Salford Tax Specialists Ltd Blog
Unintentional participation in VAT scams? The dangers of the ‘need to have understood’ test.
Reviews how the involvement in VAT fraudulence, lately combined in Contracting Solutions, can place even honest traders in jeopardy of suffering severe economic effects. Under English law, one does not normally come to be an individual in a scam without acting...
Unintended complication in VAT scams: The risks of being deemed ‘willfully blind’
The decreased threshold for VAT fraudulence involvement, as evident in the current instance of Impact Contracting Solutions, postures a considerable hazard to genuine businesses, possibly exposing them to considerable punitive damages even if they operate with...
Much more trading, less investment!
We will take a look at the eligibility of providing holiday home lets that allows for business property tax relief under estate tax guidelines. Business property relief (BPR) is a beneficial inheritance tax (IHT) tax relief for company owners, which is available where...
Hand them over!
This synopsis reviews the kind of information and documents a taxpayer is required to turn over if HMRC sends them an information notice request. Taxpayers generally choose to avoid correspondence with HM Revenue and Customs (HMRC); nevertheless, it is rarely good...
Directors loan accounts: Pass it on?
An instance where an overdrawn director's loan account balance caused an unexpected tax charge for a director shareholder. Director's loan accounts (DLAs) are a typical function in the monetary declarations of family and owner-managed companies particularly. In...
The Pitfalls of VAT Deregistration for Local Business
Let's consider some possible traps a business can fall under when deregistering from VAT that can lead to an unexpected bill from HMRC. Businesses have been undergoing tough times lately, and some smaller-sized businesses selling to the public, particularly solutions,...
Self-Employed? Is Incorporation Worthwhile?
It can still be beneficial to incorporate and draw out funds by taking a small salary and removing more revenues in the form of dividends (see Tips 25, 26 and 27). However, increases in the rates of corporation tax, employer's National Insurance and dividend tax a cut...
Uncollectable Bills and Tax: What Happens When Invoices Go Unpaid?
The tax implications for a business if billings are not paid. Uncollectable bills position a considerable challenge for every business. Dive Funding's 2025 UK business debt report (April 2025) exposed that the average financial obligation per company stands at ₤...
How to Avoid Paying VAT on a Tenanted Commercial Building
Lets look at the VAT position on the purchase of business property. To recuperate the VAT on costs associated with their industrial residential or commercial properties, the owners of many industrial property rental businesses have decided to tax their portfolios of...