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What are the TOGC rules on selling a business?

The transfer of a business as a going concern (TOGC) rules concern the VAT liability of the sale of a business. Normally the sale of the assets of a VAT registered or VAT registerable business will be subject to VAT at the appropriate rate.

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A Recap On The Spring Budget 2023 Announcements.

Jeremy Hunt delivered his first Spring Budget today, referring to it as a ‘Budget for Growth.’ The first part of the speech as usual dealt with the economic background and forecasts on which the budget has been based. According to the Chancellor the most recent forecast is that although the economy will not grow this year, it is likely that a technical recession will be avoided. It is expected that the rate of inflation will fall to 2.9% by the end of the year, and the Bank of England will continue to focus their interest rate policy on targeting a long-time inflation rate of 2%.

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WHAT IS THE NON-RESIDENT LANDLORD SCHEME?

The Non-resident Landlord (NRL) Scheme is a special scheme for the UK rental income of non-resident landlords. This includes companies or trustees whose 'usual place of abode' is outside the UK. HMRC classifies a person living abroad for 6 months or more per year, as a non-resident landlord. This is the case even if the person is a UK resident for tax purposes.

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How do I pay a voluntary National Insurance contribution?

 National Insurance (NI) contributions are made in a variety of ways:Class 1 contributions are paid by employers and their employeesClass 2 contributions are fixed weekly amounts paid by self-employed people.Class 3 contributions are voluntary NICs paid by people wanting to fill gaps in their contribution record.Class 4 contributions are paid by self-employed people on their profits.

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What is HMRC's Guidance on serious fraud?

HMRC’s Code of Practice 9 (COP9) leaflet outlines the procedures for any investigations into serious fraud by HMRC. COP9 covers both direct and indirect taxes and includes confirmation from HMRC that taxpayers will be treated fairly and courteously. Investigations of this type by HMRC are designed to ascertain the full facts of a case and to collect any tax liabilities, penalties and interest deemed owing in cases of fraudulent conduct.

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What are the exempt transfers between siblings?

Inheritance Tax (IHT) is levied on a person’s estate when they die and can also be payable during a person’s lifetime on certain trusts and gifts. The current IHT nil rate band is £325,000 per person, below which no IHT is payable. This is the amount that can be passed on free of IHT as a tax-free threshold.

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What is the late tax payment interest rate rise?

The Bank of England’s Monetary Policy Committee (MPC) met on 2 February 2023 and voted 6-3 in favour of raising interest rates by 50 basis points to 4% in a move to try and continue to tackle upward pressures on inflation. This is the tenth time in a row that the MPC has increased interest rates with rates now the highest they have been since November 2008.

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What Are The Different Types of Business Structures You Can Choose From in the UK?

​There are several different types of business structures that you can choose from in the UK:

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Making Tax Digital for ITSA Postponed Until April 2026

Making Tax Digital, the initiative from HMRC that aims to digitise the tax system was set to be mandatory for Income Tax from April 2024, but recent announcements mean that it will be postponed until April 2026.

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Almost 100% of OMBs Across the South Coast Say Rising Costs are Impacting Profitability With Inflation Still Out of Control

Almost 100% of OMBs across the South Coast say rising costs are impacting profitability with inflation still out of control  

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What is a General Partnership?

The Partnership Act 1890 defines a General Partnership, otherwise commonly known as an Ordinary Partnership or Business Partnership, as two or more individuals ‘carrying on a business in common with a view of profit’.   

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Michael Warner & Company Merges with Moore (South) Chartered Accountants and Business Advisers

We are delighted to announce that, with effect from 1 November 2022, Winchester based accountancy firm, Michael Warner & Company, has merged with Moore (South) Chartered Accountants and Business Advisers.