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
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?
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?
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?
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
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?
Now that the economies around the world are opening up slowly with an effort to fight the pandemic and the financial meltdown, a lot of measures are being taken by the states to counter the fallout of the lockdown. New steps are taken and businesses and austerity measures in the form of financial push in … Continue reading The New Financial Schemes during the Post Pandemic Period
It is said that every dark cloud has a silver lining. The current pandemic situation has acted as a severe curse for the entire world. Still, in one way or the other, it has revealed one good thing that has so far been left either unrealized or unaccounted for – it’s the benefits of cloud-based … Continue reading How Cloud-Based Accounting System Is Beneficial For Business during This Pandemic Period