Tag: tax

VAT Return

Our guide to completing a VAT return

As soon as you reach the VAT threshold, which is currently £85,000, you will be expected to pay VAT on all taxable sales. However, you may also be entitled to claim back VAT that has been charged on business purchases. As part of this process, you will also need to submit a VAT return to…

Are you ready for the new 12.5% VAT rate for hospitality?

If you’re a business in the hospitality sector, or your business claims back VAT on travel or staff entertainment, it’s important that you’re aware of a change to VAT rates. Goods that were previously subject to a discounted rate of 5% VAT, will be affected by a new higher 12.5% rate coming into force on…

Are entertainment expenses tax deductible?

The world of business is not confined to one place. And it’s not uncommon for clients to want to connect with or thank their colleagues or clients outside of the office. For many businesses, entertaining clients and customers is part and parcel of their marketing strategy. So it’s common practice for companies of all shapes…

When should your business register for VAT?

No matter what industry you operate your business in, by law, you must register for VAT if your VAT taxable turnover goes over £85,000, or that you know that you will go over the tax threshold by the end of the year. And, when it comes to working out your VAT taxable turnover, you must…

Buying a second home? Know your taxes

The number of second homes in the UK has risen to an all-time high, with more and more people buying second properties, mostly as an investment. And, if you’re thinking about investing in a second property, you have certainly landed in the right place. We have created a helpful guide outlining everything that you need…

Buying a property through a Limited Company

Whether you’re a contractor, business owner or independent professional operating via a Limited Company, you might have already thought about buying a property through your business. This way of tapping into the property market is not uncommon, however, there are lots advantages and disadvantages of purchasing a property in this way that is certainly worthwhile…

The new Brexit VAT rules

The new Brexit VAT rules It’s highly likely that you’ve heard about the new Brexit VAT rules for imports and exports, which came into force on January 1st. But, if you haven’t, you’ve certainly landed in the right place. We have created a helpful guide outlining everything that you need to know. This new model for…

Your guide to self-assessment tax return

Your guide to self-assessment If you find the thought of filing your self-assessment tax return form a daunting prospect, you’re certainly not alone! It’s a common misconception that filling out your self assessment form is a complex process when in fact, if you are organised, prepared and understand what you need, the process can be…

How to get your accounts in order for the New Year

We are fast approaching the end of the year and I think for the vast majority of us, we will all be pleased to see the back of 2020, right? And as we look ahead to a new year, now is the perfect time to start thinking about getting your accounts in order for a…

What is a dividend?

What is a dividend? | 4 minute read Many people have heard of the term “dividend”, however not everyone understands what a dividend is or how it works. In simple terms, a dividend is a sum of money that a limited company pays out to someone who owns shares in the company. It is a…

How to keep your business finances in order

How to keep your business finances in order Running any businesses is challenging, and you’ll often find that keeping on top of your business finances can often take a back seat. After all, when your busy doing what you love and running your business, it’s easy to see how day to day bookkeeping can be…