Alternatives to online VAT filing

As of July 2014 certain circumstances may make individuals exempt from online VAT Return submission and electronic payment of VAT following an amendment of the VAT regulations. Compulsory online VAT filing was introduced in two tranches in 2010 and 2012 and became effective for all businesses in April 2012. The amendment came about following appeals in a test case against the ma… Continue Reading

Low Corporation Tax Rates in the UK

What is the corporate tax rate in the UK?

Many countries around the world have long competed to attract foreign businesses by having an attractive business tax regime and low corporation tax rates. This explains why Google is based in Ireland, why eBay operates their business from Luxembourg and why McDonalds operates from Switzerland. The United Kingdom has been a part of this co… Continue Reading

Record Keeping For The Self-Employed

A webinar from HMRC that covers setting up a record-keeping system, what to record, how long to keep records and record keeping mobile applications. It is important to put in place a good record-keeping system that you update regularly. This video also has a handy reminder of basic accounting terms such as:

• Accounting Periods
• Turnover
• Taxable Profit
• Allowable Business Expenses

… Continue Reading

VAT Rates – Now you are Registered

View this HMRC video in which you will be taken through the different VAT rates and some things that don’t include VAT. It also contains information about what you can and can’t claim for VAT, and keeping the correct business records. … Continue Reading

The Key Elements of a Basic Business Plan

The thought of preparing a business plan can be a daunting prospect for many business owners or those about to start up a new business and some small businesses, particularly if they do not require a bank loan, never write one at all. But preparing a thorough business plan has been shown to increase profits because it provides direction for the business but also reveals opportunitie… Continue Reading

SME Pension Obligations: What You Need to Know

Following changes to the Pensions Act in 2008 and 2011 large organisations with 250 or more employees were obliged to automatically enrol all their eligible employees in a workplace pension scheme in the year leading up to October 2013. The changes are being phased in for all employers and are not expected to be complete until 2018, however, small and medium-sized employers with b… Continue Reading

The Risk of Fraud in Small Businesses

Every business would like to think that it’s employees are trustworthy but it would be naive not to recognise that there is always the risk of fraud in a business whatever it’s size. However, the risk of fraud is less likely to become a reality if a business is both aware of the risk and actively manages and monitors it in order to prevent fraud. There are some obvious steps… Continue Reading

Small Business Tax Issues

Setting up on your own could be a long-held dream that you have been working towards for years, it could be an opportunity only made possible by a redundancy payment or may simply be your only option where there are limited permanent employment alternatives. Whatever the reason, you need to be aware that the small business tax rules for the self-employed are significantly more comp… Continue Reading

What Employee Benefits Are Not Taxable?

In a previous post we looked at checking your PAYE system is correctly set up and which expenses are and are not liable to tax, but there is also a wide range of employee benefits that are not liable to tax which we’ve summarised below. But as always, even when a benefit is not taxable, take care to record all amounts paid out on employee benefits and record exactly what the payment… Continue Reading

Is HMRC Tougher on Small Businesses Than Multi-Nationals?

According to a BBC news report, a committee of MPs has suggested that HMRC have not been using all of their available powers to vigorously pursue unpaid tax from multi-national companies and have, in contrast, been tougher on small businesses. The group of MPs feel that the tax authority should seek to prosecute global internet-based companies in order to determine exactly where… Continue Reading