The benefits of Incorporation If you’re currently a sole trader and your annual profits are high, it might be time to think about incorporating your company. Incorporating your sole trade into a limited company comes with many benefits as well as being an efficient way to save you money on tax each year.As you’ll know,…Read More
VAT retail schemes can help make calculating your VAT easier by calculating your VAT once with each VAT return rather than for each sale you make. For goods sold that are inclusive of VAT, you deduct the VAT you must record. Whereas for goods that are sold exclusive of VAT you must add the VAT…Read More
If you took the opportunity to defer your vat payment between March and June 2020, then you must act before 21st June 2021 to either pay in full or set up a payment plan with HMRC otherwise you will incur 5% penalty. Last year at the start of the covid pandemic, the government allowed businesses…Read More
The VAT Margin scheme is when you charge your customers VAT on your sales, without incurringunfair VAT liabilities on the sales that are eligible for a margin scheme. This is because HMRC hasintroduced a fairer way to declare the VAT on sales for businesses that do not incur VAT on theirpurchases. How it works Usually,…Read More
With the 31st January self-assessment deadline looming, now might be a good time to finally get around to preparing and submitting to HMRC! Here we will discuss: Who needs to file a tax return What you need to include What happens if you are not registered but need to file Late filings & penalties How to…Read More
International goods From 1st January 2021 all goods leaving the UK will be a zero-rated export. If you use QuickBooks to keep your records, the VAT code to use is 0.00% Z – Zero rate VAT. It is expected that the customer will be the importer of record in the destination country and therefore the…Read More
We will talk you through how to set up your HMRC account, so you are ready to submit your capital gains liability to HMRC. There have been some changes to the rules since 6th April 2020- individuals who are due to pay capital gains tax on UK residential property disposals have 30 days after the…Read More
Extra Help for Small Business Owners Here are 5 extra support offerings for small business owners announced on 24th September 2020 The Government has extended the 15% VAT cut for the tourism and hospitality sectors to the end of March next year. Businesses who deferred their VAT between March & June 2020 will no longer…Read More
It’s a digital world – The next step for MTD We have already had the first big move in Making Tax Digital, with the transition of nearly all VAT registered companies with a turnover of over £85,000 being forced onto digital software such as QuickBooks or being made to use bridging software, keeping an online…Read More
What has happened? On the 8th July 2020, the UK government announced that it would be introducing a temporary reduction in the rate of VAT for certain supplies of hospitality, holiday & hotel accommodation and admissions to certain attractions. They will be slicing the rate of VAT payable from the normal standard rate of 20%…Read More
As you might have seen, HMRC has now ended their deferral of VAT payments and as such, you may now wish to reinstate your direct debit payments. Unfortunately, HMRC has removed the ability for us to set this up on your behalf, however, it is relatively straightforward for you to do now. Firstly, you will…Read More
Beware of little expenses; a small leak will sink a great ship.
Benjamin Franklin
