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2020/21 Tax Year – What’s Changed?

2020/21 Tax Year – What’s Changed?

A new tax year began on April 6th. It will introduce more than a few dramatic changes you should be aware of as a business owner. To help you get ready for the 2020/21...

What you need to know about Corporation Tax

What you need to know about Corporation Tax

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 a type of...

Flat Rate VAT changes explained

Flat Rate VAT changes explained

Flat Rate VAT Update - July 2020 As part of the measures to support businesses during the Coronavirus pandemic, the government has announced six months cut in Flat Rate VAT for the hospitality industry. This includes hotels catering businesses, restaurants, takeaways...

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Making Tax Digital for VAT – Are you ready?

Making Tax Digital for VAT – Are you ready?

Making Tax Digital (MTD) for VAT is the Government’s first phase in what they believe is making tax administration more effective, efficient and easier for taxpayers. The Government has said that one of the main reasons behind the MTD scheme is to help businesses “get their tax right”.

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13 Tax-Saving Tips for Limited Company Owners

13 Tax-Saving Tips for Limited Company Owners

A limited company structure is usually the best way to legitimately and compliantly minimise your tax bill. This is because you can take remuneration through an efficient mix of salary and dividends and claim a wide range of legitimate business expenses.

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What’s happening with the flat rate VAT scheme?

What’s happening with the flat rate VAT scheme?

How is flat rate VAT calculated? Traditionally, contractors have always benefited from registering on the flat rate scheme. This is because VAT would be collected on a sales invoice at 20%, but a lower percentage paid to HMRC.  It resulted in most contractors...

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Scottish Income Tax Overview

Scottish Income Tax Overview

Commencing from 6th April 2017, Scottish tax residents now have a different tax band.  The amount when the higher rate tax kicks in have been reduced to £43,000 for Scottish taxpayers, compared to £45,000 for the rest of the UK. Here’s the full story.

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VAT – what is it and who needs it

VAT – what is it and who needs it

What is VAT? Value Added Tax (VAT) is one of the most prominent words that orbit the world of business. You often hear comments mentioned such as, ‘is that plus VAT?’ ‘that’s zero-rated VAT,’ ‘have you filed your VAT Return?’ But What is it? VAT is a form of tax that...

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Topical VAT update

This is a reminder for businesses who are VAT registered in relation to general VAT pointers which you may find helpful. Please be aware, per HMRC’s guidelines, appointing accountants to look after your affairs does not relinquish your responsibility. You still have...

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Should you be paying tax on ebay sales?

Should you be paying tax on ebay sales?

Thousands of people in the UK regularly buy and sell goods online these days, using sites such as eBay, Amazon, Etsy or Gumtree.  This can be anything from periodically finding a home for unwanted stuff - today's equivalent of the car boot sale - to an extension...

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