Newsletters
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Is tax payable on compensation for damaged property?
Last year a trader’s premises suffered extensive structural damage. The insurer compensated him before the repairs were made. If he doesn’t use all the money will he have to pay tax on it?
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HMRC moves to modernise customer tax accounts
HMRC is developing a single customer account which will receive data from third parties as well as the taxpayer. What’s likely to change?
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Do multiple businesses have to share the annual investment allowance?
The general rule is that every business is entitled to a capital allowances annual investment allowance (AIA). Does this mean that if there are two or more businesses the owner can claim an AIA for each?
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New scheme for selling services to EU consumers
A business sells services to consumers in the EU. The place of supply rules mean that they are subject to VAT in the customers’ countries. Does the business need to register for VAT in each one or is there a simpler option?
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How much tax relief for losses can a trader claim?
The pandemic resulted in a hefty loss for a trader's business last financial year. The loss can be used to reduce tax on their other income, but relief is capped. What does this mean and what can they do to increase the amount of relief?
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Health and social care levy impact
The two-year implementation of the health and social care levy will see significant increases for businesses and a reduction in pay for employees. What details have emerged so far?