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Whether you are newly registered for VAT or you have been registered for a while – be aware of these 9 common VAT pitfalls. These are the most frequent errors we see when we are reviewing small business VAT returns.
Updated 09/03/2024 You are legally obliged to register for VAT when your business ‘taxable supplies’ within a rolling 12 month period exceeds the VAT threshold. As of 1st April 2016, the VAT threshold was £83,000. This increased to £85,000 from 1st April 2017 and...
A director has statutory duties under the Companies Act 2006 and these duties are owed to the company which is a separate legal entity in its own right, rather than the shareholders. General duties under The Companies Act 2006 The Companies Act 2006 sets out 7 general...
In very simple terms invoices or receipts tell a customer what they have bought from you and whether it has been paid for or is still to be paid. What must you include on your invoice? Once registered for VAT, you must show the following details on any VAT invoice you...
Gender Pay Gap Reporting Becomes Law
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ISA Rules Understood
IR35 Changes for Public Sector Contractors
How individuals and families can save taxes in 2017/18. The UK tax system provides reliefs and allowances to encourage you to spend or invest in certain ways. Using those reliefs as they are intended is the fiscal equivalent of obeying the Highway Code. If you divert from that code, by parking incorrectly, you would expect a penalty. The tax system also imposes penalties to discourage bad behaviour.
In some cases sponsorship is a great way to advertise your businesses. It is also about tapping into the passion of your target audience and having a story to tell. But when is it an allowable expense for tax purposes and when is it justifiable to claim back the VAT...
When you register for VAT there will be a crossover period between submitting your application for VAT and getting your VAT number from HMRC. You can’t charge or show VAT on your invoices until you get your VAT number. However, you will still have to pay the VAT to...
Lack of funds prevents business opportunities
National minimum and living wages rise from 1st April
Business rate revaluation takes effect
Important dates and changes for April 2017
If you enter into a self-bill arrangement with a VAT registered supplier, there are certain conditions you will need to meet before you can raise a self-bill purchase invoice: you have to have a self-bill agreement in place with your supplier, see The Ins and Outs of...