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...
There are many ways in which your eventual liability to capital gains tax (CGT) can be minimised, particularly when share prices are depressed. Many of us may currently have some time on our hands to accelerate tax year end planning. Central to this is making use of...
Coronavirus has many people reflecting on their own mortality. So if you have more time on your hands during the lockdown, planning your estate may be a wise way to spend it. Benjamin Franklin observed there are only two certainties in life: death and taxes, and...
What you need to know for the tax year. The Government left it to the very last minute to announce its tax plans for 2020/21. Fortunately, Chancellor Rishi Sunak had a few surprises up his sleeve in last month’s Spring Budget. Three of the main taxes in the UK –...
Cryptocurrencies may have attracted their fair share of controversy, but there is little doubt their usage is becoming increasingly commonplace and acceptable. More companies are accepting digital tokens as payment, investors now consider them an asset class, and tax...
1. Deliberately decide what to take out Why? Because getting the best tax results is never a matter of chance The most tax efficient way to extract profits for director-shareholders is usually to pay a minimal salary and top up with dividends. The salary level can be...
