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...
Why should I file my tax return early? The deadline for filing your self assessment tax return is 31st January each year, however it can be done any time after 6th April. The deadline for payment is also 31st January. More than 77,500 tax...
Do I need a business bank account? A question I regularly get asked from business owners when they are first starting out is “do I need to open a business bank account?” This will depend on the type of business you own and its...
What is a trivial benefit? Who can receive them and do they need to be reported? What is a trivial benefit? A trivial benefit is a tax-free employee benefit which could be described as a small gift or perk. There are pretty strict tax rules...
Your Self-assessment bill includes a payment on account?…..’What is it?’…..’Do I Have to pay it?…..’When do I have to pay it?’…..’How do I pay it?’ What is payment on account? ‘Payments on account’ are advance payments towards your tax bill, made twice a year by...