It is an unfortunate fact of life that you may find yourself or business under enquiry by HM Revenue and Customs (HMRC), through no fault of your own or your accountant. HMRC enquiries can be random of for various reasons. HMRC normally don’t have to give a reason as to why they are enquiring into …
What are Self-assessment tax returns? These are tax returns issued by HM Revenue & Customs (HMRC) for completion by UK tax payers. The regime was introduced in 1997, with the idea of simplifying the UK tax system and it is certainly debatable if this has been achieved! Who needs to file a Self-assessment Tax Return? …
Paying a Value Added Tax (VAT) liability can be a large burden for small businesses. This article is aimed at owners of small businesses in the UK and focuses upon how their VAT burden can be successfully managed. Ten tips on managing your VAT liability: 1.If you do not need to compulsory register for VAT, …
It’s that time of year when staff parties abound, and you may be thinking of handing out small seasonal gifts to employees, customers or suppliers. Before you get too generous, make sure you know the tax implications. Entertaining your staff is tax allowable as long as the entertaining is not part of an event aimed …
This article relates to UK Value Added Tax (VAT). The VAT flat rate scheme for small businesses is generally straight-forward to operate, but here are a few traps to watch out for. Use the right rate You will be aware that the standard rate of VAT increased to 20% on 4 January 2011. The flat …