Business Asset Disposal Relief (BADR) is a valuable tool that helps business owners reduce the amount of Capital Gains Tax (CGT) they need to pay when they dispose of an asset, such as selling part or all of their business. Formerly known as Entrepreneurs’ Relief, BADR offers potential tax savings, but it comes with strict […]
Capital Gains Tax (CGT) might sound complicated, but if you’re thinking of selling a property, it’s something you need to get familiar with. Whether you’re selling a second home, a rental property, or even giving a property away, CGT can impact the profit you make. Let’s break down everything you need to know about how
How to Handle Capital Gains Tax on Property in the UK? Read More »
What exciting times we live in! Get started in cryptocurrency is part and parcel of the new-age, but it comes with its own set of tax rules that can easily trip you up if you’re not prepared. Many new investors don’t realise that even though there’s no specific ‘crypto tax’ in the UK, you still
Running a limited company in the UK means you might need to submit a Company Tax Return and pay Corporation Tax on your profits. Corporation Tax is a tax on the profits made by limited companies and other types of organisations, like members’ clubs or trade associations. Profit is the total income left over after
How Do I File My Company Tax Returns and Reduce Corporation Tax Bill? Read More »
Capital Gains Tax is the tax on the profit (‘gain’) you make when you dispose of an asset. ‘Disposal’ can include selling, gifting, swapping, or even receiving compensation for a lost asset. Important Note: CGT usually applies to individuals (sole traders, partners) but not incorporated businesses like limited companies. If you’re operating as a limited
The Flat Rate Scheme (FRS) offers simplified VAT accounting for businesses that meet specific eligibility criteria. The simplicity of FRS makes it attractive to smaller businesses, particularly if your business has little recoverable VAT expenses. This guide walks you through the details of how businesses can join, remain in, or leave the FRS, and explains
Flat Rate Scheme (FRS) Eligibility, Joining, and Leaving the Scheme Read More »
The Flat Rate VAT Scheme (FRS) is a popular choice for small businesses as it helps to simplify VAT reporting. However, if your business spends a minimal amount on goods, you might fall under the Limited Cost Trader category, which affects the VAT rate you pay. Let’s dive into what it means to be a
The Flat Rate Scheme (FRS) was introduced to make VAT reporting simpler for small businesses by eliminating the need to track and claim VAT on purchases. Instead, businesses apply a fixed rate of VAT (known as the flat rate percentage) on their total VAT-inclusive turnover.We’ve already explored ‘What is the VAT Flat Rate Scheme (FRS)
How to Operate the Flat Rate VAT Scheme (FRS): Accountant’s Insight Read More »
When it comes to VAT registration, small businesses and self-employed individuals often grapple with the complexity of VAT returns. Read more on VAT here!The Flat Rate VAT Scheme (FRS) offers a simpler alternative for small businesses, designed to reduce the administrative burden while keeping your tax obligations in check. Let’s make it as easy as
What is the VAT Flat Rate Scheme (FRS) for Small Businesses: 8 Step Guide Read More »
If you’re running a small business, you’ve probably encountered the term VAT and may be wondering what it means for your operations. Value Added Tax (VAT) is a crucial part of the UK tax system, impacting businesses across all sectors. Whether you’re new to self-employment or considering VAT registration, understanding how it works, the benefits,
