Tax and Business




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Flow chart - workplace pensions auto-enrolment All businesses, organisations or persons who employ the services of individuals must consider whether they are required to include them in a workplace pension. This involves assessing the auto-enrolment ... Read more
15 Dec 2020
Credits: 1
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Flow Chart
Flow chart - taxation of income from jointly owned propertyWhere a jointly owned property is let, determining for tax purposes how much of the income, profits or losses each owner is responsible for is not always straightforward. It depends on the ty... Read more
15 Dec 2020
Credits: 1
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Claiming the property allowanceThe property allowance is a fixed tax deduction which can be claimed against rents and other income derived from property in place of the actual costs incurred in generating the income. It means that individuals can rec... Read more
15 Dec 2020
Credits: 1
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Flow Chart
Flow chart - reclaiming additional stamp duty land tax If you own a residential property and purchase another, you must usually pay the stamp duty land tax (SDLT) additional charge (also called the higher rate or supplementary charge). If the new pro... Read more
15 Dec 2020
Credits: 1
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Flow chart - claiming rent-a-room reliefRent-a-room relief is an automatic tax relief which applies to rent and related income received from letting all or part of your only or main home. The relief exempts income up to £7,500 per tax year. Naturall... Read more
15 Dec 2020
Credits: 1
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Flow Chart
Flow chart - VAT deregistrationYou may be required to deregister for VAT or circumstances may allow you to do so. It can be favourable to remain registered or the opposite can be true. Either way it is important to understand what your options are in... Read more
15 Dec 2020
Credits: 1
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Flow Chart
Flow chart - reclaiming preregistration VATA business is entitled to reclaim VAT it incurred on purchases of goods or services made before it was registered. As well as the general time limit of four years for goods, a shorter one of six months appli... Read more
15 Dec 2020
Credits: 1
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Flow Chart
Flow chart - VAT registrationEvery business or organisation that makes taxable supplies of goods or services in return for consideration is entitled to or must register for VAT. Once registered the business etc. must add VAT to the amount it charges ... Read more
15 Dec 2020
Credits: 1
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Flow chart - VAT bad debt reliefIf you make supplies of goods or services to a customer but are not paid in full or in part, you may be able to claim a reduction in your VAT bill under the bad debt relief rules.Flow chartThe Flow Chart - VAT Bad Debt... Read more
15 Dec 2020
Credits: 1
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Flow Chart
Flow chart - VAT Construction Industry Scheme reverse charge The VAT Construction Industry Scheme reverse charge applies to building and construction services supplied from 1 March 2021. Thereafter, customers covered by the scheme must account for th... Read more
15 Dec 2020
Credits: 1