Unincorporated businesses could be about to see significant changes to the ways in which they are taxed, following the launch of a Government consultation. The Government plans to reform the basis period rules in a bid to simplify how unincorporated businesses, such...
An introduction to the main business tax. VAT is a business tax on the supply of goods and services. It is charged at varying rates depending on what is being supplied, who it is being supplied to and where it is being supplied to. But with Brexit, temporary rate...
What’s ahead for companies, from rate rises to Making Tax Digital. For the past 40 years or so, corporate tax rates have decreased steadily around the world. In 1980, the global average stood at around 40%, but by the end of 2020 it was closer to 24% as various...
Think of it as the portal to HMRC’s online services. Many businesses will already have made use of their Business Tax Account (BTA), for example in connection with Making Tax Digital for VAT (MTD for VAT). But they may not have explored all the services on offer, so...
Many businesses turned chameleon during Covid-19, changing core business to adapt. But whether you’re a florist making face masks or a farm shop starting home deliveries, what about tax? If a business starts a new trade, it’s normally treated as a separate trade for...
How it works and interacts with capital allowances. The VAT capital goods scheme affects input VAT recovery relating to high-value capital assets. Input VAT is a tax incurred on most purchases made by VAT-registered firms, and they can usually reclaim it from HMRC in...
