If your business grants a customer time to pay – say 30 days – after the services or goods supplied have been delivered, effectively, your money stays in their bank account for 30 days.
Further, if
Cash flow v customer credit limits
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How dividends are taxed
Dividends received are taxed as income but the rates of tax applied are different to the formal Income Tax rates. Also, individuals can receive dividends up to the annual dividend allowance tax free.
Reporting early payment of wages before Christmas
There is a permanent easement in place for employers to report PAYE information in real time over the Christmas period. This can be for a number of reasons, for example, during the Christmas period
Increase in National Living Wage
The Chancellor of the Exchequer, Jeremy Hunt, confirmed that the government has committed to the proposals of the Low Pay Commission for increasing minimum wage rates from 1 April 2024. The actual
Who needs an EORI number?
The Economic Operators’ Registration and Identification System (EORI) was setup as a European Union (EU) wide initiative that helps businesses communicate with customs officials when they are
Accounting periods for Corporation Tax
Companies often have two different company accounting periods. This is because there are different rules for Companies House filings and for returns sent to HMRC.
The accounting periods can be the
Electric charging of company vehicles at home base
HMRC has published revised guidance concerning the charging of company cars and vans at residential properties. HMRC had previously maintained that the reimbursement of costs in relation to charging a
Repeat business
Once you have secured the attention of a customer that has purchased their initial goods or services from you, you have completed the hard part – converted a prospect into a buying customer – so don’t
Recurring sales
Most business owners will appreciate the difference between one-off sales, and services that are generally described as recurring.
For example, you may sell a laptop (a one-off sale) and then bolt on
Tax Diary November/December 2023
1 November 2023 – Due date for Corporation Tax due for the year ended 31 January 2023.
19 November 2023 – PAYE and NIC deductions due for month ended 5 November 2023. (If you pay your tax
When you must register for VAT
The taxable turnover threshold, which determines whether businesses should be registered for VAT, is currently £85,000. The taxable turnover threshold that determines whether businesses can apply for
Re-starting a dormant company
HMRC must be informed when a non-trading or dormant company starts trading again and thus becomes active for Corporation Tax purposes. Companies can use HMRC Online Services to supply the relevant
Have you downloaded your HMRC app?
HMRC’s free tax app is available to download from the App Store for iOS and from the Google Play Store for Android. The latest version of the app includes updated functionality to check your Child
Check if you need to pay someone through PAYE
Employers usually have to pay employees through PAYE if they earn £123 or more a week (£533 a month or £6,396 a year). There is no requirement to pay self-employed workers through PAYE.
HMRC’s
Cost of Living payments 2023-24 support
The Cost of Living support package has been designed to help over 8 million households in receipt of means tested benefits. The details for Cost of Living Payments due in the 2023-24 tax year were
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