When you set up and run a limited company using our online bookkeeping service, it’s important to understand how Corporation Tax works. Corporation Tax is based on the profits your company makes; so you must ensure you set aside enough of your company’s income to pay the tax by or before the deadline. Late or inaccurate payment could mean you face fines and penalties from HMRC.
Starting from April 2019, most VAT registered businesses will have to comply with the new ‘MTD for VAT’ regulations and submit their VAT Tax Returns via MTD compatible software. The current process of applying VAT records to your HMRC tax account will become a way of the past, as your invoices and transactions will be transmitted via what HMRC refers to as; ‘Digital Links’ and ‘Software Bridges’. So, to get a better idea about the adjustments needed and to help you get MTD compliant, we have put together the below, Making Tax Digital for VAT complete guide.
For some contractors and freelancers, the Flat Rate VAT scheme is a no-brainer. The scheme allows them to reduce tax costs they otherwise could not have reclaimed via standard VAT, and it considerably simplifies bookkeeping. Hence, saving […]
Low-Emission Company Car Vehicles Benefits – April 2020 From April 2020, the company car benefit system will be changing significantly and as a result, zero and low emission vehicles might become very attractive. The changes […]