What are determinations and can they be cancelled?

Local accountants and tax advisers, Trueman Brown, advise taxpayers on what determinations are and under what circumstances they can be cancelled. HMRC can issue a determination when a taxpayer has failed to submit a tax return. The determination is HMRC’s...

Capital allowances for cars

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...

Cryptocurrency – what is a sale – gain or income?

Local accountants and tax advisers, Trueman Brown, warn taxpayers that in April HMRC announced moves to recognise one type of cryptocurrency (‘Stablecoins’) as a valid form of payment. As such, it will be treated and taxed like other investments....

Dividend ‘traps’ to avoid

Local accountants and tax¬†advisers, Trueman¬†Brown, warn small businesses about what dividend ‘traps’ to avoid when declaring and paying a dividend. Where the plan is to pay a dividend the director/shareholder must ensure that set procedures are in place....

Local Accountants Blog – Reclaiming VAT on a car

Local accountants and tax advisers, Trueman Brown, warn businesses that they can claim Input VAT on the purchase of a car but only upon very strict rules. The VAT tax rules are clear – input tax cannot be claimed on the purchase of a new or used car that is made...