A TAILORED SERVICE MADE TO FIT YOUR BUSINESS PERFECTLY
We value our close relationships with clients. Over the past 10 years, we have worked with companies with every kinds of demand, hurdle, structure and goal. This experience has allowed us a wealth of knowledge that helps us reach our primary goal to deliver and please.
MANAGE YOUR VAT EFFECTIVELY: AVOID PENALTIES, IMPROVE CASHFLOW AND PROFITABILITY.
VAT affects a wide range of business functions, with a wide range of regulations depending on your business activities and sector.
VAT is a tax that can be charged on items such as:
· Business sales
· Hiring or loaning goods to someone
· Selling Business assets
· Items sold to staff
VAT registered businesses must charge VAT on their goods and services. They may reclaim any VAT they’ve paid on business related goods or services.
If you’re a VAT-registered business you must report to the HMRC the amount of VAT you’ve charged and the amount of VAT you’ve paid. This is done on VAT return, which is usually filed every 3 months
Accounting for VAT
You must account for BAT on the full value of what you sell, even if you:
· Receive goods or services instead of money
· Have not charged any VAT to the customer, whatever price you charge is treated as including VAT.
If you charged more VAT than you’ve paid, you must pay the difference to the HMRC. If you have paid more VAT than you’ve charged you can reclaim the difference from the HMRC.
There are a number of income tax friendly investment schemes that are sanctioned by the government- the EIS, seed EIS and VCT schemes to name a few. However, this is lesser the case for corporate investors. The fewer opportunities for companies to minimise tax through investment is likely to be part of the reason why corporation tax rates are more generous that income tax rates.
If you’re a business owner looking to reward one of your employees for long service there are a number of tax incentives and obligations you must consider.
We have worked with both start-ups and established businesses in the creative industry for over 10 years. Our wealth of knowledge in creative industry business tax allows start ups to access all of the exclusive tax breaks they are entitled to, that will enable them comfortably make it through their first year.
With the tax deadline having just past, we have had many tax-filers contacting us with penalty notifications for failing to file on time.
There are however some instances where the HMRC will give lenience.
What is a reasonable excuse?
As a self-employed worker using your home as a workplace, the work-related expenses incurred through using your work as a home are tax deductible.
Fraudsters are targeting UK taxpayers with phishing and scam emails from the HMRC.
Last month, the HMRC published guidance on the new tax rules for individuals who are non-UK domiciled and offshore trusts, which take effect from 6th April 2017.
Over 746,000 people missed the UK tax deadline to file their self-assessment tax return, risking a fine of £100 or more.
This is a guide for those who run a partnership PLC business. Please not the rules will vary for LLC’s and other business structures.