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Welcome to the Lewis Brownlee Chartered Accountants Blog
Your trusted source for expert insights on UK tax, accounting, and business finance. Whether you’re a small business owner, a sole trader, or a larger enterprise, our blog offers valuable tips, updates on tax regulations, and practical advice to help you navigate the financial landscape with confidence.
Stay informed with the latest industry trends and guidance from our team of experienced Chartered Accountants.
Explore our articles and discover how we can support your financial success.
Second hand schemes and VAT
Although a business might be able to take advantage of a second hand scheme in order to only account for VAT on the ‘margin’; when it comes to looking at what the measure for...
Dividends and personal allowances
Although from 6 April 2016 the first £5,000 of dividend income is taxed at 0% it can affect the rate of tax payable on other income as it is still taxable income. So if you...
Spot the ball – exempt or taxable (for VAT)
A court of appeal ruling has agreed that these are exempt as a game of chance under the gaming exemption in VATA 1994, SC9 grp 4.
RTI and the three day late filing easement
Having said this would be abolished, HMRC have now said this will continue until 5 April 2017 but do not continually file the Full Payment Submission (FPS) late as persistent...
SEIS investments
Another reminder! To be eligible to raise funds under SEIS the company’s gross assets must be valued at no more than £200,000, and it must not have more than 25 full-time...
Transfer of a going concern (VAT)
If a business is transferred from one type of legal entity to another the turnover of the old legal entity must be taken into account when determining whether VAT registration...
Charitable trusts and the single rate band
While charitable trusts are usually exempt from income tax, if the settlor of the funds into charitable trusts has also made discretionary family settlements, the £1,000...
Residential buy to lets and VAT
If you are in business as a sole trader and registered for VAT, while you do not have to account for VAT on the letting income you might be able to recover the VAT on the...
Xero Help – Input VAT on Import
A question we are asked a lot is how to account for input vat on an import in Xero (for use on the accruals and cash accounting VAT schemes)...If you need any more help or...
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