Tax Return Adviser Ltd
Newsletters
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Abolition of basis periods - an opportunity for loss relief
The abolition of tax basis periods will result in many sole traders paying more tax sooner than under the current rules. But, for those who have made losses in recent years it might offer a chance for extended tax loss relief. How does it work?
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Taxpayer wins tribunal case involving “duality of purpose”
A taxpayer has successfully convinced the First-tier Tribunal that expenses that had both personal and business purposes could be partly deducted from their income. What was the full story and why is the decision important?
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Is a notional gain from exchange rate changes taxable?
The First-tier Tribunal has ruled on a case involving the sale of a holiday home in Switzerland. The dispute centred on how exchange rates affected the amount of gain taxable. Some important tax principles were covered in the ruling. What were they and how did they affect the outcome?
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When is the reverse charge needed on VAT returns?
The number of business transactions subject to the VAT reverse charge has increased in recent years, even more so after Brexit. How can businesses ensure they're getting the VAT returns right and that their suppliers dealing with it correctly?
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Tax conditionality: what is it?
There’s a lack of awareness about the new “tax conditionality” checks which could block some businesses from trading. What do these checks involve and who do they apply to?
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Tax planning for the basis period reform
The forthcoming basis period reform can increase the profit on which traders are taxed for 2023/24. However, within the rules there’s room to make this more tax efficient. What steps can traders take to achieve this?
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