Tax Relief on Rent Free Periods

Tax Relief on Rent Free Periods

You’ve signed a new lease on your premises and negotiated a rent-free period with your landlord. How will this affect the timing of tax relief over the term of the lease? Tax timing The timing of a tax deduction can affect your company?s cash flow, especially if...
The Statutory Residence Test

The Statutory Residence Test

The statutory residence test was introduced in 2013/14 to provide certainty to those who need to determine their tax residence for a given year. But how do the rules work in practice and what traps might be lurking to catch out the unwary? BACKGROUND Until 2013/14 the...
VAT Implications of Christmas Gifts

VAT Implications of Christmas Gifts

With Christmas approaching, clients are likely to start asking whether VAT can be reclaimed on seasonal gifts and staff parties. The rules on these can be confusing, so what should your advice be? SEASONAL GIFTS The cost of giving business gifts, for example to staff...
10 reasons why SME’s should use Cloud Accounting

10 reasons why SME’s should use Cloud Accounting

Shop-owner, builder or photographer – whatever the business, it can be very difficult to keep on top of finances while making sure customers are happy and bills are paid. It is all too easy to file invoices away into a glove compartment or forget to keep on top of...
Recovering VAT incurred before registration

Recovering VAT incurred before registration

A 2015 VAT case considered the rules regarding recovering VAT incurred before the effective date of registration. What can clients do to maximise the amount of pre-registration VAT they are entitled to claim, and are there any traps to consider? EARL REDWAY V HMRC...