A new start up business- what profits are taxed?

August 30, 2017 | by Sian Kelly | No comments


An unincorporated business pays tax on what is known as the `current year basis’. This means that, as a general rule, the profits for a tax year are taxed by reference to the profits for the 12 months to the accounting date that ends in that tax year.

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VAT flat rate scheme and relevant goods- What counts?

August 07, 2017 | by Sian Kelly | No comments

The VAT flat rate scheme is a simplified VAT scheme, which allows small traders (turnover of £150,000 excluding VAT) to account for the VAT that they pay to HMRC by reference to a percentage of their VAT-inclusive turnover.

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Inheritance Tax- the Residence Nil Rate Band and downsizing

August 02, 2017 | by Sian Kelly | No comments

The residence nil rate band (RNRB) is an additional nil rate band, which is available where a death occurs on or after 6 April 2017 (or, in the case of married couples and civil partners, the death of the second spouse/civil partner occurs after that date) and the property is left to direct descendants.

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A quick guide to Corporation Tax and trading losses

August 02, 2017 | by Sian Kelly | No comments

Relief may be available where you operate your business through a company and you make a loss.

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A quick guide to Capital Gains Tax

July 14, 2017 | by Sian Kelly | No comments

Capital gains tax is payable on net gains to the extent that they exceed the annual exempt amount.

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NI contributions for the self-employed

July 14, 2017 | by Sian Kelly | No comments

Following the Spring Budget, the National Insurance treatment of the self-employed hit the headlines

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