A growing number of investors are seeking ways to invest tax-efficiently in places other than their pensions and ISAs, usually because they have already fully used their ISA allowances, and significant pension contributions have compounded over the years.
An ongoing area of risk for both VAT registered and Non-VAT registered businesses is the place of supply of their services, as there are many small difference which can catch suppliers out. For VAT purposes, the place of supply is generally where a business is liable to charge VAT.
There is a special mechanism to recover VAT incurred on building, or converting a non-residential property into, a new home for you or a family member to live in. This is often referred to as a DIY VAT claim and is well worth exploring to recover some of the VAT costs that could otherwise be forgotten about.
Taxpayers in the UK face an increase in taxation from April 2022 to fund long awaited reforms in social care and additional support for the NHS.
When Making Tax Digital for VAT (MTD) was introduced back in 2019, it was compulsory for most businesses trading above the VAT threshold of £85,000 to keep records in a digital format and submit their VAT returns using MTD compatible software.
In an environment where staff shortages are endemic, it may well be businesses which have to bear the brunt of the National Insurance rise, says James Shipp of Lovewell Blake.
HMRC has urged taxpayers to stay alert to the threat of digital scams and scammers claiming to represent HMRC.
The CIOT (Chartered Institute of Taxation) has warned that some claims being made by firms offering help with Stamp Duty Land Tax (SDLT) refunds are too good to be true.