The Construction Industry Scheme (CIS) VAT Reverse Charge

By Natalie Ford

The chancellor confirmed that the CIS VAT domestic reverse charge measure will apply to supplies of construction work from 1 October 2020. When the reverse charge applies the customer accounts for the supplier’s output VAT. This measure only applies to construction supplies made by business to business.  Key conditions: Apply the reverse charge when all…

The Flat Rate VAT Scheme

By Natalie Ford

Limited Cost Trader The limited cost trader category was introduced on 1 April 2017, and its high rate of 16.5% gives minimal credit for input tax. It has wiped out many gains enjoyed by service-based businesses that spend less than £250 a quarter on goods, or less than 2% of their gross turnover. Don’t forget…

Budget 2020

By Natalie Ford

Coronavirus £5bn emergency response fund to support the NHS and other public services Statutory sick pay will be paid to all those who are advised to self-isolate, even if they have not presented with symptoms Self-employed workers who are not eligible for sick pay will be able to claim contributory Employment Support Allowance The ESA…

Property Capital Allowances

By Natalie Ford

Capital Allowances is a form of tax relief which can provide a valuable tax saving if claimed on certain property expenditure. Capital Allowances are available to owner occupiers, companies, small enterprises, partnerships, individuals and overseas investors. Who can claim? Anyone who owns an interest in a property, whether it be a freehold, leasehold or as…

Property CGT Update

By Natalie Ford

Capital gains tax payment date Current Rule Currently any capital gains tax is recorded on an individual’s personal tax return and the tax is payable on the 31 January following the end of the tax year (the 5 April).  New Rule From 6 April 2020, within 30 days of completion of sale, it will be necessary to submit a…

Pension Contributions from your Limited Company

By Natalie Ford

If you have a limited company, contributing to a pension can bring significant tax advantages. Pension contributions can be treated as an allowable business expense and offset against your company’s corporation tax bill. If you run your own business and it’s incorporated as a limited company, you can make personal pension contributions to a pension…

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