A Brief Account of VAT charged on a Mixed Property in the UK

Before we get into the thick of things in regards to VAT charged on mixed property, let’s find out what a mixed property is. Going by the legal definition in accordance to the UK laws, a property that has both residential as well as non-residential elements in it can be termed as a mixed property.  … Continue reading A Brief Account of VAT charged on a Mixed Property in the UK

How Private Residence Relief Can Exempt The Capital Gains Tax?

When you dispose of your residential property, you will accumulate a capital gains tax (CGT) on it. But you can get exemption from the same partially or fully with the private residence relief (PRR) and today we will discuss how. We will also discuss what affect the application of these instruments and whether any exceptions … Continue reading How Private Residence Relief Can Exempt The Capital Gains Tax?

What All Does an Accountant Need to Tell You about Multiple Dwelling Relief?

Before we get into an in depth discussion about Multiple Dwelling Relief, let us at first what it is. By lay man’s terms, it is an exemption provided by the HMRC to an individual, on the tax that is payable on the monetary transaction for the purchase of more than one dwellings.  In fact, a … Continue reading What All Does an Accountant Need to Tell You about Multiple Dwelling Relief?

Role of an Accountant in Helping Clients Reduce HMRC Tax on Company Car

Business runners are often in a dilemma about using their company cars. They are often concerned about the HMRC tax payable on the use of the company car. However, there are clauses that will help them get some exception. And it is the responsibility of the professional tax advisors and accountants to guide their clients … Continue reading Role of an Accountant in Helping Clients Reduce HMRC Tax on Company Car

Roles & Responsibilities of Professional Accountants in Regards to New Pay-off Working Rules

Thanks to the new Off-Payroll working rules, often referred to as the New Rules, which have come into effect on and from 6th April 2021, the professional accountants have their tasks cut out. They have the responsibility of guiding their clients to make the most of the new rules. Here is where, probably the advantage … Continue reading Roles & Responsibilities of Professional Accountants in Regards to New Pay-off Working Rules

What are the Top 10 VAT Inspection Errors that Seasoned Accountants Avoid?

When it comes to calculating the VAT a professional accountant cannot be lackluster, as it will invite a plethora of troubles in the form of errors that will put the clients in rough weather. That is the reason you must opt for a quality accountant, who will come up with some error-free VAT inspection. Therefore, … Continue reading What are the Top 10 VAT Inspection Errors that Seasoned Accountants Avoid?

Role of Experienced Accountants in Providing Guidance on HMRC Class 2 National Insurance

Before we get into the thick of things, let us at first see what National Insurance (NI) is. Technically speaking, NI has similarities to income tax, but with a difference. Unlike income tax, NI helps to pay up for certain state benefits at times when an individual needs assistance in certain situations, like when they … Continue reading Role of Experienced Accountants in Providing Guidance on HMRC Class 2 National Insurance

The Role of Accountants in Helping Businesses to Fight the COVID Crisis

The COVID 19 driven pandemic has shaken the economic structure of states all over the world from very within. And the ordeal is still not over. As England reels under the fresh bout of the British strain of the coronavirus, the Government has slapped fresh lockdown, with the next announcement expected around 22nd February 2021.  … Continue reading The Role of Accountants in Helping Businesses to Fight the COVID Crisis

What is Going to be the Likely Impact on VAT after Brexit?

Value Added Tax (VAT), in layman’s terms, can be defined as a tax that is levied on the consumption of various goods and services. Generally, any business would charge VAT on its customers based on the sales that they have generated. It will then remit the VAT that it has collected, to the National Tax … Continue reading What is Going to be the Likely Impact on VAT after Brexit?

Efficacy of Cloud-based Accountancy in New normal Situation

The COVID 19-driven pandemic has changed our lives for quite some time, if not forever. It has changed the way we live, we think and above all, we behave. This sudden and all-encompassing change has affected every area of our life. The world of business has also seen a sea change during the post lockdown … Continue reading Efficacy of Cloud-based Accountancy in New normal Situation