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Although suppliers such as mobile phone providers are VAT registered, a careful look at the invoices issued to customers shows the words ‘this is not a VAT invoice’—why is that? A valid VAT invoice is a crucial document for reclaiming VAT on purchases. It can be full, simplified, or modified, depending on the value of
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If you have room on your drive, you may be able to earn additional income by letting out one or more parking spaces. This can be done through the various apps that exist for this purpose. You can make your drive available on an ad hoc basis, for example, to provide parking near an event
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The interest restriction for landlords letting residential property on long lets, the proposed abolition of the favorable furnished holiday letting rules,, and lower corporation tax rates led many landlords to question whether it would be preferable to let property through a company instead. Like most things, there are pros and cons. Advantages As for any
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If you make donations to charity, you can benefit from tax relief on those donations. This can be achieved in various ways. Gift Aid If you are a UK taxpayer, you can claim Gift Aid on donations you make to charity. Where this is the case, the amount donated is treated as made net of
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How you operate your business determines the taxes that you pay and your reporting obligations. You are a sole trader if you work for yourself and run your business independently rather than through a limited company. By contrast, if you operate your business through a personal company, even if you are the sole employee and
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To qualify for a full state pension, you need 35 qualifying years. You can earn these through paying National Insurance contributions or being awarded National Insurance credits. Suppose you will not have sufficient qualifying years for a full state pension when you reach state pension age. In that case, you can ‘buy’ additional qualifying years
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