In the UK most basic food stuffs are zero rated. However, the definition of ‘basic’ is not straightforward and many of the foods are zero rated as a result of historical legislation dating back to the introduction of VAT in 1973. Famously, cakes are zero rated but not all biscuits are zero rated. However, biscuits
If you are a higher rate or additional rate taxpayer you have the option to carry back your charitable donations to the previous tax year. A request to carry back the donation must be made before or at the same time as your previous year’s self-assessment return is filed. This means that if you made a
HMRC has published new guidance for taxpayers that regularly sell goods or services through an online marketplace. The guidance makes it clear that this activity could be treated as a ‘trade’ for UK tax purposes. If this is the case taxpayers may need to pay tax on income they earn from buying and selling goods
Call TaxAssist Accountants 0203 827 6333 The Christmas period is the most profitable time of the year for many businesses, so it’s important that you start planning as early as possible. Read this guide for tips on getting your company ready for the holiday season. Analysis by retailer John Lewis showed searches for ‘Christmas gifts’
Contact TaxAssist Accountants via email or 0203 8276 333. Every penny counts in business so being efficient with your tax planning can have significant advantages. This guide outlines eight ways you can reduce your tax payments. Claim your expenses Expenses that are “wholly and exclusively” for the purposes of running your business can be deducted
Contact TaxAssist Accountants via email. With the UK’s interest rates at a record high, what can business owners, landlords and homeowners do to deal with the impact? As the Bank of England looks to tackle the UK’s soaring inflation, it has raised interest rates 13 times since December 2021. The increase to 5% in June
TaxAssist Accountants Email: [email protected] Telephone: 0203 827 6333 Following the surprise announcement by the Chancellor of the Exchequer that he would abolish the Lifetime Allowance; we have seen a marked increase in queries from clients with larger pension pots. Clients are starting to wonder if it now makes sense to move money from a general investment account
TaxAssist Accountants Email: [email protected] Telephone: 0203 827 6333 Chancellor Jeremy Hunt announced his first Budget to Parliament on Wednesday, 15th March, as he aims to grow the UK economy. The Government stated it wants to halve inflation by the end of 2023 and ease the cost-of-living crisis, with the Budget designed to soften the financial burdens on
TaxAssist Accountants Email: [email protected] Telephone: 0203 827 6333 As we approach the end of the 2022/23 tax year, it is worth taking some time to make sure you have done all you can to ensure your tax affairs are as efficient as they can be. To help you do this, we have identified some of the key
TaxAssist Accountants Email: [email protected] Telephone: 0203 827 6333 Increases in the costs of consumer goods, underpinned by strong demand and supply chain bottlenecks, have all been factors causing rising inflation. A sharp rise in food prices, along with increases in household energy tariffs and petrol costs have forced the majority of the population to assess household budgets.
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