Accounting Archives - Page 8 of 10

Covid bounce back loans, bad debts and fraudulent activity

Post author:Chris-Wilkins
Post published:May 4, 2023
Post category:Accounting

Stuck between a rock and a hard place at the height of the Covid pandemic, facing the potential collapse of the UK economy, HMRC announced fast-track funding. While many warned at the time that the application process was open to fraudulent activity, the government distributed approaching £100 billion in grants and loans. The bounce-back loan scheme is attracting the most interest amid concerns of bad debts and fraudulent activity on a criminal scale.

Is inflation a form of tax?

Post author:Chris-Wilkins
Post published:September 16, 2022
Post category:Tax Accounting

We are all taught that controlled inflation is critical to long-term economic growth, while out-of-control inflation can decimate spending power. But, as inflation impacts businesses and households, government spending and personal income, this prompts the question, is inflation a form of tax?

How to structure the purchase of expensive assets with private usage in a business

Post author:Chris-Wilkins
Post published:August 4, 2022
Post category:Tax Accounting

The most common type of benefit in kind is a company car which, under a limited company structure, can attract significant tax liabilities. We will now look at the benefit in kind tax calculation under a limited company and consider ways to mitigate this.

Paying tax on the sale of a property must be simple?

Post author:Chris-Wilkins
Post published:July 19, 2022
Post category:Tax Accounting Property
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As an outsider looking in, surely the taxation of property gains is relatively straightforward? Understandably, maybe there are different rates for companies and individuals, but how much more complicated can it be?

Business Asset Disposal Relief

Post author:Chris-Wilkins
Post published:July 1, 2022
Post category:Tax Accounting
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Business Asset Disposal Relief is a means by which individuals (not companies) can reduce their capital gains tax liability on the disposal of material business assets.

Do other countries operate a domicile system similar to the UK?

Post author:Chris-Wilkins
Post published:June 20, 2022
Post category:Tax Accounting International Finance
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Those domiciled in a country tend to pay tax on their worldwide income, while those with a non-domicile status are often shielded from tax on their overseas income/wealth.

Making Tax Digital is already an international phenomenon

Post author:Chris-Wilkins
Post published:June 13, 2022
Post category:Tax Accounting
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The UK government is pushing "Make Tax Digital" to simplify VAT returns for businesses and capture "missing" VAT funds. A report by the EU in 2018 suggested there was a VAT gap in the UK of €23.4 billion.

Why is your domicile so important?

Post author:Chris-Wilkins
Post published:May 17, 2022
Post category:Tax Accounting
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In this article we explain why is your domicile so essential, and what are the implications with regards to taxation?

Property VAT made simple

Post author:Chris-Wilkins
Post published:May 6, 2022
Post category:Tax Accounting Property
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When you mention tax and the property market, people automatically assume you are talking about SDLT (stamp duty land tax). However, many people are unaware that value-added tax (VAT) is a factor in many property transactions.

Spring Statement 2022

Post author:Chris-Wilkins
Post published:March 26, 2022
Post category:Tax Accounting Property
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Against a backdrop of rising inflation, Chancellor Rishi Sunak presented his first Spring Statement on Wednesday 23 March 2022.