by yasiradnan94 | Mar 8, 2020 | Accounting, Advice, Business, Financial planning, News, Small Businesses, VAT
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). The law specifically blocks VAT reclaims on entertainment costs except for those incurred on staff entertainment and...
by yasiradnan94 | Feb 22, 2020 | Accounting, Advice, Business, FAQs, Financial planning, News, Small Businesses, Tax planning
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. Here are some tips to help...
by yasiradnan94 | Feb 18, 2020 | Accounting, Advice, Business, Contractors, FAQs, News, Tax planning
HMRC have pretty stringent criteria on what they classify as ‘trivial’. Once a benefit satisfies four conditions it can be considered trivial. Read on to find out more. What is a trivial benefit? Where a benefit is provided to an employee by an employer,...
by yasiradnan94 | Feb 3, 2020 | Accounting, Advice, Business, FAQs, Financial planning, Small Businesses, Tax planning, VAT
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. This would mean a potential increase in price...
by yasiradnan94 | Jan 22, 2020 | Accounting, Advice, Contractors, FAQs, Financial planning, Tax planning
The first instalment of your self-assessment tax bill for the 18/19 tax year is due on 31 January 2020. Each year the self-assessment tax bill due by 31st January includes an amount payable known as a payment on account. This amount is 50% of the tax bill taken in...