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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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 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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When you buy certain new equipment, invest in buildings or research and development, you can deduct a proportion of the cost from your taxable profits and reduce your business tax bill, via the Capital Allowances scheme.
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If you are an incorporated business, you must pay Corporation Tax on any annual profits generated by the business each year.
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Following the creation of a new flat 18% CGT rate during Budget 2008, the Chancellor announced the introduction of entrepreneurs’ relief which was to compensate business owners who would have paid a lower rate under the previous taper relief rules on business disposals.
The relief allowed business owners to pay an effective 10% capital gains tax rate on business disposals up to a lifetime ‘allowance’ of £1m. In the first 2010 Budget, Alistair Darling raised the lifetime limit to £2m. This was further extended to £5m in the ‘Emergency Budget’ of 2010, effective from 23rd June 2010, and further increased to £10m in the Budget of 2011, effective from April 6, 2011.
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Businesses can currently write off 100% of the cost of acquiring qualifying assets against their taxable profits, up to an annual limit of £100,000. Assets that can be written off in this way include commercial vehicles, plant, computers and other equipment – cars do not qualify.
George Osborne’s Emergency Budget of 22nd June 2010 gave notice that the Annual Investment Allowance (AIA) annual limit is to be significantly reduced from £100,000 to £25,000 from April 2012.
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In this guide, we look at how sole traders are taxed, and things to consider before taking the plunge.
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When you set up a limited company, one of the first things you need to do is register to pay Corporation Tax. In this guide, we look at how the registration process works.
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The table below highlights some of the key dates to look out for when returning paperwork to HMRC. Chances are, your accountant will be well aware of all tax deadlines, however business owners are ultimately responsible for ensuring that tax liabilities are paid on time.
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In this article, we look at what the PAYE scheme is, and how it applies to the self employed, including limited company directors.
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Most normal ‘employees’ have tax deducted at source via the PAYE system and are unlikely to have to fill in a tax return unless they receive other income.If you receive income which is not taxed at source, or have complex tax affairs, you do need to complete a tax return.
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Whether you’re filing your self assessment return online, or if you’re sticking with the paper return, you can save yourself a lot of hassle by getting prepared in advance.If you follow these tips, you’ll save yourself countless trips to your filing cabinet, and hopefully save a great deal of time.
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Few people get into business so they can do paperwork. Spending time adding up receipts or pushing invoices around a desk is nobody’s idea of fun (unless you’re starting up as a book-keeper or accountant!).
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Entrepreneurs’ Relief is a Capital Gains Tax concession on qualifying business disposals, providing a 10% CGT rate on business sales.
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When you start up as a sole trader, or partnership, you will be liable for a series of business-related taxes, as well as the ones you will have been used to as a normal employee.
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The accounting software package that you choose when you start your business could affect how much financial control you have in the years to come.
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