The VAT flat rate scheme is designed to simplify VAT reporting for smaller VAT-registered businesses. Instead of calculating the difference between the VAT charged to customers and the VAT paid on business expenses, businesses in the scheme pay a fixed percentage of their VAT-inclusive turnover directly to HMRC. This percentage varies depending on the business…
Read article
Earlier this year, HMRC reached out to wealthy taxpayers who had not filed tax returns for the 2020/21 and/or 2021/22 tax years. The letters were sent to individuals who had submitted returns for 2020/21 and 2022/23 but not for 2021/22, or for those who had filed returns for 2019/20 and 2022/23 but not for 2020/21…
Read article
Your business setup affects the taxes you owe and the reports you need to file. If you’re running the show by yourself without forming a company, you’re a sole trader. On the other hand, if you run your business through a personal company, even if you’re the only employee and director, the company is its…
Read article
In the current tax year, you can enjoy some savings income tax-free within certain limits. The availability of these tax-free routes depends on your tax rate. The New Savings Allowance Both basic and higher rate taxpayers have a savings allowance in addition to their personal allowance. For the 2024/25 tax year, the savings allowance is…
Read article
Many people earn small amounts of money from self-employment, often as a side hustle. For example, this may be from craft or baking activities, tuition or the provision of services, such as babysitting. If you earn money in this way, it is important to understand the associated tax and National Insurance implications. Tax consequences A…
Read article
On March 6th, the Chancellor presented the highly anticipated Spring Budget 2024, introducing a range of measures aimed at bolstering economic growth, improving public services, and tackling immediate challenges while laying the groundwork for long-term sustainability. Here’s a breakdown of the key takeaways: Tax Relief for Working Families In a bid to reward hardworking families,…
Read article
Since our inception in early 2015, we have consistently led the charge in delivering unparalleled accountancy services and bespoke payroll solutions tailored specifically for Small and Medium Enterprises (SMEs). This has been made possible through the unwavering dedication of our team of professionals spread across the UK and Europe, united with a singular mission: to…
Read article
In his November 2023 Autumn Statement, the Chancellor announced a reduction in the main primary rate of Class 1 National Insurance from 12% to 10%. Rather than waiting until the start of the 2024/25 tax year to bring in the change, it applies from 6 January 2024. The change will benefit employers and directors, but…
Read article
Owning property overseas can be a dream come true, but for UK residents, it comes with the responsibility of understanding and managing the associated tax implications. In this article, we’ll guide you through the key aspects of tax on overseas property, helping you navigate the complexities and ensuring compliance with the UK tax laws. …
Read article
If you have a company that is dormant and you have filed your company tax return showing that no tax is due, you may think that there is nothing further you need to do as regards the lack of corporation tax due. After all, you have filed a return which shows that you have nothing…
Read article