Is There VAT on Road Tax?
VAT is the consumption tax that the government charges on most goods and services, which includes cars and other motor vehicles that use the UK roads. However, there can be some confusion on whether road tax has VAT applied or if it’s exempt. Here’s the simple answer to whether UK road tax has VAT: No,…
Is There VAT on Toilet Rolls?
Given that toilet rolls are a necessity in every household and business property, they certainly can’t be classed as a luxury item. But the topic of how toilet paper has VAT applied recently came up in a discussion on the radio, so I thought I’d give you the definitive answer. There is VAT on toilet…
What is the Best Time to Call HMRC?
Trying to actually speak to someone at HMRC can be frustrating given how busy their phonelines always seem to be, but there is a best time to call. HMRC almost always have long wait times and there are certain times of the day and week when it is easier to get through to HMRC quickly.…
House Sold for More Than Probate Value (HMRC & Tax Considerations)
Probate valuations play a crucial role in assessing the value of assets, including properties, when dealing with an individual’s estate after their passing. However, there may be instances where the probate valuation does not accurately reflect the market value of a house. In this guide, we will delve into the implications of a probate valuation…
Being VAT Registered is Killing My Business: A Comprehensive Guide
Value Added Tax (VAT) is a consumption tax imposed on goods and services in many countries, including the United Kingdom. While VAT registration is mandatory for businesses that meet certain turnover thresholds, it can have a significant impact on small businesses. In fact, you might have heard someone say how being VAT registered is killing…
Capital Allowances on Electric Cars: Understanding Benefits & Regulations
As the shift toward sustainable transportation continues, electric cars are increasing in popularity with individuals and businesses. In addition to their environmental benefits, electric cars can offer financial advantages through capital allowances. In this guide, we will explain capital allowances on electric cars, plus whether they qualify for 100% capital allowances, the HMRC allowances, and…
