Hospitality VAT rates increase
The hospitality and tourist sectors have been supported through the Covid-19 pandemic by being able to pay a reduced amount of VAT to HMRC in respect of most sales.
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Key points for Small Businesses from the Autumn Budget
Philip Hammond’s first Autumn Budget started with a sequence of humorous statements, including referring to Theresa May’s coughing pout at the Conservative Conference. However, he soon got down to business and delivered his hour-long Budget speech, announcing changes that will impact on contractors, freelancers and small businesses. Here is our summary.
Register for Flat Rate VAT
If you are a contractor or freelancer, or own a small business, you may be liable for VAT. If your income reaches the threshold of £83,000 in any given tax year then you are required by law to register. The VAT Flat Rate Scheme for small businesses often works out a good option, as you…