The benefits or otherwise of voluntary VAT registration
Many businesses strive to keep their turnover under the VAT registration limit (currently £90,000) because not only are they wary of the additional administrative costs …
Many businesses strive to keep their turnover under the VAT registration limit (currently £90,000) because not only are they wary of the additional administrative costs …
For most employees, National Insurance contributions (NIC) earnings periods are calculated based on their regular pay intervals. In contrast, all directors have an annual earnings …
For many of HMRC’s ‘customers’ who have spent more than 30 minutes trying to get through on the phone, the thought of making a formal …
Sometimes a business may have ceased trading but then receives income that has not been included in the final cessation accounts, e.g. an insurance payment …
HMRC can enquire into any tax return and request information to establish whether that return is correct. No reasons need be given for the enquiry …
Partnerships are the only business entities that can be formed by oral agreement, created automatically when two or more persons engage in a business with …
Drive along a country road and you may come across signs advertising ‘Woodlands for sale’. Such signs invite investing in woodlands, which can come with …
After years of deferral, the long-anticipated Making Tax Digital (MTD) for Income Tax start date has finally been confirmed. This is a significant development that …
HMRC’s rules state that expenditure on business entertainment or gifts cannot be claimed as a deduction against profits (and therefore also non-VAT deductible), even if …
As an entrepreneur, maintaining accurate and up-to-date financial records is crucial for the success of your business. Whether you’re just starting out or managing a growing business, effective bookkeeping allows you to stay on top of your finances, avoid costly errors, and comply with HMRC regulations.
There comes a time in every business owner’s life when retirement looms and thoughts turn to succession planning. Planning should ideally start two years before …
When you buy an item in a shop, you will be asked whether you want a receipt. Although a receipt provides useful evidence of purchase, …