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Understanding which supplies are zero rated for VAT is essential for any business. A zero-rated supply is still a taxable supply, but it is charged at a 0% VAT rate. This distinction is important because VAT incurred in making a taxable supply can
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If you have tenants living in your property, it is important to understand the Capital Gains Tax (CGT) implications. In most cases, there is no CGT to pay when you sell a property that has been your main residence, as the gain is covered by Private
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When issuing invoices, it is important to apply the correct VAT treatment. In some cases, that means not charging VAT at all. Although most UK businesses charge VAT at the standard rate of 20%, there are other rates and categories that may apply.
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National Insurance credits can help qualifying applicants to fill contribution gaps in their National Insurance record. This can help taxpayers increase their number of qualifying National Insurance years, which may increase the number of benefits
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An application to claim child benefits can usually be made 48 hours after you have registered the birth of your child, or once a child comes to live with you. An application for child benefit can be backdated for up to 3 months. An application for
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The government has announced a new package of measures designed to improve access to finance for creative businesses across the UK. The initiative aims to support firms operating in areas such as film, television, music, design, publishing, gaming
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When planning pension funding, inflation is often acknowledged but not always fully reflected in contribution decisions. Using an average inflation rate of around 5% over recent years helps to illustrate why this matters so much. Even when inflation
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There are simplified expenses arrangements available for sole traders and business partnerships (with no corporate partner) that allow the use of fixed mileage rates instead of working out the actual costs of buying and running a vehicle (such as
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The Annual Investment Allowance (AIA) is a generous tax relief that allows for the total amount of qualifying expenditure on plant and machinery to be deducted from pre-tax profits. The maximum amount that can be claimed for the AIA is limited to a
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There are several reasons why you might need to file a self-assessment tax return. This could apply if you are self-employed, a company director, have an annual income over £150,000, or receive income from savings, investments or property. You must