Whether you are self-employed or run your business through a company, the profits you produce are subject to tax less any reliefs for past losses or investments in assets that qualify for tax relief. As most accounts software packages do not allow for these tax…
Month: April 2022
Planning for the unexpected
How do we plan for the unpredictability that is a recurring feature of our business lives? Brexit, COVID-19, and now the war in Ukraine, all conspire to create trading conditions that can best be described as chaotic. Present challenges include increasing energy and commodity prices,…
Landlords and Making Tax Digital
Landlords are described by HMRC as a property business and yet their income, rents received, is treated as an exempt transaction for VAT purposes, i.e., landlords do not need to register for VAT and submit quarterly returns. The only exception is if a let commercial…
Happy new tax year
Like so many of the regulations that govern our lives, the legislative processes underpinning these rules are anachronisms – things that belong to the past. For example, the present tax year ends on 5th April 2022. The reason that our tax year ends on this…