by admin | Oct 27, 2022 | Uncategorized
A new VAT registration process known as the VAT Registration Service or VRS was made available to agents from 1 August 2022. The VRS had been in testing mode for the previous 18 months and was used by over 37,000 businesses to successfully register for VAT. One of the...
by admin | Oct 27, 2022 | Uncategorized
In general, there is no Capital Gains Tax (CGT) on a property which has been used as a main family residence. This relief from CGT is commonly known as private residence relief. However, there are grey areas which might result in CGT being due on the sale of a private...
by admin | Oct 27, 2022 | Uncategorized
The majority of gifts made during a person's life are not subject to tax at the time of the gift. These lifetime transfers are known as 'potentially exempt transfers' or 'PETs'. These gifts or transfers achieve their potential of becoming exempt...
by admin | Oct 20, 2022 | Uncategorized
Using the VAT Flat Rate scheme, businesses pay VAT as a fixed percentage of their VAT inclusive turnover. The actual percentage used depends on the type of business. The scheme has been designed to simplify the way a business accounts for VAT and in so doing reduce...
by admin | Oct 20, 2022 | Uncategorized
Usually, if you sell an asset for less than you paid for it you would make a capital loss. As a general rule if the asset would have been liable to CGT had a gain taken place then the loss should be an allowable deduction. If an individual realises an allowable...
