The area of tax for small businesses 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 usually possible to find ways to save some tax.
To help you think about ways you and your business could pay less tax, we’ve asked Simon Cox of Forbes Watson Accountants to share 10 of the best ways small business owners can look to pay less tax. (more…)
Is a Jaffa Cake a biscuit or a cake?
Now if you think this is some playground joke, think again. This is a real question that judges were asked to consider in a landmark VAT case.
The fact it took a court case to work out the answer to this question gives you an insight into just how complicated the UK’s VAT system has become. If HMRC, can’t answer such a simple question, what hope is there for busy small business owners?
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 wrong amount of VAT and also triggering a VAT investigation.
To help you avoid making these expensive mistakes, we asked Jonathan Amponsah, founder of The Tax Guys, to reveal the 21 common mistakes small businesses make on VAT Returns. (more…)
An alternative to the standard VAT scheme is the flat rate VAT scheme which offers qualifying businesses a simpler way of accounting for their VAT transactions.