Making Tax Digital
If you are in business then the next hurdle that you may be facing is Making Tax Digital. Making Tax Digital is one of the biggest changes to the UK tax regime since the introduction of self-assessment more than 20 years ago. In this article, I will look at the basics of making tax digital. … Continue reading Making Tax Digital
To all business men and woman: – This commentary below has been taken from a genuine facebook article written by one of our clients we felt compelled to share it. It reads as follows:- “To all my friends, family and business supporters, As a small business owner and self-employed individual we rely on our customers … Continue reading The Money Column – February 2019
Millions of self-employed workers will now face higher tax bills because Chancellor Philip Hammond has scrapped plans to abolish Class 2 National Insurance contributions (NICs). The abolishment of Class 2 National Insurance contributions was due to occur last April but was delayed for 12 months. The explanation for this delay was that the government wanted … Continue reading Class 2 National Insurance abolishment plans are scrapped
We deal with many Limited Companies and frequently find that the director(s) have an overdrawn ‘loan account’. The definition of a ‘Directors Loan Account’ is the running of an account, documenting all monies either introduced by the director or monies withdrawn by the director If a company pays for a directors personal expenses, and these … Continue reading Directors loan accounts
This article assumes you are not on any VAT schemes, such as the flat rate scheme. The golden rule for claiming VAT back on your expenses is that you should always get a valid VAT receipt when you purchase any goods or services for your business. A valid VAT receipt must always include: the supplier’s … Continue reading Reclaiming VAT on expenses – What can you reclaim VAT on?