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Flat Rate Scheme annual review

Flat Rate Scheme annual review

If using the VAT Flat Rate scheme, businesses pay VAT as a fixed percentage of their VAT inclusive turnover. The actual percentage used depends on the type of business. The scheme has been designed to

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Do you need to register for VAT in 2024?

Do you need to register for VAT in 2024?

The taxable turnover threshold that determines whether businesses should be registered for VAT is currently £85,000. The taxable turnover threshold that determines whether businesses can apply for

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Be wary of rogue business rates agents

Be wary of rogue business rates agents

The government Valuation Office Agency have issued the following warning to business owners who may have received unprompted approaches by an agent offering to negotiate a reduction in their business

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Claiming relief for work related expenses

Claiming relief for work related expenses

If your employer has reimbursed you in full for any work related expenses you will obviously be unable to make a claim for tax relief for those same expenses.

But if you have only received part of

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Obtaining the HMRC mobile app

Obtaining the HMRC mobile 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 some updated functionality to update your

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HMRC awards £5.5m in grant funding

HMRC awards £5.5m in grant funding

HMRC’s has awarded twelve voluntary and community sector organisations a share of £5.5 million in funding to help customers with their tax affairs.

The £5.5 million funding pot applies over a

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Employing staff for first time

Employing staff for first time

There are a multitude of rules and regulations that you must be aware of when you start employing staff for the first time.

HMRC’s guidance sets out some important issues to be aware of when becoming

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Tax and duties on goods sent from abroad

Tax and duties on goods sent from abroad

There are special rules to ensure that goods sent from abroad are taxed appropriately and to ensure that UK businesses supplying goods in the UK – for example by having to compete with VAT free

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Helpline delays at HMRC

Helpline delays at HMRC

HMRC’s self-assessment (SA) helpline will focus on priority queries from 11 December until 31 January. Whilst the helpline is focusing on priority calls in the run-up to the filing deadline, other

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Tax consequences of loans to employees

Tax consequences of loans to employees

An employee can obtain a benefit when provided with an employment-related cheap or interest-free loan. The benefit is the difference between the interest the employee pays, if any, and the commercial

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Season’s greetings and a prosperous 2024

Season’s greetings and a prosperous 2024

As Christmas arrives the week before the calendar year-end, many of us will enjoy a week’s shut down and have time to relax and enjoy the break with our family and friends.

The break also gives us

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Investment v costs

Investment v costs

There are two ways to consider the effects or benefits of business and personal expenditure.

The payment of rates or utility costs are an essential part of our daily expenditure, but it would be

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Tax exempt accommodation costs

Tax exempt accommodation costs

There are special rules for the provision of living accommodation for employees. In most cases, employees will pay tax on any living accommodation provided by an employer unless they qualify for an

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Tax Diary January/February 2024

Tax Diary January/February 2024

1 January 2024 – Due date for Corporation Tax due for the year ended 31 March 2023.

19 January 2024 – PAYE and NIC deductions due for month ended 5 January 2024. (If you pay your tax electronically

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Employees on full-time and part-time contracts

Employees on full-time and part-time contracts

When a new employee is added to the payroll it is the employer’s responsibility to ensure they meet the employee’s rights and deduct the correct amount of tax from their salary.

HMRC’s guidance lists

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