Do You Need To Pay Tax On Your Cryptoassets?

Cryptocurrency is an encrypted digital payment system working through a computer network which isn’t reliant on an authority to verify payments. Different assets include exchange tokens (used as a means of payment or investment), utility tokens (provide access to goods and services), security tokens (provide right or interests in a business) and stablecoins (built to…Read More

8 Ways To Reduce Your Capital Gains Tax Liability

1. Use your Capital gain tax allowance: You are allowed a tax-free Capital Gain Tax allowance of £12,300 (2021/22) before CGT will be due. This is a separate allowance to your tax free personal allowance for Income tax. Any gains of up to £12,300 in a tax year will therefore not attract capital gains tax.…Read More

Tax implications of a garden office

Tax implications of building a garden office on the company and director A garden office is a popular alternative to converting home space into a home office. Whether the garden office is built before you move in or is built yourself after you move in, the tax implications are the same. The building The building…Read More

Allowable Business Expenses

As we approach the end of lockdown and life starts to return to normal, so does our work life. With an increase in business meetings, travel, and staff returning to the office full time, it’s important to remember which expenses are allowable for tax purposes and which are not. More business meetings could mean clocking up…Read More

VAT Retail Schemes

VAT retail schemes can help make calculating your VAT easier by calculating your VAT once with each VAT return rather than for each sale you make. For goods sold that are inclusive of VAT, you deduct the VAT you must record. Whereas for goods that are sold exclusive of VAT you must add the VAT…Read More

Paying your deferred VAT

If you took the opportunity to defer your vat payment between March and June 2020, then you must act before 21st June 2021 to either pay in full or set up a payment plan with HMRC otherwise you will incur 5% penalty. Last year at the start of the covid pandemic, the government allowed businesses…Read More

VAT margin schemes

The VAT Margin scheme is when you charge your customers VAT on your sales, without incurringunfair VAT liabilities on the sales that are eligible for a margin scheme. This is because HMRC hasintroduced a fairer way to declare the VAT on sales for businesses that do not incur VAT on theirpurchases. How it works Usually,…Read More

The Budget 2021

The economy and headline figures The 2021 Budget took place on 3 March 2021. Chancellor Rishi Sunak announced that, as a result of the Covid-19 crisis, GDP shrank by 9.9% in 2020, the largest annual fall in 300 years according to a Bank of England report, albeit lower than the 11.3% forecast in November. However,…Read More

International Services-Brexit

Supply of services The two basic rules for services will remain unchanged post-transition: Business-to-business (B2B) services The basic place of supply of B2B services will be where the customer belongs. If the business customer belongs outside the UK, the supply is outside the scope of UK VAT. The UK service provider must include the sale…Read More

CIS Reverse Charge

Firstly what is a reverse charge? The reverse charge is described by HMRC as an Anti-fraud measure. It is a mechanism that shifts the liability for accounting for the output VAT from the supplier onto the customer. For chains with multiple contractors, this will transfer the liability to the final contractor in the chain who…Read More

Cross Border VAT- Goods arriving in the UK

International Goods From 1st January 2021 goods entering the UK will be an import and postponed accounting will be introduced for worldwide imports. This will be better for cash flow as it will mean that VAT is not payable by a VAT registered business at the time goods arrive in the UK. This will mean…Read More

Cross Border VAT- Goods Leaving the UK

International goods From 1st January 2021 all goods leaving the UK will be a zero-rated export. If you use QuickBooks to keep your records, the VAT code to use is 0.00% Z – Zero rate VAT. It is expected that the customer will be the importer of record in the destination country and therefore the…Read More

The Winter Economic Plan

Extra Help for Small Business Owners Here are 5 extra support offerings for small business owners announced on 24th September 2020 The Government has extended the 15% VAT cut for the tourism and hospitality sectors to the end of March next year. Businesses who deferred their VAT between March & June 2020 will no longer…Read More

VAT Flat Rate Scheme

With the VAT flat rate scheme, you pay a fixed amount of VAT on yourgross turnover, the actual percentage you use will depend on the typeof business.To start using the Flat Rate Scheme your business taxable turnoverhas to be £150,000 or less.You must leave the scheme if your turnover is over £230,000 includingVAT.You will then…Read More

Charles Lyell

Never call an accountant a credit to his profession; a good accountant is a debit to his profession.

Charles Lyell