The government has launched various different support measures across different sectors to help fight the pandemic financially to those who need it most. It is our view that more can still be done but that is a separate conversation.
The current tax year, 2019/20 is coming to an end on 5th April 2020. You’d be forgiven for being distracted during the current pandemic but it is important to ensure sight is not lost on important tax reliefs which can’t be carried forward.
Businesses can reclaim VAT on costs incurred for their business provided they will be used in making VATable supplies (i.e. sales that include VAT).
You have probably heard the phrase ‘Cash is King’. In business, this is true. Despite this, cash flow is an area of business where many struggle to manage effectively causing business-owners to spend many hours chasing – all unbillable time.
It is common for many businesses to wish to avoid the requirement to be VAT registered. As the law currently stands a business making taxable supplies must register for VAT if sales exceed £85,000 over a 12 month period.
The first instalment of your self-assessment tax bill for the 18/19 tax year is due on 31 January 2020.
The tax return deadline is on 31 January, meaning that you have less than a month to finalise your tax affairs for the year ended 5 April 2019. It also means you have just a few days to settle your tax payment.
Find out how opening a Help-to-Buy ISA before 30th November 2019 can help you if you are looking to get on the property ladder.
