Some accounting tips
In today’s blog we cover the new instalment option for deferred VAT that was announced in the Chancellor’s Winter Economy Plan. However, whether the instalment option is chosen or not, the deferred VAT will need to be paid in addition to the usual VAT payments, and it is prudent to budget for this.
If you’re thinking of buying a property to renovate and earn a profit, it’s really important to consider whether HMRC will treat you as a property developer or a property investor. We explain the difference for tax purposes and how HMRC will decide which you are.
Do you have a holiday let that you’re thinking of selling? You might be entitled to Business Asset Disposal relief (formerly known as Entrepreneur’s Relief). Today’s blog explains the nature of the relief, who qualifies and works through a short example.