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VAT rates in the construction industry (0%, 5%, 20%)
There are occasions when plumbers – and, indeed, anyone in construction can charge VAT at 5%. But what are the rules? Standard rate of VAT – 20% Generally, plumbers charge VAT at 20% on: Most domestic repair and maintenance work Work to newly-built structures that...
Setting up a PAYE scheme in a limited company
The vast majority of businesses, once they reach a certain size, operate as a limited company and at some point usually consider whether to set up a company payroll (by registering with HMRC for a PAYE scheme). There are two reasons why a company would set up a...
What are Payments on account?
If you have recently started trading as a self-employed person, your first income tax bill will be due in the January following your first trading year, and for many it comes as a bit of a shock. This is because your first tax bill, due in the January, will commonly...
Depreciation and Capital Allowances
Most expenses incurred by business are written off during the year, but some relate to assets that are used for several years, for example, vehicles and computers. Because they last for several years, you can...
Tax advantages of a Limited Company
There are 3 tax advantages for small Limited Companies over Sole Traders and Partnerships. There is no National Insurance to pay on Dividends, but 7.5% tax is due after the first £2,000 is paid out. You pay income tax on...
What are the new tax rules on landlord’s mortgage interest?
If you are a buy to let landlord the let property mortgage interest relief is not tax deductible. Instead, a 20% tax credit is given that reduces the tax payable – but the calculation of this tax credit is not necessarily straightforward. On the other hand, Limited...
Tax on Bitcoins and Cryptocurrencies
If you’re a Company investing in Bitcoins or other cryptocurrencies, you should treat the investment like a foreign currency. When you buy them, you should note the sterling value and, at your business year end, convert the...
VAT codes to use when bookkeeping in Xero, QuickBooks, Sage and Kashflow
Different accounting software packages treat their VAT codes and rates in different ways. This quick guide should point you in the right direction so that you know which rate to use in which situation: Xero No VAT – These transactions will not appear on your VAT...
Tax advantages of a Limited Company
There are 3 tax advantages for small Limited Companies over Sole Traders and Partnerships. There is no National Insurance to pay on Dividends, but 8.75% tax is due after the first £2,000 is paid out. You pay income tax on dividends only when you take out the money...
What is a House in Multiple Occupancy (HMO)?
HMRC’s definition is “a property rented out by at least 3 people who are not from 1 ‘household’ (for example a family) but share facilities like the bathroom and kitchen”. It is sometimes called a ‘house share’. Common examples of HMOs are student accommodation and...
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