If you have decided to work for yourself as a sole trader, here are some tips for setting yourself up with HMRC What is a sole trader? A sole trader is someone who runs their own business as an…
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…
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…
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.…
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…
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…
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…
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…
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…
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…
