As a business owner, paying VAT is just something you ‘have to do.’ You will pay VAT on the majority of goods and services you purchase in the running of the business. And, as most goods and services attract VAT at 20%, that’s a big cost to your business. But VAT is designed to be…
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Making Tax Digital is a key part of the government’s plans to make it easier for individuals and businesses to get their tax right and keep on top of their affairs. Self-employed businesses and landlords with annual business or property income above £10,000 will need to follow the rules for Making Tax Digital for Income…
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Top tips for choosing an accountant Once you’ve decided it’s time to hire an accountant, the next step is to choose which accountant to hire. It’s important to take the time to do this carefully, and there are a few things you’ll want to consider first. You’ll need to think about things that are important…
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Cash basis is a way to work out your income and expenses for your Self Assessment tax return, if you’re a sole trader or partner. Why use cash basis If you run a small business, cash basis accounting may suit you better than traditional accounting. This is because you only need to declare money when…
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Are you a small business wondering whether you should be registering for VAT? It is a legal obligation to register for VAT if your turnover is above £85,000. Registering for VAT lets you reclaim VAT on your purchases. If you pay more VAT than you collect from customers, reclaiming VAT makes up the difference. Registering…
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