Tax group demands VAT simplification of food and drink rules

VAT rules for food and drink in the UK are “overly complex” and in need of reform, the Association of Taxation Technicians (ATT) has claimed. Chancellor Rishi Sunak used his Spring Budget to scrap the so-called ‘tampon tax’ when the Brexit transition period ends on 1 January 2021. The ATT hopes the decision to abolish …

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Inheritance tax planning in 2020/21

What to consider during the COVID-19 lockdown. Coronavirus has many people reflecting on their own mortality. So if you have more time on your hands during the lockdown, planning your estate may be a wise way to spend it. Benjamin Franklin observed there are only two certainties in life: death and taxes, and nothing marries …

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Coronavirus support for businesses

Options to limit the financial damage of COVID-19. It’s hard to believe that Rishi Sunak has only been the Chancellor since Valentine’s Day, given what he’s had to deal with in a matter of weeks since. On the back of delivering a Spring Budget, Sunak has revealed an unprecedented multi-billion-pound stimulus package to support businesses …

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Year-End Tax Guide 2019/20

Personal allowances & reliefs ISAs Pension contributions Inheritance tax Capital gains tax Entrepreneurs’ relief Upcoming changes Non-domiciled taxation Tax credits Corporation tax Business deductions VAT Penalties

Are workers employees?

“ It is important to know whether a worker is employed or self-employed as there are many differences in the way in which they will be taxed. Broadly, employees are taxed under the PAYE system with income tax and Class 1 national insurance contributions (NICs) being deducted from payments made to them. Class 1 NICs …

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R&D tax credits in practice

The UK tax system is complicated but research and development (R&D) tax credits can be especially tricky to understand. That’s partly because what counts as R&D, and what amounts to true innovation, is judged on a case-by-case basis against criteria that can seem almost abstract. For example, to qualify as R&D for tax purposes, your …

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Different types of business structures

You’ve got a business idea, you’ve got the skills, the concept, the motivation and maybe even someone that’s keen to pay for your services, but where do you start? What will you call your business? What business structure will suit it best? It may be that as your business grows you run through several different …

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