Whilst the United Kingdom officially left the European Union (EU) on 31 January 2020, this prompted the start of an 11-month transitional period during which time the UK remains part of the Single Market, the EU Customs Union and the VAT Territory. With the transitional period due to end on 31 December 2020, it is...

The business you started a couple of years ago has grown, so you’ve formed a company to take over the trade. What steps can you take to make the transition smooth and tax efficient? For small businesses tax savings can be made by operating through a company rather being unincorporated, i.e. a sole trader or...

Some firms are offering staff discounts to help keep the business ticking over and the cash flowing. If you decide to do the same, what are the tax implications? Money off Perks are often used as a way to keep staff happy when you are struggling to offer a pay rise. However, offering them a...

The government has just announced the national living wage (NLW) and national minimum wage (NMW) rates which will come into force from April 2021. What are they? The NLW will increase by 2.2% from £8.72 to £8.91 per hour. For the first time it will cover those aged 23 and 24. Here are the rates...

Is there VAT on renting out farmland? Q. I have agreed to rent a field from a farmer who is unsure whether he must charge VAT. As far as I am aware, as long as he has not opted to tax the land he does not charge VAT. Is this correct? A. The answer here...