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In today’s competitive business landscape, it’s crucial for entrepreneurs to maximize their profits while minimizing their tax liabilities. One effective way to achieve this is by implementing tax-efficient strategies for cash extraction from your business. By understanding the different methods available and leveraging them strategically, you can optimize your financial position and ensure that you’re

Financial statements are often overlooked by small businesses as mere compliance tools for tax purposes. However, these statements hold valuable insights that can guide strategic decision-making and help businesses thrive in the long term. In this article, we will explore the importance of understanding and utilizing financial statements for small business owners. We will delve

Since 1 January 2021, businesses registered for VAT have been able to account for import VAT on their VAT return, often referred to as postponed VAT accounting. For most

There are special VAT rules that allow two or more corporate bodies to be treated as a single taxable person for VAT purposes. This is known as a VAT group. Eligible persons are

The VAT liability of the supply of driving lessons is an interesting issue that can be of relevance to other supply scenarios such as hairdressers and other workers in the beauty

The transfer of a business as a going concern (TOGC) rules cover the VAT liability on the sale of a business. Normally the sale of the assets of a VAT registered or VAT

There are a few VAT margin schemes. The margin schemes work by allowing qualifying businesses to account for VAT on their profit margin i.e., on the difference between the cost of

The temporary reduced rate of 5% for hospitality, holiday accommodation and attractions that came into effect in July 2020 ended on 30 September 2021.

However, the government had