Category: VAT

HM Revenue & Customs Investigations

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Did you know that in 2015/16, HM Revenue & Customs (HMRC) secured a record £26.6bn of additional revenue through tax enquiries into businesses and individuals? Their target for the future is even higher. The fact is that HMRC is becoming more and more focused on investigating those they believe may not be paying the right amount of tax. What triggers an investigation? HMRC claims compliance checks are normally triggered when there…

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Rich Pickings From Pastures New

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If your business is setting up a new venture, then consider whether it would be appropriate to establish a separate business entity to undertake this move. There are significant tax advantages that could derive from using a separate company or stand-alone LLP to house a new venture. This could be the case in a diverse range of circumstances including ventures where: • You are seeking to motivate and incentivise senior staff; • VAT planning may be an issue; • the venture…

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VAT is the question

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VAT is not the ‘simple tax’ which Chancellor Anthony Barber referred to when it was introduced in 1974. While it may not offer planning opportunities to all businesses, there are many for which careful thought can realise genuine – and significant – savings. The first question – for the smaller business – is whether or not to register voluntarily for VAT. Where work is predominantly ‘B2B’ in nature, registration is…

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Have you considered switching your business onto the VAT Flat Rate scheme?

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For some clients its simplicity just makes life much easier.  But in other cases it can also save a trader thousands of pounds a year.  That doesn’t apply in every case – but I’ve just saved a client some £4,000 in her first year of trading. That discussion was certainly worth a few minutes of our time – and will help her to enjoy both a happier Christmas and a…

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