Keeping you up to date with the latest news and happenings in the worlds of accounting, tax and insolvency
Is it worth registering for VAT voluntarily?
Is it worth registering for VAT voluntarily? You must register for VAT if your VAT taxable turnover for the last 12 months exceeded the VAT registration threshold of £85,000, or if you expect your turnover in the next 30 days to exceed this amount. However, while you are ...
Five tax-efficient ways to extract profits
Five tax-efficient ways to extract profits If you operate your business as a personal or family company, you will need to extract some or all of the profits if you wish to use them personally. When it comes to tax, not all profit extraction methods are equal. While persona...
Tax relief for bad debts Bad debts are a fact of business life and most businesses will suffer a bad debt from time to time. This may be because the customer goes out of business after the work has been done or the goods have been supplied, or runs into financial difficult...
Pros and cons of the VAT flat rate scheme
Pros and cons of the VAT flat rate scheme The flat rate scheme offers VAT registered traders who meet the eligibility conditions a simpler way to work out the VAT that they need to pay over to HMRC. However, while it may save work, it may also cost more than working out VA...
Tax-free savings income There are various ways to enjoy savings income tax-free. However, not all routes are open to all taxpayers – the options depend on the nature of the savings and the saver’s other earnings and marginal rate of tax. Savings Allowance...
Is paying mileage allowances at the approved rate still a good idea?
Is paying mileage allowances at the approved rate still a good idea? Where an employee uses their own vehicle for business journeys, their employer can cover the associated costs by paying a mileage allowance. As long as the allowance does not exceed that payable at the ap...
National Insurance changes for the self-employed
National Insurance changes for the self-employed Self-employed people will pay two classes of National Insurance contribution, Class 2 and Class 4, should their profits be high enough. Class 2 contributions are flat rate contributions of £3.15 per week for 2022/23. It ...
Loans to directors – beware of the higher section 455 charge
Loans to directors – beware of the higher section 455 charge Section 455 tax is payable by a company where a director’s loan remains outstanding at the corporation tax due date. Directors and shareholders in close companies are often able to influence the payments t...
Should I change my accounting date?
Should I change my accounting date? It is possible to change your accounting reference date to make your company's financial year longer or shorter than 12 months. However there are certain considerations to take into account. In preparation of the introduction of MTD f...
How to claim tax relief for employment expenses
How to claim tax relief for employment expenses If you are an employee and you personally incur expenses in carrying out your job, you may be able to claim tax relief for those expenses. Relief is only available for employment expenses that you must incur, rather ...
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