all the VAT on a new car if you use it only for business. The car must not be available […]

Read More