New Start Up

New Start Up

Allowable Expenses Understanding the allowable expenses that you can claim as a limited company can help you to reduce your corporation tax bill. According to HMRC, expenses that are incurred “wholly and exclusively” for the purpose of your business can be claimed...
Payment on account confusion

Payment on account confusion

Under self assessment taxpayers are required to make payments on account of their tax liabilities. The payment on account instalments consist of two payments on account of equal amounts: the first on 31 January during the tax year and the second on 31 July following...
MTD for VAT latest

MTD for VAT latest

HMRC is phasing in its landmark Making Tax Digital (MTD) regime, which will ultimately require taxpayers to move to a fully digital tax system. Under the rules, businesses with a taxable turnover above the VAT threshold (currently £85,000) must keep digital records...
New measures to ensure small businesses get paid on time

New measures to ensure small businesses get paid on time

The government has announced a package of measures to ensure small businesses get paid on time. Under the proposals large businesses could be fined for failing to pay smaller suppliers on time as part of a robust package of measures. The measures include: proposed new...
Making Tax Digital for VAT

Making Tax Digital for VAT

HMRC has published further information on Making Tax Digital for VAT (MTDfV). The VAT notice sets out some further details of the MTDfV regime, which will ultimately require taxpayers to move to a fully digital tax system. Under the rules, businesses with a taxable...
No Deal Brexit & VAT

No Deal Brexit & VAT

VAT for businesses if there’s no Brexit deal The Government has confirmed that in a no deal scenario, the UK will continue to have a VAT system that will largely mirror the existing procedure. The technical guidance published on 23 August 2018 outlines some VAT...