Do you know the VAT registration limit?
If you are in business but are not registered for VAT then, if you are turning over £1,400 each week or £6,000 each month, you must make yourself familiar with the registration limits as you could otherwise inadvertently incur a large liability. Whether you must register for VAT depends upon your turnover in any twelve … Continue reading Do you know the VAT registration limit?
The government have announced the October increases in the national minimum wage. From October the new rate for 21 year olds and older will increase by 19p an hour to £6.50, an increase of 3%. At the same time the rate for 18 to 20-year-olds will go up by 10p to £5.13 an hour, and … Continue reading Government announces October increases in the national minimum wage
VAT prompt payment discounts Currently, if a supplier offers a prompt payment discount then they account for VAT on the discounted price even when that discount is not taken up. From 1 April 2015 VAT will be accounted for on the full amount paid for goods and services where prompt payment discounts are offered. VAT … Continue reading The Budget 2014 – Other Matters
CGT rates For 2013/14 the rates of CGT are 18% to the extent that any income tax basic rate band is available and 28% thereafter. The rate for disposals qualifying for Entrepreneurs’ Relief is 10% with a lifetime limit of £10 million for each individual. The rates and limits remain unchanged for 2014/15. CGT annual … Continue reading The Budget 2014 – Capital Tax
Employer provided cars From 6 April 2014, the bands used to work out the taxable benefit of a company car remain the same but the percentage applied by each band increases by 1%. There is an overriding maximum charge of 35% of the list price of the car. From 6 April 2015, the percentage applied … Continue reading The Budget 2014 – Employment Tax