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If you are self-employed as a sole trader or as a partner in a business partnership, then you must keep suitable business records as well as separate personal records of your income.  For tax purposes, the business records must be held for at l... Read More

The tax treatment of charities can be complex. Many charities trade either as part of their charitable interests or to raise funds. As a first step, any charity hoping to benefit from any beneficial tax treatment needs to be recognised as a charity f... Read More

HMRC’s new points-based penalty regime for late submission and payment will start from 1 April 2022. The changes will apply in the first instance to the submission of VAT returns for VAT return periods beginning on or after 1 April 2022. ... Read More

One of the main areas to consider in deciding how to treat a deductible expense is whether the cost is revenue or capital in nature. There is no single, simple test that can be applied to decide which items are capital expenditure and which are reven... Read More

There are important rules that all businesses must follow to keep business and accounting records accessible if requested by HMRC. The exact documentation that must be held and the time limits for doing so can vary significantly. For example, most co... Read More

Option to tax changes extended

Posted by: Amy Patterson

HMRC has temporarily changed the time limit from 30 to 90 days for notifying an option to tax land and buildings during coronavirus. This extension was due to expire on 31 March 2021 but has now been extended to 30 June 2021.The option to tax rules a... Read More

HMRC’s published guidance titled ‘Check a list of genuine HMRC contacts’ has been updated. The list is intended to help taxpayers check if recent contacts purporting to be from HMRC are actually a scam. The guidance contains a list of emails, phone c... Read More

Following the end of the Brexit transition period, businesses need to make customs declarations when exporting goods to the EU as well as to the rest of the world. Businesses can make customs declarations themselves or hire a third party such as... Read More

Following the end of the Brexit transition period new rules regarding tax and duty apply to goods sent to the UK from the EU. These changes are to ensure that goods from EU and non-EU countries are treated in the same way and that UK businesses... Read More

The new Trader Support Service has been designed to help businesses moving goods under the Northern Ireland Protocol from 1 January 2021, after the Brexit transition period comes to an end. There will be changes in moving goods between Great Britain... Read More

A Partnership is a relatively simple way for two or more persons (or legal entities) to set up and run a business together with a view to profit. Partnerships can take many forms. Legal persons other than individuals can also be partners in a partner... Read More

The Extra Statutory Concession (ESC) - C16 was a well-used extra-statutory concession that allowed company directors to treat final distributions as a capital disposal and close down their business in an efficient manner. ESC C16 was withdrawn in Mar... Read More