VAT advice for small businesses – when your turnover reaches £85,000 in any rolling 12 month period, you must register for VAT. Unfortunately, this means that one sixth, or about £14,000 of your turnover will have to be paid to HMRC but there are 3 possible ways to...
You probably can. In order to qualify for Statutory Maternity Pay you must have been continuously employed by the same employer (in this case your Company) in the 26 weeks going into the qualifying week of your maternity, (around 15 weeks before the due date). You...
Making Tax Digital is a new rule coming in two stages. This Q&A session covers stage one which is for VAT and came into effect in April 2019. When does MTD start? Stage one affects VAT registered businesses with turnovers above £85k with effect from their first...
Zero-rated VAT is applied to things like food, children’s clothes, and books etc. Also if selling abroad, say to the US, your goods will be Zero-rated. If you are VAT registered, you can reclaim the VAT on your overheads and costs related to those Zero-rated sales –...
You must register for VAT when your turnover reaches £85,000 in any 12 month period. VAT registration must take place 30 days, following the end of the month in which the threshold was reached in which to register. From that date you must charge VAT to your customers...
It depends. Cash accounting schemes – advantages for small/simple businesses: You only account for VAT on sales in the VAT quarter in which you are paid (rather than the VAT quarter you are invoiced) – because you pay your VAT to HMRC a bit later; If you have...
