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Do you entertain staff and clients?…..Do you give staff and clients gifts?…..Do you understand the tax treatment? What is client entertaining? Taking a client to lunch or to a football match is client entertaining, which is not deductible for tax purposes. The business can still...

Are you married?…..Should you apply for marriage allowance? What is marriage allowance? Marriage allowance is the transfer of 10% of your tax free personal allowance to your spouse. The marriage allowance is £1,260 for 2024–25 and 2023–24. Why should I apply? When one of the...

What is MTD for VAT? Making tax digital (MTD) for VAT requires VAT registered businesses to keep records digitally and file their VAT returns using compatible software. Compatible software must be capable of: recording and preserving digital records; and communicating digitally with HMRC through their...

I’m now registered for VAT…..Can I claim VAT on any expenditure pre-registration? VAT incurred on pre-VAT registration expenditure can be recovered if the following conditions are met: in the case of VAT incurred on goods (either stock for resale or fixed assets), the goods must...

What VAT schemes are available?…..Which should I use? You’ve decided you need to register for VAT, the next step is to decide which VAT scheme you will use.  The Standard scheme The Standard scheme is the normal method of calculating how much VAT you owe...

When do I need to register?…..How do I register? When do I need to register for VAT? You must register for VAT where at least one of the following conditions is satisfied: At the end of the calendar month, the value of taxable supplies for...

What is tax free childcare?…..Am I eligible?…..How do I set it up?…..How do I use it? What is Tax-Free Childcare? Tax-Free Childcare is a scheme set up by the government in which they help towards childcare costs by paying the tax (20%) for you. It...

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