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VAT can feel like a maze for car dealers, especially when trade-ins, margin schemes, and imports are involved. This guide breaks it down in plain English, with real-life stories and case studies from UK dealerships. Learn how VAT really works in the motor trade, what mistakes to avoid, and how to make the right choices when buying or selling cars.
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The routine services you would expect us to provide are listed below but it’s the important ongoing professional advice that really helps our clients.
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The OECD's newly established Crypto-Asset Reporting Framework (CARF) mandates that crypto platforms share taxpayer data with tax authorities, a practice they currently do not follow. The objective is to grant tax authorities access to cross-border information, aiding in the enforcement of tax compliance. The UK, foreseeing the potential recovery of substantial tax revenue through CARF implementation, has forged a historic agreement with 48 nations to combat criminal exploitation of cryptoassets for tax evasion.
Raising threshold to £500,000 would cost £1.4bn a year in lost tax
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If you run a company and you employ professional lorry drivers, then your business might have particular tax concerns. The tax system in the UK is complex and can be daunting to navigate but it’s important that you get it right, as there are serious penalties for getting things wrong. Also, the first thing a business owner should remember is that costs incurred exclusively for the business purpose can be reimbursed. On other hand any benefits offered to employees are taxed in the same way as their income. If you’re not sure how to pay your drivers from a tax perspective, we’re here to help!
We are experienced certified accountants in Kent that are committed to helping small businesses achieve growth.
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