The sale or rental of a property is normally exempt from VAT, the main exceptions being the sale of new residential property (zero-rated) or the sale of new (less than three years old) freehold commercial property (standard-rated). Exempt transactions mean no VAT is chargeable, but it also means that the person making the supply cannot […]
According to the RAC, average fuel prices peaked a year ago at ยฃ1.91 per litre, since levelling off at the same price as ten years ago. However, HMRC’s approved mileage rates have remained static, not increasing since April 2011, when petrol was around ยฃ1.42 per litre. In the ten years since the last increase, fuel
With four days’ notice, a trial to redirect Self Assessment (SA) queries from HMRC’s phone helpline to its digital services started on 12 June, running for three months to 4 September 2023. Ostensibly, the idea is to trial the departmentโs digital services, including its online guidance, digital assistant and webchat. In reality, HMRC is behind
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If you let out a property, you can deduct the business expenses that you incur when working out your taxable rental profit. The rules governing the expenses that you can deduct depend on whether you prepare accounts using the cash basis or the accruals basis. If you use the cash basis (which is the default
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