VAT, or Value Added Tax, is known as a sales tax because it’s added to the sales your business makes. Most businesses can reclaim the VAT they suffer, so VAT is a tax on the consumer or the end user of a product or service. As a business who makes taxable [...]
If you are CIS registered and VAT registered, then from the 1st of March 2021 there will be changes to the way you account for VAT. This blog investigates these changes and what they mean for your business. The changes mean a VAT-registered business, which supplies certain construction services to another [...]
HMRC collected £1.4 billion in fines and penalties in the year to 31st March 2020. These are entirely avoidable penalties for late tax returns, unpaid tax etc. Companies House also collected millions in late filing penalties. To be forewarned is forearmed, so it is good to know the range and scope [...]
One of our most frequently asked questions is “Can I give shares to key employees? And what are the tax implications of this?” Why do you want to do this? The answer is yes you can give your employees shares, but before we investigate how, we should look at your reasoning [...]
I cannot think of a more challenging way of starting a new year than with a total national lockdown. Running a business just got a whole lot harder. That said, we are a nation of entrepreneurs and I know this will not stop us getting out there and doing great business. [...]
Company cars are an easy target for HMRC – people need a car, and they often desire an expensive one! So maybe it’s time to ditch the petrol and diesel and think about going electric…here we help you consider whether an electric car would be more beneficial for you. Traditionally, the [...]
Whether you are a professional or a reluctant landlord, many people are unsure of the tax implications of owning their property in a limited company and whether this would work out more financially beneficial for them. The answer is, as it usually is, that it depends on your personal circumstances and [...]
HMRC want all people you “employ” to be on your payroll and for taxes to be deducted from them at source and paid over each month. The reality is more complicated. More and more people are demanding flexible working and do not necessarily want to be tied into a traditional employee [...]
As the new tier system kicks in, many businesses are finding themselves facing tough times and some very difficult decisions this Christmas. Over the last six months, you have probably already had to make some hard choices, as your business has seen its work dry up and its income drop off [...]
The UK/EU withdrawal agreement expires at 11pm GMT on 31 December 2020. After that date, the UK will become a separate customs territory from the EU. This means that from 1 January 2021, all imports and exports of goods to, and from, the EU will become subject to customs procedures, both [...]
