What is reconciliation in accounting?
It’s important that businesses of all shapes and sizes keep a tight hold on their finances. This includes ensuring that all accounts are recorded accurately and on time. After all, it’s crucial that all businesses always know where they stand financially and of course, meet all tax obligations. Reconciliation is an accounting process which many…
What are the tax return penalties?
If you are self-employed, a director or partner in a business, or you are the trustee of an estate, you will need to complete a self-assessment tax return and ensure that you pay it on time. Your tax return should be completed by the 31st January 2022. You may also need to complete a tax…
Do I have to file a self-assessment tax return?
Do I have to file a self-assessment tax return? | 3 minute read Whether you are self-employed as a sole trader and earned more than £1000 or you are a partner in a business, you must file a tax return to HMRC. A self-assessment form is a different type of tax, which is designed to…
What are the tax rules around staff Christmas parties?
It’s that time of year again. As we all start to wind down towards Christmas, many businesses are in the midst of planning their Christmas parties and festive gatherings! If you’re planning a Christmas party, it’s important you understand the tax rules and exemptions around staff parties. Of course, it’s worth noting that these rules…
Business mileage rates – who can claim?
Driving your own car for business purposes can end up being incredibly expensive! After all, by the time you factor in your fuel costs, as well as the wear and tear on your car, it can quickly leave a hole in your pocket. The good news is that, as with other expenses, there are…
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…
