Clients often refer to the VAT added to supplier invoices as if it were a cost to their business regardless of their VAT position.
This is true if you are not registered for VAT, you do not have to
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Time to rethink the credit you offer your customers
Most business owners are driven by sales targets and to meet these targets they may be tempted to offer extended payment terms.
For example, if your business grants a customer time to pay – say 60
Check your National Insurance record
There is an online service available on HMRC to check your National Insurance Contributions (NIC) record online. The service is available at https://www.gov.uk/check-national-insurance-record
In
Workplace pension responsibilities
Automatic enrolment for workplace pensions has helped many employees make provision for their retirement, with employers and government also contributing to make a larger pension pot.
The law states
Invest and save tax
The Annual Investment Allowance (AIA) is a generous tax relief that allows for the total amount of qualifying expenditure on plant and machinery to be deducted from your profits before tax.
The AIA
Tax-free child care
HMRC is reminding parents that they may be eligible for Tax-Free Childcare (TFC) to help pay for Easter school holidays childcare costs.
The TFC scheme can help parents of children aged up to 11
Declare a beneficial interests in joint property
The usual tax position for couples who live together with their spouse or civil partners is that property income held in joint names is divided 50:50. This is regardless of the actual ownership
What a tax code means
The letters in your tax code signify your entitlement (or not) to the annual tax free personal allowance. The tax codes are updated periodically and help employer’s work out how much tax to deduct
Apprenticeships boost
From the start of April 2024, the government will increase the amount of funding that employers who are paying the apprenticeship levy can pass onto other businesses. Apprenticeships can currently be
Customs Declaration Service open for business
All businesses can now move their export declarations to the Customs Declaration Service (CDS), HMRC has confirmed.
Businesses who have yet to move their export declarations to CDS will have a
Tax Diary April/May 2024
1 April 2024 – Due date for corporation tax due for the year ended 30 June 2023.
19 April 2024 – PAYE and NIC deductions due for month ended 5 April 2024. (If you pay your tax electronically the due
Company confirmation statement changes
As well as filing accounts with Companies House, there is an important requirement to check that the information Companies House has about your company is correct every year. This is facilitated by
Register of Overseas Entities
The Register of Overseas Entities came into force in the UK on 1 August 2022. The register is held by Companies House and requires overseas entities that own land or property in the UK to declare
Changing a company’s accounting year end
There are special rules which limit the ability to change your company’s accounting year end date. A company’s year end date is also known as its ‘accounting reference date’ and is historically set by
Eligibility for replacement of domestic items relief
The replacement of domestic items relief enables landlords to claim tax relief when they replace movable furniture, furnishings, household appliances and kitchenware in a rental property. The
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