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Guide to Economic Operator Registration and Identification Scheme

A Guide to Economic Operator Registration

The EORI number is a unique number that is assigned by HMRC to businesses who are VAT registered in the UK and individuals that import/export goods in the UK. The importer needs to register in one EU country in order to obtain an EORI number. The EORI number is valid throughout the EU and therefore […]

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New Rules on Rent a Room

New Rules on Rent a Room

Rent a room relief allows you to receive £7,500 tax free of the property you own. HMRC has proposed to change to the Rent-a-room relief (RARR) from 6 April 2019. From this date RARR will only be claimable in respect of periods where occupation of the property as “sleeping accommodation” overlaps “wholly or partly” with the […]

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Record Keeping and MTD

Record Keeping and MTD

There is a legal requirement to retain records relating to the Self Assessment Tax Return. HMRC guidelines relating to tax records can be found at GOV.UK Website   Taxpayers who do not carry on a trade are required to retain records of income and capital gains until the later of:  a) 22 months from the end of the […]

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No Deal Brexit

VAT issues to consider for no deal Brexit

The deadline for Brexit is only five months away which means you need to start preparing for ins and outs of the no deal scenario from today. It is recommended that you prepare on the assumption that no deal will be reached.  For most UK businesses there will be no change to the VAT rules. […]

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Option to Tax your Property

Option to Tax your Property

The sale of land or building tax is generally exempt from standard rate VAT however, on occasions it might be more feasible to elect to charge standard rate VAT. In this blog I will aim to shed some light on when it is feasible to do so and when it is not.  If the land […]

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