The flat rate scheme is one of the simplified ways HMRC offers for calculating VAT. While you still have to charge VAT on sales, you do not have to record VAT on all of the individual entries. You may well be able to save money by registering. read more
The VAT increase from 17.5 to 20% has been well publicised and everyone should be updating their software or calculations to account for VAT at 20% from 4 January. There are however various reasons why VAT may still be charged at 17.5%: read more
As we move into party season there are a number of issues which are pitfalls in planning the Christmas party. Some of the facts follow:
Following on from some advice given by Traditional painter on their website about choosing a contractor and what questions to ask, we have added some tips which may save you some money on VAT
VAT registration is not obligatory until a company turns over more than £70,000 in a year (the 2010 threshold).
A VAT number is definitely a sign of credibility, but many top craftsmen work alone, and don’t need to register.
Be suspicious if a VAT registered company offers to do a job cheaper by not charging VAT. Not being alarmist, but the VAT man is omniscient and has great powers to act against both parties acting fraudulently!
AW Accounting http://awaccs.co.uk/tax-advice/vat-tips-for-building-projects have provided some tips relating to VAT on building work: read more
We have been complimented on the updates posted on Twitter live during the Budget and hope to continue this by summarising the main points of interest to small business owners and individuals in the street.
The Chancellor George Osborne started by painting the picture of the poor state of the economy and among various political comments stated that due a cautious approach fiscal goals would be met one year earlier than expected in 2014. The inflation target will remain at 2% which has already been exceeded, this will peak at 2.7% later in the year and then reduce. In terms of the approach to the deficit a lower spending rather than higher tax route is being taken, read more
) //3 weeks lare already! #Clients are always telling me that they do not understand their accounts. Clearly they know their business, and how to price to make money so it is only a small step to actually understanding the end of year accounts:
With the passing of the old tax year we are presented with returns to file and tax to pay. Some memorable dates are listed below, with a few more interesting ones too:
The key budget announcements follow, we can of course expect another post election budget when more significant changes may be made such as the much vaunted increase in VAT:
For business
For individuals