How you can join the scheme?
If the business expects that the taxable supplies in the next 12 months will not exceed £1,350,000, they can apply to join the scheme. In order to join the businesses must be up to date with their VAT returns and…
If the business expects that the taxable supplies in the next 12 months will not exceed £1,350,000, they can apply to join the scheme. In order to join the businesses must be up to date with their VAT returns and…
The annual accounting scheme is designed to help small businesses by allowing them to submit only one VAT return a year. This is instead of the normal four returns. The scheme aim is to help with budgeting, cash flow and reduce…
It is important that you comply with all the VAT regulations. We can help you in a number of ways including the following: tailoring your accounting systems to produce the VAT information accurately and quickly ensuring that your business is…
Cash accounting scheme If your annual turnover does not exceed £1,350,000 you can account for VAT on the basis of the cash you pay and receive, rather than on the basis of invoice dates. Annual accounting scheme If the annual…
If the value of your taxable supplies exceeds a set annual figure (£83,000 from 1 April 2016), you are required to register for VAT. Even if you are making taxable supplies below the registration limit, it is possible to apply…
A transaction is within the scope of VAT if: there is a supply of goods or services made in the UK by a taxable person in the course or furtherance of business Input VAT and Output VAT Businesses that are…
In order to maximise tax saving opportunities for companies, appropriate course of action should be planned in advance. So, it is crucial that professional advice is sought before the year end and as early as possible. If your company is…
From 1 April 2015, the main rate of corporation tax is 20% and will continue the same for the Financial Year beginning on 1 April 2016. The main rate of corporation tax will then be reduced as follows: 19% for…
The government has proposed changes in 2016 Budget to make corporation tax losses more flexible. When losses arising on or after 1 April 2017 are carried forward, they will be available to be used against profits from different types of…
Corporation tax The Advancing of expenditure If the expenditure is incurred before the company's accounts year end, it can reduce the current year's tax liability. There are many situations where significant expenditure is planned for early in the next accounting…