VAT Flat Rate Scheme
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. There is one simple...
17.5% or 20% VAT after 4 January?
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%: The VAT charge is based on the...
Staff Christmas Parties – the pitfalls
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: You may claim £150 including VAT per person per annum This may cover more than one event providing the total does not exceed £150...
Signatory for your company
An incorrect signature can have major consequences on a compay's liability for a contract so you should ensure you get it right. There principles are different depending on the entity you are representing. For a sole trader you are signing in your own right, ie John...
How to Change Accountants
Some advice from Gravesend Accountants, AW Accounting on how to change accountants. Accountants like banks tend to have loyal clients however the time may come where service or fee issue mean you have looked elsewhere and want to change. There is no easy way to say...
Associated Company rules
Associated Company rules Small companies benefit from paying a lower rate of corporation tax on profits upto £300k so there is a danger that a wily director could set up a number of companies under his control to make the maximum benefit from this tax band. For this...
VAT tips for building projects
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...
How to complete an Annual Return online
Most of our clients complete their annual return online using this simple guide. With the increasing volumes of companies registered at Companies House, it makes sense that any data which is held on the record can be copied from year to year with changes rather than...
How do I do a stocktake?
A client of mine has a stocktake coming up and they have a mixture of goods and products to value, so how should they do it?This depends on what the product is and how it is going to be used.The normal basis for valuing stock is at the lower of cost or net realisable...
Capital gains tax new rules 2010
This post will be of interest to anyone likely to pay capital gains tax (CGT) as a result of a sale of an asset in the 2010/11 tax year. The June Budget introduced an overnight change to the CGT regime and HMRC have produced a fairly readable Budget Note 20 and a...