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VAT on small parcels

When you order goods online you don’t expect to pay any additional taxes when they are delivered. This is currently the case for goods ordered from a supplier in the UK or the EU. However, if you order goods from outside the EU you may receive a notice saying you must...
Should you be VAT registered?

Should you be VAT registered?

HMRC actively looks for businesses that have an annual turnover of £85,000 or more, as most should be VAT-registered. It gathers information from many different sources, including credit card payments and sales by wholesalers, then analyses that data and compares it...

VAT Reduced Rate

The 5% VAT rate for hospitality has been extended until 30 September 2021. On 1 October 2021 it will increase to 12.5%, before reverting to the normal 20% rate from 1 April 2022. The following are eligible for these reduced rates: food and non-alcoholic beverages sold...

Trading Losses – Sole Traders

With the economy hit hard by COVID-19, many unincorporated businesses will make losses this year, perhaps for the first time. A sole trader has great flexibility in how losses can be used and these rules also extend to members of partnerships and LLPs, subject to...

Trading Losses – Companies

Unlike an unincorporated business, losses of a company cannot be used against the owner’s personal income or Capital Gains. Instead, they are stuck within the company, unless the company is part of a group, when it may be possible for other group companies to use them...