With this blog we’d like to share with you some ideas to help reduce your tax bill and/or maximise your money. Claim all valid business expenses in your company, such as: Use of home when doing billable work from home (you can ask us about the calculation if you’re...
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...
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...
Are you Self Employed or a Sole Trader? Many people don’t quite understand what it means when you are self employed or sole trader as it is also known. You are classed as self-employed when you are personally responsible for your own tax and National Insurance...
