If you’re a VAT-registered business outside the UK but in another European Union (EU) country and you sell and deliver goods to customers in the UK or the Isle of Man who isn’t VAT-registered – and don’t have to be registered – then you’re ‘distance selling’. Sales you make to customers who are VAT-registered don’t […]
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The Costs you pay with the sole purpose of earning profits from your business are allowable expenses. This means that any cost you incur outside the due course of the business is not allowed to be considered as a business expense. The expenses incurred may or may not include VAT on them. If it includes […]
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VAT is a tax that’s charged on most goods and services that VAT-registered businesses provide in the UK. It’s also charged on goods and some services that are imported from countries outside the European Union (EU), and brought into the UK from other EU countries. VAT is charged when a VAT-registered business sells to either […]
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Basis of Assessment: Individuals are assessed to Income Tax on their income in a tax year. This tax year runs from 6 April to 5 April and is known as a ‘Tax Year’. Personal Allowance: Every taxpayer may be entitled to Personal Allowance, please follow the link to Personal Allowances available to self employed or […]
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CORPORATE TAX RATES – 2013-14 Rates for financial years starting on 1 April Rate 2013 Small profits rate* 20%* Small profits rate can be claimed by qualifying companies with profits at a rate not exceeding £300,000 Marginal Relief Lower Limit £300,000 Marginal Relief Upper Limit £1,500,000 Standard fraction 3/400 Main rate of Corporation Tax* 23% […]
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INCOME TAX RATES & ALLOWANCES Every individual is liable to pay tax on the income he earns in a year through various sources. Not all income is taxable and you’re only taxed on taxable income above a certain level. There are various reliefs and allowances that can reduce your Income Tax. Various sources of an […]
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Real Time Information (RTI) for PAYE Real-Time Information (RTI) improves the operation of the PAYE accountants system by creating more up-to-date taxpayer records and making the system easier for employers and HMRC to administer. Reasons for introducing RTI When PAYE was introduced almost 70 years ago, most people held just one job for most of […]
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Taxation is one of the most important concepts to be understood for any good business. There are several ways through which anyone can understand and finish their taxation issues on a regular basis. VAT Margin Scheme is among the most popular schemes for vehicle sales and purchase agencies. This scheme applies to most of the […]
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If Company Buys: On Full Payment If you buy a new car through your company then it will attract capital allowance. The amount of capital allowance will depend on the amount of CO2 emission by the car. If CO2 emission is 75g/km or less (50g/km from April 2018) then the capital allowance (First Year Allowance […]
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Capital Allowances are tax reliefs that allow businesses to deduct the cost of certain capital assets from their taxable profits. All businesses can claim capital allowance on qualifying assets that they buy and keep to use in their business. The most common assets that businesses purchase and qualify for capital allowances are: Machines, equipment, Furniture, […]
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