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Who can use the VAT retail schemes?
- June 10, 2021
- Posted by: mardenco
- Category: Value Added Tax
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VAT retail schemes are a special set of schemes used by retail businesses to account for VAT. The schemes are used by businesses that sell a significant amount of low value and/or small quantity
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Apportionment and duality
- June 10, 2021
- Posted by: mardenco
- Category: Business
When deciding whether an expense is allowed or disallowed it is important to consider that the expenditure must be incurred wholly and exclusively for the purposes of your trade or employment.
Under
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Bed and breakfast – the same day rule
- June 10, 2021
- Posted by: mardenco
- Category: Capital Gains Tax
Historically, the term bed and breakfasting (sale and repurchase) of shares referred to transactions where shares were sold and then bought back the next morning. This used to have Capital Gains Tax
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Changing a company accounting date
- June 10, 2021
- Posted by: mardenco
- Category: Corporate Governance & Regulation
There are special rules which limit the ability to change your company’s year end date. A company’s year end date is also known as its ‘accounting reference date’ and is historically set by reference
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Private residence relief
- June 10, 2021
- Posted by: mardenco
- Category: Capital Gains Tax
There is usually no Capital Gains Tax (CGT) to be paid when you sell your main family residence (referred to by HMRC as private residence relief) that has been used as your only or main residence.
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Tax when you sell a business property
- June 10, 2021
- Posted by: mardenco
- Category: Capital Gains Tax
There are various methods at your disposal to reduce or delay the amount of Capital Gains Tax (CGT) when you sell a property that has been used for business purposes.
For example, Business Asset
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Pre-trading expenditure
- June 3, 2021
- Posted by: mardenco
- Category: Corporation Tax
There are special tax reliefs for pre-trading expenses that are incurred before a business starts trading. These could include expenses that are required to help a business prepare for trading such as
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Cash basis for landlords
- June 3, 2021
- Posted by: mardenco
- Category: Business
The cash basis scheme helps sole traders and other unincorporated businesses benefit from a simpler way of managing their financial affairs. Landlords can use the cash basis when recording income and
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What is distance selling for VAT purposes?
- June 3, 2021
- Posted by: mardenco
- Category: Value Added Tax
Distance selling is the term used to describe supplies of delivered goods from one EU Member State to a customer in another member state who is not registered for VAT.
The recipients of most
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Tax when you sell an asset
- June 3, 2021
- Posted by: mardenco
- Category: Capital allowances
There are special rules that must be followed when you sell an asset on which capital allowances have been claimed. Capital allowances is the term used to describe the tax relief businesses can claim