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Our News page is updated daily and the news feed is supplied by Sift media who are well respected writers in the industry. If you are interested in new laws, guidance and reports on anything that is happening in Government that could affect your business, these posts -will be useful. You can also sign up to receive them in your inbox.
What is the difference between Cash accounting and Invoice accounting for VAT?
Comparison of benefits of each scenario when using Cash or Invoice based accounting.
How does being married affect Capital Gains Tax (CGT)
When a person gives/sells shares, investment properties etc. to a spouse, the transfer is deemed to be at a no gain/no loss value – so no CGT to pay. By transferring a half share of an investment property to your spouse prior to selling it, you can double the tax-free...
What is the difference between tax avoidance and tax evasion?
The phrase ‘Tax Avoidance’ has become associated with dirty practice. This is because certain celebrities have avoided Income Tax by being paid via things like offshore Trusts - which has led some politicians to moralise about it. These practices are not necessarily...
Why should I register for VAT?
There are generally two reasons to register for VAT: Compulsory: When your sales exceed £85,000 in a 12 month period. Voluntary: If registering your business for VAT will be a benefit to you (the benefit is that you can reclaim VAT paid on supplies and expenses). If...
Bookkeeping for new businesses
When setting up a business it is important to make sure that your bookkeeping system is suitable for your type of business – and also for your skills. It should enable you to extract useful information (e.g. how much money have I got in the bank; who owes me money?)...
How to complete a VAT return
If you are on the standard or cash accounting scheme this is how you should complete your VAT return. The only difference being that with standard scheme you will include all transactions as at their invoice date,...
VAT rates in the construction industry (0%, 5%, 20%)
There are occasions when plumbers – and, indeed, anyone in construction can charge VAT at 5%. But what are the rules? Standard rate of VAT – 20% Generally, plumbers charge VAT at 20% on: Most domestic repair and maintenance work Work to newly-built structures that...
Setting up a PAYE scheme in a limited company
The vast majority of businesses, once they reach a certain size, operate as a limited company and at some point usually consider whether to set up a company payroll (by registering with HMRC for a PAYE scheme). There are two reasons why a company would set up a...
How to delay being VAT registered
VAT registration and small businesses VAT registration is a problem for small businesses who sell to the general public. When your annual turnover exceeds £85,000, you must register for VAT and pay 1/6th of your gross sales to HMRC. However, there are some ways that...
What are Payments on account?
If you have recently started trading as a self-employed person, your first income tax bill will be due in the January following your first trading year, and for many it comes as a bit of a shock. This is because your first tax bill, due in the January, will commonly...
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