New pension reforms underway. HMRC is seeking to address the growing pressure faced by Treasury in providing for an ageing population due to individuals not saving enough for retirement. The new regulations are being introduced through the Pensions Act 2008,…
You have to register for VAT when your VAT taxable turnover exceeds the VAT registration threshold in any 12-month rolling period, or if it will exceed the threshold in the next 30 days alone. Please see this HMRC link for more information. VAT taxable turnover: This…
What is an LLP? An LLP is a form of legal business entity with limited liability for the members. When to choose an LLP An LLP is a great alternate structure for any business that currently operates as a traditional partnership with a small and consistent number of…
In the first part of this article I looked at the basics of VAT in the UK. The VAT rates, VAT registration and VAT thresholds etc. In this part I’m going to look at another UK VAT scheme. Flat Rate VAT scheme There is another VAT scheme that businesses can…
*Just a quick disclaimer before I begin. This information is very basic. To be able to make it easy to understand, I’m not going to go into every possible scenario. That’s your accountant’s job. I’m just going to give you a very basic overview…
With a fourth specialist team tasked solely with tackling IR35 enquiries, we are expected to see an increase in enquiries over the coming years. With this in mind, it is important for contractors to ensure they fully understand the legislation and are taking every…