VAT accounting schemes are special methods that allow businesses to calculate, report, and pay Value Added Tax(VAT) in simpler or more cash-flow-friendly ways. These schemes are typically designed for small and medium-sized businesses to reduce administrative effort. Each scheme comes with its own rules…
For many new business owners, freelancers, and even experienced traders, VAT (Value Added Tax) can feel like one of the more confusing parts of navigating the UK tax system. Yet VAT is a fundamental part of doing business, and understanding how it works can…
Double Taxation and UK Tax Rules Sometimes, people or businesses have to pay tax in more than one country on the same income, for example, if they live in one country but earn money in another. The UK has Double Taxation Agreements (DTAs) with…
What is MTD for Income Tax Self-Assessment? Making Tax Digital (MTD) for Income Tax is a new method for submitting a summary of your income and expenses to HMRC. Who will MTD for Income Tax apply to? MTD will be mandatory only for individuals…
Tax reliefs in UK Business Asset Disposal Relief (BADR) is a tax relief in the UK that allows individuals to pay a reduced capital gains tax (CGT) rate of 10% on gains from qualifying business disposals. It was previously called Entrepreneurs’ Relief until the…
A UK tax year runs from 6 April to the following 5 April. The last tax year started on 6 April 2023 and ended on 5 April 2024. When we talk about important dates for tax, these include the dates ‘during the tax year’…
Landlords can claim certain allowable expenses from their rental property income when calculating their taxable profits and can reduce their tax bill. All the exepnses other than the capital expenditures (for improvements to the property) are allowable expenses, as long as they are incurred…
You must send a tax return if in last tax year you: At GM Accountants & Tax Consultants, our team of qualified accountants can assist and guide you on submitting your tax return, amending a previously submitted return and other tax matters. Do not…
CGT is a tax which is charged when you sell, give away as a gift, exchange for something else or in any other way dispose of an asset for profit or gain.
Book keeping is necessary for all businesses that are looking to keep themselves on track and under compliance with the tax authorities. Apart from the standard compliance activities these records can help you to secure finance, mortgages, prepare the business for sale and more…
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