Tax Determinations – What You Need to Know When you fail to submit a self-assessment tax return, the term tax determinations comes into play. A tax determination is the formal calculation by HM Revenue & Customs (HMRC) of the tax they believe you owe. It is...
Local accountants and tax advisers, Trueman Brown, warn businesses what capital allowances are available for expenditure on business cars. Capital allowances are a mechanism for providing tax relief for capital expenditure. Relief is generally given in the form of a...
Understanding Tax on Cryptocurrency: What UK Investors Need to Know If you’re dealing with digital assets, one of the most critical things to grasp is tax on cryptocurrency — what triggers it, how much you’ll pay, and what you need to report. For the tax year...
VAT on Business Car Purchase: What You Need to Know Claiming VAT on business car purchase can be a minefield for UK businesses. HMRC’s rules are strict—input VAT is generally blocked unless the car is used exclusively for business and not available for private use....
VAT and Bad Debts: A Complete Guide for UK Businesses If your business is VAT-registered, you probably know that VAT can become a headache when a customer fails to pay. In this article, we explain how VAT and bad debts work together, and how you may be able to recover...
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