VAT when buying or selling a business

The purchase of a business as a ‘going concern’ is not subject to VAT. So if you continue with the existing trade in place of the seller, you do not have to pay VAT on the transfer of the trading assets. A common example would be taking on a public house,...

On your bike – tax free!

The Government has changed the “tax-free bike scheme” which has been developed in response to the “Green Transport Plan”. Basically the employer buys a bike and hires it to the employee until it has been paid for. The repayments are made from...

Tax credits – can you claim?

You may be eligible for tax credits if you fit into the following criteria: – If you are responsible for at least one child or young person who normally lives with you, you may qualify for Child Tax Credit. – If you work, but earn modest wages, you may...

Letting your home

There is no tax relief on purchasing your own home. Where possible, business owners should try to structure their affairs so that the business has borrowings and minimise the mortgage for the home. The mortgage is a major outgoing for most people, and both interest...

Running your company from home

If you run your business through a limited company and your base of operations is your home office, it is possible to charge your company rent. Of course if you do this the company will be able to deduct the rents from its profits and you will need to declare the...