How long should small businesses keep tax records for?
This concise guide explains which tax records small businesses (including self-employed and limited companies) should keep and for how long.
How are business rates calculated for small firms?
Just as you have to pay council tax on your home, your business must cough up business rates for its premises. They can be a pain and an easily overlooked…
Tax reliefs and allowances your business could benefit from
There has been an array of headlines over the years about how enormous corporations seem to make sales worth billions of pounds yet don’t pay much, if any, corporation tax.…
Tech companies must report income details of online sellers to HMRC after 2023
If your business sells products or services via online platforms like eBay, Amazon and Airbnb, you should be aware that these tech companies will be obliged to share details of your earnings with HMRC from early 2023.
Capital Allowances – a review of the schemes available for businesses
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…
What is the VAT cash accounting scheme?
Many small businesses benefit from using VAT Cash Accounting Scheme. Rather than repaying HMRC for VAT your have invoiced for, but not yet received from customers, you only need to account for VAT when you receive the money.
As a result, if your business is eligible, it is a no-brainer from a cash flow management point of view.
Small business VAT pitfalls you should be aware of
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…
10 tax-saving ideas for small business owners
Small business tax is not straightforward. In fact, it can be a real minefield for the unwary. However, if you take a little time, and work with your accountant, it's…
The Flat Rate VAT scheme & the Limited Cost Trader test
VAT is one of the more complex accounting practices a business must undertake, which is why it can help to simplify it as much as possible. The Flat Rate VAT…
21 costly VAT mistakes businesses make on their VAT Returns
With the complexity of the VAT laws it's understandable that businesses make mistakes on their VAT returns. However, these mistakes can be very costly both in terms of paying the…