Tag: capital allowance

Used vehicle accounting scheme

Capital Allowance for Used vehicle accounting scheme and Assets in the UK

The basic definition of the term is that a Capital Allowance is an amount on which you claim tax relief for the wear & tear of the fixed assets. Nearly all of the business who have some kind of assets in the company can claim for this.  Items that can get you Capital Allowance You […]

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Overview of Making Tax Digital for Tax Returns and VAT

Overview of Making Tax Digital for Tax Returns and VAT

Making Tax Digital (MTD) is an initiative of the UK government that it took in 2015. It characterizes transformation to the way in which taxpayers record their financial transactions and submit their tax returns online. According to HM Revenue and Customs (HMRC), MTD is intended to make management easier, effective, and efficient for all taxpayers […]

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working from home

Working from Home

Overseeing office work from home is very beneficial and with the passage of time, many entrepreneurs are realizing this importance. Although it becomes quite hard to sustain a wall between your professional and personal life, you will get it when working in an extra room, a house, or maybe a building will not cost you […]

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Capital Allowance – Things to know about it

Capital Allowance is basically a form of tax relief available to anyone incurring capital expenditure, buying, building or making adjustments to commercial property. Capital allowance let taxpayers write off the cost of certain capital assets against taxable income. They can be best thought of as a reduction in the purchase price of the assets. In […]

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Tour Operators Margin Scheme

Tour Operators Margin Scheme (TOMS)

The information provided in this article shows how you must account for VAT if you buy-in and re-sell travel facilities as a principal or undisclosed agent (that is, acting in your own name). TOMS is a special name given to businesses that buy-in and re-sell travel, accommodation and certain other services. Traditional tour operators are […]

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allowable expenses

Allowable Expenses

The Costs you pay with the sole purpose of earning profits from your business are allowable expenses. This means that any cost you incur outside the due course of the business is not allowed to be considered as a business expense. The expenses incurred may or may not include VAT on them. If it includes […]

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