BNW - Accountants & Tax Consultants

BNW - Accountants & Tax Consultants

Category: Content
Type: Blog Article

Generated 1 week ago

New blog articles detected

  • Capital Allowances

    Capital Allowances are tax reliefs that allow businesses to deduct the cost of certain capital assets from their taxable profits. All businesses can claim capital allowances on qualifying assets that they buy and keep to use in their business. The most common assets that businesses purchase and qualify for capital allowances are: Machines, equipment, Furniture, Certain fixtures, Cars, Vans, Compu...

BNW - Accountants & Tax Consultants

Category: Content
Type: Blog Article

Generated 1 week ago

New blog articles detected

  • Stamp Duty

    Stamp Duty Land Tax (SDLT) is a tax paid by anyone who purchases a property or land in England, Wales and Northern Ireland. The existing SDLT threshold is £125,000 for residential properties and £150,000 for non-residential land and properties. If the Property is freehold then following SDLT rates are applicable: Residential Property Rates Non-residential and mixed use property rates Pro...

BNW - Accountants & Tax Consultants

Category: Content
Type: Blog Article

Generated 1 month ago

New blog articles detected

  • A Brief Introduction of UK Taxation System

    UK government collects revenues mainly from: Income tax, National Insurance contributions, Value added tax (VAT), and Corporation tax. Income Tax An income tax is a tax that governments impose on income generated by individuals or entities i.e. wages, salaries, commissions, dividends, interests, rents etc. Income Tax year starts from 6 April and ends on 5 April of the following year. Each person...

  • VAT margin schemes

    VAT margin schemes tax the difference between what you paid for an item and what you sold it for, rather than the full selling price. You pay VAT at 16.67% (one-sixth) on the difference. You can choose to use a margin scheme when you sell: ● Second-hand goods ● Works of art ● Antiques ● Collectors’ items You can’t use a margin scheme for:                       ● Any item you bought for which yo...

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