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Vehicles and VAT

VAT Registered Businesses are not usually permitted to reclaim the VAT when they purchase a car, however they can reclaim the VAT if: – The car will be used exclusively for business purposes…

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VAT Scheme

What is the cash accounting VAT scheme?

Many VAT registered business owners use the standard Accrual Accounting Scheme for their Quarterly VAT Returns. However, they may not be aware that there are alternative VAT schemes that have been…

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£5,000 Dividend Allowance

A new Dividend Allowance replaced the Dividend Tax Credit in April 2016, and is available to anyone who has dividend income. This means that you wont have to pay tax on the first £5,000 of Dividend…

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Cash flow Visibility

It’s vital that you know the cash flow situation of your business, but why? Money flowing in, and money flowing out is one of the most important measures of your business’s health.…

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HMRC proposing new sanctions for missing tax return deadlines

Its being reported that HMRC are considering introducing a penalty points system for those that miss tax return deadlines for Income Tax, Class 4 NI Contributions, Corporation Tax, and VAT. So for…

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Claiming capital allowances

What is the Annual Investment Allowance (AIA)?   The AIA provides a very simple system for a business to claim capital allowances, which reduce their taxable profit for a chargeable accounting…

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Late submitting and/or paying your VAT Return – Don’t panic!

VAT returns and payments deadlines. Most businesses submit quarterly on-line VAT returns, which are due to be received by HMRC no later than one month and 7 calendar days after the end of the…

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Working with Newark College

In October 2015 Newark College contacted Stephen to ask if he would consider working on Wednesdays as an AAT tutor. “I thoroughly enjoyed my AAT studies at Newark College, and was very…

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Forming a Business

There are three main ways that a business can be formed; Limited Companies Sole Traders Partnerships Limited companies (whether public or private) are incorporated bodies and as such have their own…

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VAT charged when supplying to/buying from with the European Union (EU).

UK Businesses that sell goods & services within the EU strictly speaking are not ‘exporting’ but sending ‘dispatches’. This affects the rate the UK supplier has to charge…

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