Financial Planning
A major change means that new VAT rules for the construction industry have been announced – and it is only weeks away. Will you be affected by the new VAT rules for construction and how should you prepare for it? From 1 October 2019 a reverse charge for VAT will apply to building and construction […]
New Domestic VAT Reverse Charge Introduced by HMRC The Domestic VAT Reverse Charge is a new anti-fraud measure for VAT within the Construction Industry Scheme (CIS) being set up by HMRC. From 1 October 2019, the main contractor will be liable to account for VAT to HMRC in respect of purchases rather than the sub-contractor, […]
What are the rules about employee photos on websites and GDPR? Here we look at an issue that is increasingly being raised: how employee photos on websites are handled under GDPR You would like to create a “meet the team” section on you website which has photos of all key staff and a description of […]
New breathing space scheme to be introduced in 2021 The Government has confirmed a new breathing space scheme will be introduced in 2021 to help individuals with problem debts. Personal tax debts will be included in the scheme so self assessment income tax debts will be covered, as will some other tax debt. The scheme […]
Business owners often ask if they can employ their wife, husband or children in the company to reduce tax. What are the rules if you put your wife, husband or children on the payroll? The answer is yes: you can certainly employ wife, husband or children to reduce tax. Putting them on the company payroll […]
Do you know how tax relief on buy-to-let property will work in 2020? In this article, we look at how the tax relief on buy-to-let property will work by 2020, for example after interest is paid on loans. Until 5 April 2017 interest paid on loans to buy a residential buy-to-let was fully tax deductible. […]
What are the rules on customer tips and how to handle them for tax? Your employees receive tips from customers. Because tax (and possibly National Insurance) is payable on them, as an employer do you know your responsibilities and what can you tell your staff to help them avoid trouble with HMRC over tips and […]
Legislation requires you to have “digital links” in Making Tax Digital for VAT between your financial data and the quarterly VAT reports. What are digital links in Making Tax Digital for VAT, and what changes might you need to make to your record keeping to achieve this? VAT law offers no explanation of what it […]
Do you know when input tax is non-deductible? In this post, we help you when input tax is non-deductible Your business will incur input tax when it purchases goods and services. Being registered for VAT and making taxable supplies allows much of this to be reclaimed, but when are you prevented from recovery? When is […]
Have you got errors on VAT invoices? Here we talk you through what to do with any kind of errors on VAT invoices. If you issue an invoice showing the wrong amount of VAT, it can have unfortunate effects for both you and your customer. What do you need to do to put matters right? […]
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