Latest Business Support

Plan and reflect or reflect and plan? The first few months of the year generally allow for a reflection on the previous year and then planning ahead for the current year, however planning ahead this year looks like it could be even more difficult than normal.   House prices are growing, albeit slowly, mortgage rates…

It’s commonly known that, following changes introduced gradually from 2017/18, the method by which finance interest is relieved has changed dramatically. No longer can interest be deducted in full when calculating rental profits; instead, relief is provided by way of a 20% tax reducer.   With the recent increases in loan interest rates and the…

In light of the increase to corporation tax rates, effective 1 April 2023, you may be considering how to reduce your corporation tax liabilities. One option is purchasing a car through your limited company – the key points to consider in your decision are as follows.   Investment allowances on purchases of motor cars: First…

We have moved! We are excited to announce the recent move of our March office to Fenland House on Hostmoor Avenue in March.   Working closer with our colleagues from Wisbech and Ramsey, we have created a central Fenland Hub providing high quality services to existing and prospective clients in the region.   The Old…

Are you building a new home in which you will live?   Perhaps converting an existing building into a home?   You may be able to get the VAT back – you don’t even need to be VAT registered!   When you purchase a brand new house from a property developer you will not be…

As HMRC have experienced an increase in the number of SME Research & Development (R&D) tax relief claims being made by companies, so have they witnessed a number of fraudulent claims being made. To tackle this abuse, HMRC have established a tax credit compliance team to deal with R&D enquiries.   If a company receives…

Our offices are now closed for the Easter break and will re-open on Tuesday 11th April 2023. We hope that you all have a wonderful Easter break.

The flat rate VAT scheme is available to any business with taxable annual sales of £150,000 or below, excluding VAT. It was introduced in 2003 to ease the administration needed for small businesses by simplifying the VAT return process. Once you have joined the scheme you can remain until your total VAT-Inclusive business income exceeds…

What is blocked input tax?  Blocked input tax is VAT that cannot usually be recovered.   The most common type of blocked input tax is VAT on business entertaining. There are usually two types of entertainment expense incurred by a business and it is very important to distinguish between the two because the VAT treatment…

On 1st April 2023, VAT celebrates its 50th anniversary since it was first introduced in 1973. VAT is a tax placed on a product or service at each stage of its production and distribution. VAT is an important source of revenue for the Government.   The History of VAT VAT was first introduced in France,…