We are often asked this question by business owners taking on their first employee particularly if they are not going to be working many hours. Employers believe that because they aren't paying their employee very much they don't need t…
The VAT Flat Rate scheme is available to businesses with turnover up to £150,000 per annum. It is advantageous to small businesses as the VAT payable to HMRC is calculated as a percentage of gross sales rather than 20% of net sales less 20&…
VAT records must be kept for six years although HMRC are only allowed to adjust returns going back four years plus the current period. However if you have purchased land or buildings you may need to keep relevant documents for 20 years. &…
On 4 October 2018 the government issued a press release which stated that new measures were in place to end the problem of late payments to small businesses. It stated that nearly a quarter of small businesses suffer from late payments which th…
Finally the month for submission of VAT returns via MTD arrived and we survived. Months and months of talking about it, reading about it and watching webinars. Then we just had to get on with it.