In general terms, providing a business is undertaken on a commercial basis with a view to making a profit, tax relief should be available for trading losses incurred. It is usually possible to offset the loss against other taxable income… Read more
The official living wage rate has increased by 20p per hour to £8.45 an hour (£9.75 in London), which is higher than the UK-wide official National Living Wage for those over 25, currently set at £7.20, while those under 25… Read more
HMRC have launched a technical consultation on proposals to restrict the Employment Allowance (EA) from employers of ‘illegal workers’. The consultation is open for comments until 3 January 2017. Budget 2016 announced that from April 2018, the EA would be… Read more
HMRC have recently published Brief 16 (2016), entitled Treatment of VAT incurred on assets that are used by the business prior to VAT registration. Broadly, the brief aims to clarify when, and to what extent, VAT is deductible and what… Read more
Q. I have recently set up my own business after having been employed for many years. Although I am hopeful that I will eventually make a profit, I anticipate that I am likely to make a small loss in each… Read more
