Trade, activity or hobby?
Many of us have hobbies or activities that we enjoy doing in our spare time and which have evolved into a trade. In the UK, you are expected to inform HMRC if you are engaged in a trade and you should expect the profit from the trade to be taxed. Interestingly, many do not monitor […]
Something You Probably Didn’t Know about Value added Tax in Uk.
Value Added Tax Value Added Tax (VAT) in the UK is a tax that is paid by consumers as soon as they buy an item that is a taxable supply. The tax is not meant to be suffered by a taxable business rather it’s the final consumer that suffers the burden of VAT. It’s like […]