Monthly Archives: January 2020
When assets can become a tax liability
There are certain assets that may be carried on your balance sheet at values higher than their market value or past their sell by date. If so, and if these amounts are written-off against your profits, you will pay less … Continue reading
Last week in the EU
At the end of this week, 31 January, the UK is leaving the EU. In actuality, we are entering the “transition” period during which we will need to negotiate our ongoing terms of trade with the EU. This transition period … Continue reading
VAT – how this can affect your cash-flow
Paying VAT should never reduce your business profits as you are acting as an unpaid tax collector for HMRC: the VAT added to your sales (less any VAT paid on your purchases) is simply collected from your customers (less amounts … Continue reading
Is your home a tax-free zone?
In most cases, if you have lived in your home during the entire period of your ownership of a property, then when you sell that property you should pay no capital gains tax (CGT) on any profit you make on … Continue reading
VAT – leaving the Flat Rate Scheme
The VAT Flat Rate Scheme (FRS) does simplify the calculation of VAT returns, but there are certain circumstances when you may no longer use the FRS. You will need to leave if your turnover on the anniversary of joining was … Continue reading
