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Has Post Office wrongly claimed tax relief for compensation?
Business TaxIt’s been widely reported that the Post Office wasn’t entitled to tax relief for compensation it expects to pay to sub-postmasters. If that’s the case, might you be in trouble with HMRC if you’ve ever claimed relief for compensation paid to a customer?
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Pros and cons of charging your company rent
Business Tax, Personal TaxIf you own your business’s trading premises, charging rent can be a good way to extract income. The trouble is it can increase any capital gains tax (CGT) payable if you sell the property. Can the income tax saving justify the extra CGT?
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Tax deduction for a gifted asset?
Business TaxYou received a smart new laptop for Christmas which you’ll use for work. Even though it cost you nothing can you claim a tax deduction in respect of the business use?
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Tax codes - how important are they?
Personal TaxIf you’re a director or employee HMRC adjusts the tax you pay on your salary by changing your tax code. At any one time it’s estimated that more than one in three codes are incorrect. Sounds bad, but does it really make much difference?
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How much VAT can you claim on mixed use assets?
VATYour business is buying two assets, a yacht and a motorbike, which will both have business and private use because they will be available to staff and directors for leisure trips. How much input tax can you claim on these purchases?
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Cash basis accounting - what’s the latest?
Business TaxThe cash basis of accounting is to become the norm for unincorporated businesses when calculating profits for tax purposes. What steps do you need to take to prepare for the change and what impact might it have on your tax bills?