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...

Ceasing to trade does not automatically end a company’s legal or tax obligations. Where funds remain in the business, directors and shareholders should carefully consider how those monies are extracted in the most tax-efficient way. What Does ‘Dormant’ Mean? The...

King Charles III has delivered the 2026 King’s Speech, unveiling a massive slate of bills and regulatory overhauls. From a total crackdown on late business payments to a complete reshuffling of the railways and a vote for 16-year-olds, the legislative roadmap is...

With continued economic pressure affecting many sectors, unpaid customer invoices are becoming an increasing concern for businesses. For businesses taxed on an accrual basis, where income is taxed when invoiced rather than when payment is received — bad debt relief...

Many owner-managed businesses rely on shareholder loans to fund growth, acquisitions, or capital investment. While tax relief on interest paid on these loans can be valuable, it is subject to strict conditions—and in some cases, that relief can be lost unexpectedly....

The Capital Goods Scheme (CGS) adjusts the VAT you've claimed on high-value assets to reflect how you actually use them over time. If you own commercial property valued over £250,000, this scheme likely affects you—and the implications at the point of sale can be...

Determining the place of supply of services is essential for identifying where VAT is due. According to HMRC guidance, the place of supply is the location where a service is treated as being supplied and therefore where it is liable to VAT. (GOV.UK) Why It Matters...

Overview of Capital Allowances Capital expenditure on plant and machinery is generally not deductible when calculating taxable profits (unless using the cash basis under specific rules). Instead, relief is provided through capital allowances, either as immediate...