The end of the 2011-12 tax year is fast approaching – 5 April 2012. In this article, we look at some of the issues that you may like to consider while there is still time to act.
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Tax & Accounting Guides
Key Guides
- The Key Business TaxesWhich taxes you will encounter as a small business owner
- Top 10 Tax TipsSome no-nonsense pointers from the Bytestart team
- National InsuranceWhich NICs are you liable for as a small business owner?
- Corporation TaxHow limited companies are taxed
- Dividend TaxHow much tax do you have to pay on limited company dividends?
- Entrepreneurs’ ReliefA rare tax concession if you decide to sell your business
- Capital AllowancesTax relief if you buy equipment or invest in R&D
- Company Car TaxIs it tax efficient to own a vehicle through your business?
- Business ExpensesWhat can you legitimately claim against your business income?
- Sole Trader TaxSole traders are liable to income tax and NICs on their business income
- Guide to PAYEHow the Paye As You Earn scheme operates
- Business Stamp DutyHow Stamp Duty applies to premises or share transactions
- Business RatesHow Rates are applied to business premises
- Home Office ExpensesWhat can you claim against your business income?
- HMRC PenaltiesOverview of the new HMRC penalties regime
Our Main Tax Guides
- Income Tax Rates & Bands 2011-12
- Corporation Tax Rates 2011-12
- National Insurance Rates 2011-12
- Small business accountants10 tips for choosing the right accountant for your business
- Book Keeping BasicsThe fundamentals of how to keep accurate business records
- HMRC Payroll FormsWhat do the main forms do – including P45,P60 and P11D
- Profit & Loss GuideSummary of what you’ve bought and sold over 12 months
- What is a Balance Sheet?A snapshot of the financial health of your business
- Book Keeping TipsHelpful advice to keep your business books in order
- Value Added TaxAn overview of VAT, and how the tax is collected
- How to Register for VATYou must register if you turnover reaches the VAT threshold
- VAT Cash AccountingYou account for VAT when income is received, rather than by invoice date
- Flat Rate VAT SchemeCreated to simplify the VAT calculations for eligible small businesses
- VAT CalculatorCalculate the VAT your should add, or that is included already
Tax Rates
Book Keeping / Accounts
Value Added Tax Guides
If you are registered for VAT, have to file a VAT return in the near future, or are concerned about putting the wrong amounts on your VAT return, here are 5 VAT traps to watch out for.
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Are you a self-employed individual preparing your tax return to file by 31st January 2012? Do you regularly travel on business, and does that travel ever entail an overnight stay away from your home?
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HMRC has announced that it is to an impose a Capital Gains Tax ceiling on the amount of capital that can be distributed to shareholders when a limited company is wound up, before income tax is applied.
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It’s okay to have a hangover on New Year’s Day but don’t let the suffering continue into the year. January 31st has always been a key date in the small business calendar – it marks the deadline for submitting online tax returns.
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If you are organising a well-deserved works party this Christmas HFM Accountants have summarised the current tax reliefs available: Continue…
Here (in no particular order) are some handy tips from the Bytestart team, based on our findings working with small businesses over the past decade, and our own personal experience.
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Are you tempted to duck under the bedclothes on the night of October 31st and try and shut out the “Ghosties and ghoulies and lang-legged beasties and things that go bump in the night”?
Is your business bookkeeping also something you try and hide away at the back of your mind and forget about?
Emily Coltman, ACA, Chief Accountant at online accounting provider, FreeAgent, gives her five top tips to help you lose your fear of bookkeeping.
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Form-filling and filing is an everyday part of running a small business, and unsurprisingly a large part of the time spent dealing with company administration involves filling in (or signing) a whole raft of HMRC forms.
With this in mind, here is our summary of some of the key documents companies will get to know after setting up a new business. In all likelihood, your accountant should deal with most of these forms on your behalf.
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This guide looks at the types of Stamp Duty your business may be liable for; Stamp Dutry Land Tax on property transactions, Stamp Duty Reserve Tax and Stamp Duty on share transasction.
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Value Added Tax (VAT) is a tax on the final consumption of certain goods and services in the home market but is collected at every stage of production and distribution. Most business-related goods and services will therefore be subject to VAT.
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If you want to increase profits or cut costs, make sure you reclaim all the VAT you can.
It sounds obvious, doesn’t it? But even before the global economic slowdown began Ernst & Young surveys revealed “a surprising tolerance of failures to track, fully report and legitimately reclaim indirect taxes”. Businesses of all sizes are losing significant sums this way.
In this summary, we will focus only on the mountain of foreign EC VAT that goes unreclaimed.
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Alongside the standard VAT rules, some small businesses may be better off by operating within the flat rate VAT scheme which has been running since 2002.
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Your business should register for VAT if your “taxable supplies” over the past 12 months has exceeded the VAT registration threshold. The threshold is currently £73,000 (as of 1st April 2011. Previously it was £70,000). It is important to remember that VAT applies to the company’s turnover, not profit.
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To check whether a UK VAT number is valid, you can call the HM Revenue & Customs (HMRC) VAT Helpline on 0845 010 9000. Lines are open 8.00 am to 8.00 pm Monday to Friday.
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If your business qualifies, and you are not already using the scheme, the VAT Cash Accounting scheme could be a lifesaver, especially during times when lenders refuse to lend!
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This handy calculator will work out how much VAT you should charge a customer based on your net billing. Also use this script to work out how much VAT is included in a VAT-Inclusive sum.
The current VAT rate used in the calculations is 20%.
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HM Customs have provided some useful tips on how to simplify VAT for small businesses, which we have reproduced below.
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A new, tough, HMRC penalty regime came into play from 1st April 2009. Individuals and business owners can now face penalties of up to 100% for deliberately underpaying tax.The new HMRC penalty system has been drawn up to encourage people to take more care when submitting tax returns and other documents, as well as to deter deliberate under-assessment of tax liabilities.
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Bonus payments may have been a bit thin on the ground this year. Hard pressed businesses, struggling to meet existing commitments, may balk at the prospect of parting with cash. However, the benefits of having a loyal and satisfied staff may prompt them to consider alternatives to the cash bonus.
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