Monthly Archives: February 2014

Flat Rate VAT

If your business is VAT registered and its income is under £150,000 then you may be eligible to apply to use HMRC’s Flat Rate VAT scheme.  The Flat Rate scheme is designed to make preparing your VAT return quicker and simpler by calculating your VAT bill based on just...

VAT Registration Rules

You have to register for VAT if your business turnover exceeds £79,000 (or just £1 if you are trading in the UK but do not have a UK base). This applies per trader, not per line of business i.e. Sole trader, partnership or Company. The test is first applied...

Tax Avoidance Schemes

HMRC writes the rules for tax collection; some rules are to raise money, some to promote certain types of behaviour, some to kerb behaviour and some are just political spin. It is our job as accountants to apply/comply with these rules, but also to play these rules to your...

New £2000 Employer Allowance

From 6th April 2014 most employers will be able to claim the new employer allowance.  The allowance is £2,000 per business but some employers that are not businesses are excluded i.e. those that have domestic employees. The allowance will be claimed just like Statutory Sick Pay was for small...

HMRC’s Simpler Accounting Scheme

HMRC are currently promoting their new “simpler” accounting scheme for the self employed. This scheme is available from 6th April 2013 to any self employed business with a turnover below £79,000.  It may not be used by limited companies. Key features Income and expenses may be reported based on...

Beware of Fraudulent Emails & Scams

There are currently a number of scams going around that you should be aware of. Firstly there are fraudulent emails being sent out purporting to come from HMRC or Companies House but are simply phishing for bank details or are viruses, they can be regarding a number of taxes or...

DIY 2013 Self Assessment Deadline Extension

HMRC have extended the deadline for filing 2013 Personal Pax returns by 2 weeks, but only if you are using their software. HMRC had given a deadline of 21st January 2014 for those of you wishing to register to use their online software software to prepare your own tax...