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When you cannot use the Property or Trading Allowances

When you cannot use the Property or Trading Allowances

Two separate £1,000 tax allowances for property and trading income were introduced in April 2017. If you have both types of income highlighted below, then you can claim a £1,000 allowance for each. The £1,000 exemptions from tax apply to: If you make...
Responding to a personal data breach

Responding to a personal data breach

The Information Commissioner’s Office has a simple guide that explains what you need to do in the 72 hours following a data breach. The seven step approach advocated is set out below: Step one: Don’t panic It’s understandable if you’re...
The new Chancellor’s first speech

The new Chancellor’s first speech

The Chancellor has promised to take immediate action to fix the foundations of the economy, rebuild Britain and make every part of the country​ better off. In her first speech as Chancellor, Rachel Reeves pledged to leaders of some of the UK’s pioneering...
Are mega sized marshmallows zero-rated?

Are mega sized marshmallows zero-rated?

In the UK most basic food stuffs are zero rated. However, the definition of 'basic' is not straightforward and many of the foods are zero rated as a result of historical legislation dating back to the introduction of VAT in 1973. Famously, cakes are zero rated...
Business VAT responsibilities

Business VAT responsibilities

The taxable turnover threshold that determines whether businesses should be registered for VAT is currently £90,000. Businesses with turnover below this level can also apply for a voluntary VAT registration. Businesses charge VAT on their sales. This is...