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If a VAT-registered business has taxable income only (including zero-rated sales), it is entitled to full input tax recovery on its expenses, subject to the usual rules. Businesses with exempt income only cannot claim input tax and will not be registered for VAT, in most cases. The ‘trap’ problem comes when a business makes both
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In personal and family companies, the lines between the company’s finances and the director’s finances may become blurred. A director may withdraw money from the company for personal use or may lend money to the company. The company may pay some of the director’s bills, and the director may personally meet some company expenses. The
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It may be desirable to sell some or all of a garden or the land attached to a residence separately from the residence itself. Where this is on the cards, it is essential to plan to prevent an unwanted tax liability from arising accidentally. Here, the separate sales must be conducted in the correct order
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A resident and domiciled person in the UK is liable to UK tax on their worldwide income. Consequently, if they have overseas property that they rent out, any rental profits are taxable in the UK. Separate overseas property business As far as property rental businesses are concerned, UK properties and overseas properties are treated as
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Suppose you provide your services to an end client through your limited company or other intermediary. In that case, you may fall within the scope of either the off-payroll working rules or the anti-avoidance rules known as ‘IR35’. Both aim to redress the tax and National Insurance balance where the worker would be an employee
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A sole trader or partnership business may lose money for several reasons—not necessarily because it is not doing well. A company can be operationally successful but report losses due to various strategic, financial, or external factors. There are several options available to gain tax relief for a loss. The default position is the ability to
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