Archive for August, 2016

One in 20 Audit Firms Quit as Market Evolves

August 22, 2016

Within the last time there has been a continued decrease of firms which provide audit services. The reason for this might be the regulatory and legislative edicts. Watchdog Financial Reporting Council published a report called “Key Facts and Trends”, it shows that 304 practices have ditched their audit licences since December 2014. Smaller audit firms […]

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Claiming VAT for Private use

August 15, 2016

The response to the question whether a sole trader can claim VAT on a car purchase was no, unless the purchaser is a taxi driver, driving instructor or the person re-hired the car to a third person. Court of Appeal, has long prevented sole traders from claiming VAT. But now a certain case has come […]

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VAT – Planning for Uncertainty

August 8, 2016

The doubt has increased since the Brexit if the government and the business plans for the future has an effect on VAT. The tax was introduced in 1973 and is a relatively young tax in UK terms. But VAT has wound its way into the system with ruthless efficiency. Now that the Referendum happened and […]

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