Deregistering for VAT

Deregistering for VAT

VAT l

These days VAT thresholds are the subject of much speculation, with the Government concerned that many business owners deliberately choose to stay below the VAT-registration threshold.

Limiting your ambition in this way might seem counter-intuitive – surely you want your business to get as big as possible?

Starting a business

Businesses l

Britain is a nation of fearless entrepreneurs, but the likes of Richard Branson and James Dyson didn’t go from rags to riches instantly.

Branson needed a £300 loan to get his magazine up and running after dropping out of school at the age of 16, while Dyson produced 5,167 prototypes before inventing his vacuumless dust-buster.

November 2018 Tax Insider

Tax l

This months edition includes:

– Most small businesses receive funding boost
– Small firms not ready for no-deal Brexit
– Budget 2018: Tax and business round-up
– Government announces apprenticeship levy reforms

TQOTW: PROFESSIONAL GAMBLING

Tax l

My client’s son is a professional poker player and wins around £4,000 a month from playing poker. This is all he does and has no other earnings. Are the winnings taxable if playing poker is his profession?

HR EXPERT: TIPPING WAITERS

HR l

My client has heard that the law on dealing with tips is going to change. He runs a restaurant and currently passes on only 75% of tips to the employees. Will he be able to carry on doing this?

VQOTW: WHAT DO HMRC MEAN BY TAXABLE TURNOVER FOR MAKING TAX DIGITAL

VAT l

My client works through her own limited company, providing public relations and marketing consultancy to businesses in the UK and all over the world. The business is VAT registered in the UK on a voluntary basis; is she going to be affected by Making Tax Digital?

TQOTW: PENSION CONTRIBUTIONS

Tax l

My client takes most of their funds from the company via dividends. How much can they and/or the company contribute to their pension?

VQOTW: AGRICULTURAL FLAT-RATE SCHEME

VAT l

We have a client who runs a plant nursery and claims that he is exempt from registering for VAT as the business falls under market gardening. I have searched HMRC’s website but can find nothing on this subject. Is he correct?

October 2018 Tax Insider

Tax l

This months edition includes:

– Apprenticeships fall 31% in the last academic year
– Chancellor mulls abolishing dividend allowance
– Treasury shelves plan to scrap class 2 NICs
– IPPR leads call to replace inheritance tax system

Read the full article here

Using pension funds in your business

Businesses, Pensions l

As traditional loans fall out of favour with increasing numbers of business owners, you may be looking for an alternative route for financing – and your pension could be the answer.

Data from the British Business Bank shows that in 2017 the number of small businesses seeking traditional bank loans reached a record low of only 1.7%.

Read the full article here.