How to handle late VAT claims

Tax returns are one of the few areas of tax issues that most of us look forward to. That’s why it’s always a disappointment when it turns out that you’ve missed the chance for a VAT claim. However, you still have a chance even if your VAT claim is late. Find out how to make […]

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How to save on VAT in construction projects

Many who take on construction projects assume that the VAT on building work is 20%, as in most other cases. However, there are specific instances in which this tax can be reduced to 5%, vastly increasing the profit gained from the endeavour. Both builders and developers must be aware of which instances this may occur, […]

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The construction industry faces new VAT regulations

Starting on 1 October 2019, a new legislation by HMRC is coming into force that will influence the construction industry. Its purpose is to change the way VAT liability is handled for construction businesses, introducing a reverse charge that is supposed to make the process far clearer. How it works As of now, the VAT […]

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Transferring company shares to your spouse – how to gain the most from it?

When it comes to smart tax management, handling your shares in your company can prove to be crucial. If you have a spouse, you can definitely benefit by providing them with a share, whether they’re involved in your business or not. This can work to improve your tax bill, but the main question is this: […]

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Profit extraction – is it an acceptable practice?

Managing the stocks of your company is pretty delicate business. With various regulations in place, HMRC aims to exert a certain degree of control over how the stocks of your business are managed and taxed. There are a set of specific rules that govern when it is acceptable to utilise the goods of your company […]

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Spreading profit tax in family companies

When running a company, family or otherwise, effective tax planning can help you out a lot. Tax avoidance, while not exactly illegal, may raise a few eyebrows at the HMRC, but that’s far from the only way that you can effectively manage your tax efficiently to ensure maximum gains. One option seems particularly viable for […]

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The issues surrounding the taxation of cryptocurrencies

Cryptocurrencies such as Bitcoin are still a relatively new addition to the world of finances and, as such, the rules surrounding them aren’t completely clear as of now. It was a quick development that was difficult to predict and prepare for, and thus the issue of taxing Bitcoins and other cryptocurrencies is still mostly up […]

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When is paying your tax late excusable?

Paying your taxes is one of the most fundamental obligations you have as a citizen of any country. It goes without saying, then, that not paying your taxes will result in a penalty. In the case of the UK, the HMRC has been aligning penalties for most taxes ever since 2008. Among the regulations established […]

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What is CIS deduction?

Running a business in the UK might be considered smooth sailing, but it’s not a process devoid of formalities and responsibilities. This is, of course, very important to keep track of in order to make sure everything is running in accordance with legal regulations. One of those that is relevant to construction work in particular, […]

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