The VAT Flat Rate Scheme (VFRS)
The VAT Flat Rate Scheme (VFRS) What is the VAT Flat Rate Scheme (VFRS)[1], who qualifies for it, and how does it affect your business? In this article we consider these questions. What is the VAT Flat Rate Scheme? The VAT Flat Rate Scheme (VFRS)…
When Can You Claim Mortgage Interest Benefit?
Under the Income Tax Act of 2015, an individual who has a mortgage can deduct interest paid during the year in calculating his taxes. When do you get the mortgage interest benefit? Do you get the benefit at the time you file your annual tax…
What is Thin Capitalization?
How owners finance a company has tax implications. Interest on loans is deductible for tax purposes, but dividends are not deductible. Loans are also easier to raise than equity. So, business owners often finance their businesses with a mix of equity and debt. Thin capitalization…
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