The VAT bad debt relief scheme is welcome for many business owners but not everyone knows about it! In these current economic times, it’s sad to see that business insolvencies…
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Once registered for Value Added Tax, business owners need to understand how to submit a VAT return. VAT is a complex process and can take up a lot of time,…
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Plans to introduce Making Tax Digital for the self-employed and those filing self-assessment have been pushed back two years. And the threshold for those who must file their accounts digitally…
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HMRC is introducing new penalties for late VAT returns from January 2023. The new rules also come as the way VAT is calculated changes. Changes to the VAT system are…
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VAT must be paid on certain goods and services – which we’ve looked at before – but some people ask: What happens if you don’t register for VAT? You must register for…
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While Capital Gains Tax (CGT) sounds pretty obvious, it can often catch out some business owners, particularly sole traders. CGT is levied on profits made by individuals and trusts from…
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Most people in business worry about the taxman looking into their affairs. But how does HMRC make the decision to investigate the self-employed? Investigating sole traders may appear to be…
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Employers using PAYE can take advantage of a new variable Direct Debit payment plan from September 2022. At the moment, there’s a need to set up Direct Debits every month,…
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VAT returns can lead to sleepless nights – especially when there are confusing differences such as expenses and disbursements. While many people class each expenditure as the same thing, the two…
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The way in which HMRC works is confusing for many business owners – and claiming VAT back is one of those baffling areas. Value Added Tax (VAT) is a complex…
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