For many owner-managed businesses, involving a spouse in the company structure can be an effective way to utilise personal allowances and optimise the family’s overall tax position. However, while paying dividends to a spouse may seem like a simple planning strategy,...
As a general rule, VAT cannot be recovered on goods or services that are intended for personal use. Where a business incurs expenditure and those goods or services are subsequently used privately, this is treated as a taxable self-supply, meaning VAT may need to be...
This newsletter looks at how VAT recovery on an asset alters with a change in its use. Suppose that a business purchased an asset (e.g., a building) for a project expecting to use it in its taxable business, and recovers all the VAT on the purchase. However,...
Running a small business in the UK comes with a great deal of financial responsibility, and understanding your tax obligations is one of the most important parts of staying compliant. Tax can feel overwhelming, but with the right guidance, it becomes far more...
Managing a rental property comes with a great deal of financial responsibility. From tracking rental income and maintenance costs to ensuring you remain compliant with HMRC, staying on top of your finances is essential. Yet for many landlords, the day-to-day demands...
